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:
-
Freddie Mac Updates Requirements for Pre- and Post-Closing Quality Control
by Anna DeSimonePresident & Founder On December 1, 2011, Freddie Mac had implemented revisions to Chapters 46 and 48 of its Seller Servicer Guide, requiring additional procedures for post-funding quality control for all loans delivered as of 12/1/2011. The revisions strengthened sampling requirements to include targeted and discretionary loans and requiring an occupancy verification for […]
-
Fannie Mae Updates Servicers’ Payments of Homeowners Association & Condo Dues
by Carolyne MunyuiAssistant Vice President On April 11, 2012, Fannie Mae issued an Announcement (SVC-2012005) requiring servicers to protect the priority of the mortgage lien and to clear all liens for delinquent homeowners’ association (HOA) dues and condo assessments, on properties acquired through foreclosure or deed-in-lieu of foreclosure. The Policy changes specified in this Announcement […]
-
Fannie Mae Updates Lender-Placed Property Insurance and Claims Processing
by Carolyne MunyuiAssistant Vice President On March 14 2012, Fannie Mae issued an announcement to update the Servicing Guide, on its policy regarding the use, coverage requirements, deductibles, carrier eligibility requirements & allowable reimbursable expenses for lender placed insurance. The Announcement (SVC-2-12-4) requires implementation no later than June 1, 2012. Servicers must obtain lender-placed coverage […]
-
CFPB to Pursue Discriminatory Lenders
by Anna DeSimonePresident & Founder On April 18, 2012, the Consumer Financial Protection Bureau (CFPB) issued Bulletin 2012 -04 to provide guidance regarding compliance with the fair lending requirements of the Equal Credit Opportunity Act (ECOA). The CFPB stated it will use all available legal avenues, including disparate impact, to pursue lenders whose practices discriminate […]
-
Fannie Mae Updates Delinquency and Default Management Requirements
by Carolyne MunyuiAssistant Vice President On April 25, 2012, Fannie Mae released the announcement No. SVC-2012-06 that describes policy changes under delinquency management and default prevention. The announcement provides an update and clarification as it applies to Fannie Mae HAMP modifications, Fannie Mae Standard modifications and directive or delegated modification programs in the following categories; […]
-
New York Amends Laws for Mortgage Loan Originators
by Nicole Legere, Esq.Associate Counsel New York Banking Law Article 12-E governing mortgage loan originators (MLOs) was recently amended to conform to federal regulations. Pursuant to the federal SAFE Act, any state MLO licensing schemes that do not satisfy a minimum standard is preempted and HUD is charged with implementing a licensing scheme in those […]
-
Rural Housing Service Clarifies Eligibility Guidelines for Refinancing
by Anna DeSimonePresident & Founder The Rural Housing Service (RHS) published Announcement #4635 on April 2, 2012 to provide updated instructions regarding the refinance feature of the Single Family Housing Guaranteed Loan Program (SFHGLP). The objective of the refinance feature is to assist responsible homeowners in achieving more favorable terms by transferring their present financing […]
-
Rural Refinance Pilot Program Launched for “Hardest Hit” States
by Anna DeSimonePresident & Founder Rural Housing Service (RHS) released RD Announcement #4634 on April 2, 2012 to announce its Rural Refinance Pilot. The program is designed to assist existing Section 502 borrowers both direct and guaranteed loans in order to refinance their homes with greater speed and ease. The pilot program is available […]
-
CFPB Proposes New Mortgage Servicing Rules
by Anna De SimonePresident & Founder On April 9, 2012 the Consumer Financial Protection Bureau (CFPB) released an outline of rules under consideration to help protect mortgage borrowers from being hit by costly surprises or getting the runaround from their mortgage servicer. The CFPB plans to formally propose rules this summer and finalize them in […]
-
Best Practices for Borrower Ability to Repay Rules
by Anna DeSimonePresident & Founder About one year ago, I published an article entitled Borrower Repayment Ability on the Radar. The article highlighted the “ability-to-repay” requirement of the Qualified Mortgage (QM) under Dodd-Frank. The article included a matrix of all U.S. states as of that had passed legislation requiring mortgage lenders to determine the borrower’s […]