More about Anna DeSimone
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
Blog Posts by Anna DeSimone:
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Changes in Virginia Lending Laws
by: Emily Ross, Esq.The Virginia Corporation Commission (“Commission”) has adopted proposed changes to Chapter 160 of Title 10 of the Virginia Administrative Code that were proposed by the Bureau of Financial Institutions (“Bureau”). These changes went into effect on January 28, 2013. The Commission modified and added to the established definitions of mortgage lending to […]
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CFPB Rules Prevent Originators from Steering Consumers into Risky Mortgages
by: Anna DeSimoneOn January 18, 2013 the Consumer Financial Protection Bureau (CFPB) issued issuing rules to prevent mortgage lenders from steering borrowers into risky mortgages and high-cost loans. The CFPB is finalizing the regulations governing how loan originators are compensated. The rules are summarized below: Prohibit steering incentives The rules prohibit compensation that varies with […]
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CFPB Adopts Rules to Improve Consumer Access to Appraisal Reports
by: Lee Greenberg, Esq.On January 18, 2013, the Consumer Financial Protection Bureau (CFPB) adopted two rules with the intention of improving consumer access to appraisal reports. Both rules become effective on January, 18 2014. The first new rule adopted by the CFPB requires mortgage lenders to provide applicants with free copies of all appraisals and […]
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CFPB Issues Proposed Rule Regarding Electronic Fund Transfer Act
by: Donna M. Saati, Esq.On December 31, 2012, the Bureau of Consumer Financial Protection (“CFPB” or the “Bureau”) proposed to amend subpart B of Regulation E, which implements the Electronic Fund Transfer Act (“EFTA”), and the official interpretation of the regulation. In its proposal, the CFPB seeks to refine three narrow aspects of a final […]
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CFPB Finalizes Mortgage Servicing Rules under RESPA and TILA
by: Gregory R. Wilson, Esq.On January 17, the Consumer Finance Protection Bureau (“CFPB”) finalized rules governing how mortgage loan servicers communicate with consumers, offer loss mitigation and foreclosure avoidance options, and conduct the foreclosure processes. The rules, which are effective January 10, 2014, are promulgated under the Real Estate Settlement Procedures ACT and the Truth […]
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Recent Changes to Ohio Mortgage Lending Laws
by: Emily Ross, Esq., Associate CounselChanges to Ohio Law under House Bill 479 With Substitute House Bill 479 (“HB 479”) the Ohio Legislature amended and enacted large sections of the Ohio Code. Some important changes cover such varied topics as the recording of personal property transfers, the intersection of non recourse loans and post solvency […]
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Recent Changes to Michigan Lending Laws
by: Nicole Legere, Esq., Senior Counsel MICHIGAN BILL 1283 and 1284:An Amendment to the Mortgage Loan Definition The state of Michigan recently passed Senate Bill 1283, which amended the Mortgage Brokers, Lenders, and Servicers Licensing Act. This act is responsible for regulating the licensure and/or registration of mortgage brokers, lenders and servicers. The new bill […]
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Massachusetts Division of Banks Issues Loan Modification Guidance
by: Anna DeSimone Guidance Relative to Residential Mortgage Loan Modifications for Non-Delinquent Borrowers and Troubled Debt Restructuring (TDR) December 27, 2012 the Massachusetts’ Division of Banks issued guidance in response to industry inquiries relative to the classification of the modification of a residential mortgage loan as a troubled debt restructuring (TDR) when the value of […]
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Consumer Financial Protection Bureau Releases Report on Credit Bureaus
by: Anna DeSimone December 13, 2012, the Consumer Financial Protection Bureau (CFPB) released a report on the consumer experience with the three largest nationwide credit reporting companies: Equifax, Experian and TransUnion. The three bureaus collectively maintain over 200 million files on consumers. In a typical month, they receive updates from approximately 10,000 information “furnishers,” which […]
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Vermont Issues Clarification for High Rate Loan Qualification
by: Emily Ross, Esq. The Vermont Department of Financial Regulation recently released a memorandum clarifying interest rates set for High Rate Loans for the 2013 calendar year. Vermont law states that any lender granting loans that charge borrowers in excess of four points or interest in excess of three percent over the declared interest […]