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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New York Amends Loan Originator Compensation Rules
by Nicole Legere, Esq.Senior Counsel New York has recently enacted several new amendments intended to clarify permissible forms of loan originator compensation. Specifically, these amendments address yield spread premiums (YSP’s) which are fees paid to the broker from the lender, and are often based on the terms of the loan. YSP’s were found to be confusing to […]
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Freddie Mac Strengthens Guidelines for Fraud Prevention
by Anna DeSimonePresident On August 21, 2012, Freddie Mac augmented Chapter 57, Fraud Prevention, Detection and Reporting, a new chapter created on June 13, 2012 in Volume 2 of the Seller/Servicer Guide. The new material references previously published requirements regarding fraud prevention published in Volume 1, Chapter 7. Also, in its recent industry bulletins, Seller/servicers were […]
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CFPB Proposes Rules to Bring Accountability to Mortgage Market
by Anna DeSimonePresidentOn August 17, 2012 the Consumer Financial Protection Bureau (CFPB) proposed rules to bring greater accountability to the mortgage loan origination market. The rules are intended to help consumers understand mortgage costs and comparison shop. The CFPB is seeking public comment on a proposal that would: Require Lenders to offer loans with a […]
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Consumer Financial Protection Bureau Proposes Loan Servicing Rules
by Anna DeSimonePresident On August 9, 2012 the Consumer Financial Protection Bureau (CFPB) today proposed two notices containing rules concerning mortgage servicing. The Dodd-Frank Wall Street Reform and Consumer Protection Act addresses some of these problems and imposes certain requirements on servicers, which the CFPB is implementing and refining. The new rules will be finalized […]
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Hawaii State Legislature Change Foreclosure Laws
by Nicole Legere, Esq.Senior Counsel CHANGES TO THE HAWAII FORECLOSURE PROCESS The Hawaii state legislature has recently passed HB 1875, which is intended to implement the recommendations of the mortgage foreclosure taskforce. This taskforce was created specifically to recommend ways to improve the methods by which foreclosures are conducted in Hawaii. The recommendations include creating […]
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CFPB Issues its First Enforcement Action against Capital One Bank
by Donna M. Saati, Esq.Associate Counsel In its first public enforcement action since its inception, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), has ordered Capital One Bank, (U.S.A) N.A. (“Capital One”) to refund consumers and pay civil money fines to settle charges of deceptive marketing tactics. The CFPB, established by the Dodd-Frank Act […]
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Rhode Island Amends Homestead, Property Transfers and Transfer Fee Laws
by Nathan Walker Esq. Associate Counsel The Rhode Island Legislature recently amended provisions regarding the homestead estate exemption, transfers of property to a revocable living trust, and transfer fees on the sale of real property. These changes are effective immediately. The Homestead Estate Exemption The homestead estate exemption granted by Rhode Island General Law 9-26-4.1, which prohibits […]
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CFPB and Prudential Regulators Issue Joint Guidance on Loan Servicing Practices
by Anna DeSimone President and Founder Guidance Highlights Protections for Military Homeowners On June 21, 2012 the Consumer Financial Protection Bureau (CFPB) along with the following prudential regulators: the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of […]
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Fannie Mae Updates Foreclosure Timelines and Compensatory Fees
by Nicole LegereAssociate Counsel Fannie Mae recently published an announcement intended to update and clarify foreclosure time frames and compensatory fees. These updates apply to all mortgage loans held in the Fannie Mae portfolio as well as mortgage backed security (MBS) loans guaranteed by Fannie Mae. COMPENSATORY FEES In order to avoid foreclosure delays, Fannie […]
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Fannie Mae Announces New Document Custodian Requirements
by Sarah LagattollaVice President On May 9, 2012 Fannie Mae announced the requirement for all lender-affiliated and independent document custodians to utilize third party QC audit services for an annual compliance audit to assess eligibility and operational compliance. Fannie Mae further announced the requirement for document custodians to establish a monthly quality control review process […]