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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Pennsylvania Implements Consumer Financial Protection Act
by: Lee Greenberg, Esq. The General Assembly of the Commonwealth of Pennsylvania recently revised the Banking Code of 1965 and the Department of Banking Code of 1933 through the enactment of House Bill 2368 and House Bill 2369. The new laws include several significant changes to various provisions of the respective banking codes, including the implementation […]
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National Flood Insurance Update
by: Anna DeSimoneNFIP Authorizes Grace Period for Flood Insurance Premium PaymentsNovember 7, 2012, the U.S. Department of Homeland Security issued a Service Bulletin regarding the National Flood Insurance Program (NFIP). The memorandum outlines the provisions for homeowners to quality for an extension of the Grace Period for payment of National Flood Insurance renewal premiums. Below […]
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Fannie Mae Issues Additional Information on Quality Control
by: Anna DeSimoneOn October 19, 2012 Fannie Mae issued Lender Letter LL-2012-07, Fannie Mae’s Quality Control Process – Additional Information, along with Selling Guide Announcement SEL-2012-08, New Lender Selling Representations and Warranties Framework. The announcements state that, at the direction of the Federal Housing Finance Agency (FHFA) and jointly with Freddie Mac, the Enterprise is […]
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Freddie Mac Issues New Quality Control Framework
by: Anna DesimonePresident Today, Freddie Mac Announced Industry Letter, Quality Control and Enforcement Practice, along with Seller/Servicer Guide Bulletin 2012-22. The announcements expanded on the September 11, 2012 Industry Letter regarding quality control and enforcement requirements. The supplemental information pertains to repurchase timeframes, file requests, appeals, subsequent appeals and repurchase alternatives. The bulletin addresses the acceptable payment […]
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FHFA, Fannie Mae and Freddie Mac Launch New Rep and Warranty Framework
by Anna DeSimonePresident In an effort to increase transparency and certainty for lenders, the Federal Housing Finance Agency (FHFA) announced on September 11, 2012 that Fannie Mae and Freddie Mac launched a new representation and warranty framework. The ruling applies to conventional loans sold or delivered on or after January 1, 2013. Please refer to my […]
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CFPB Proposes New Rules for Property Appraisals
by Anna DeSimonePresidentMonday, October 15, 2012 marks the end of the sixty-day comment period of the proposed rules issued by the Consumer Financial Protection Bureau (CFPB) that would give consumers additional information rights regarding their property appraisals. The CFPB expects to implement the final rule in January 2013. The rule would require mortgage lenders to […]
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Changes in California Lending and Foreclosure Laws
by Emily Ross, Esq.The California legislature recently passed multiple bills that either extend or strengthen already existing consumer protection statutes. These include extending a law to limit loan modification compensation, solidifying and extending the definition of who needs to be licensed to be a loan originator, adding additional language requirements to Notices of Default and […]
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FFIEC Announces Availability of 2011 Mortgage Data
by Anna DeSimonePresident On September 18, 2012 the Federal Financial Institutions Examination Council (FFIEC) issued a joint release regarding the availability of data on mortgage lending transactions at 7,632 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms […]
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Fannie Mae Announces New Lender Framework and QC Process
by Anna DeSimonePresidentOn September 11, 2012 Fannie Mae issued Selling Guide Announcement SEL-2012-08, New Lender Selling Representations and Warranties Framework. Also on 9/11/12, the agency issued LL-2012-05: Fannie Mae’s Quality control Process. The announcements introduce a framework to provide lenders with relief from enforcement of remedies for breaches of certain representations and warranties on new […]
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CFPB Begins Supervision of Credit Bureaus
On September 20, 2012, the Consumer Financial Protection Bureau begins its supervision of consumer credit reporting agencies, also known as credit bureaus or credit reporting companies. It is the first time such companies will be supervised at the federal level. The Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the CFPB to supervise nonbanks […]