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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Freddie Mac Updates its Quality Control Requirements
by Anna DeSimone, President Freddie Mac has updated Chapters 46 and 48 of the Seller/Servicer Guide regarding pre- and post-closing quality control. The changes take effect for loans closed on or after December 1, 2011. Information regarding the QC changes were announced in the August 16, 2011 Bulletin 2011-15. Pre-Closing Quality Control Requirements Freddie Mac […]
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New Rules for USDA Rural Housing Loans Take Effect August 1, 2011
by Anna DeSimone, Presidentanna@bankersadvisory.com On May 31, 2011, The Department of Agriculture Rural Housing Service issued a final rule to implement two changes in the regulations for the Rural Housing Service (RHS) Section 502, Single Family Housing Guaranteed Loan Program (SFHGLP). The first change eliminates a lender’s published Department of Veterans Affairs (VA) rate for […]
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Freddie Mac Clarifies and Updates Underwriting Guidelines
by Sarah LagattollaDirector, Credit Risksarah@bankersadvisory.com Freddie Mac issued Bulletin 2011-10 on May 25, 2011 updating selling requirements pertaining to mortgage and property eligibility and credit underwriting as well as selling and servicing requirements for mortgages registered with MERS. Assets as a basis for mortgage qualification Freddie Mac has updated their selling guide to allow for […]
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The New Consumer Financial Protection Bureau
by Rachel Horman, Esq. Assistant Vice President & Senior Counselrachel@bankersadvisory.com The Consumer Financial Protection Act of 2010 (Title X of the Dodd-Frank Act) (“the Act”) established the Bureau of Consumer Financial Protection. On July 21, the rulemaking powers for most consumer financial protection laws will be consolidated and transferred from the following agencies to the […]
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New Uniform Appraisal Dataset (UAD) Rules
by Anna DeSimone, Presidentanna@bankersadvisory.com Effective for residential property appraisals with an effective data (date of inspection) on or after September 1, 2011, appraisal reports must be completed in compliance with the Uniform Appraisal Dataset (UAD). The rule applies to all conventional mortgage loans sold to Fannie Mae or Freddie Mac. The UAD is a component […]
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Eligibility for Ginnie Mae Approval
by Anna DeSimone, Presidentanna@bankersadvisory.com On May 18, 2011, the Government National Mortgage Association (Ginnie Mae) updated Chapter 7, Application for Approval as A Ginnie Mae Issuer, in Ginnie Mae’s Mortgage-Backed Securities Guide 5500.3, Rev. 1. On the same date, Ginnie Mae revised Chapter 6 of the Handbook, Fees, which describes the fees the Issuer must […]
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Fannie Mae Clarifies and Updates Underwriting Guidelines
by Sarah LagattollaDirector of Credit Risksarah@bankersadvisory.com Fannie Mae Mae has just issued an update to the Selling Guide (SEL-2011-04) that affects underwriting of loans as follows: Deferred Student Loans While it has been Fannie Mae’s policy to include payments for deferred student loans in the DTI, Fannie Mae has required verification of the payment amount. […]
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HUD Clarifies and Updates Refinance Guidelines
by Aisling Brady, Executive Vice Presidentabrady@bankersadvisory.com Recently, HUD has issued Mortgagee Letters 2011-11 regarding refinance transactions. The purpose of the Mortgagee Letters was to clarify and update guidance to mortgagees regarding FHA refinances. The following rules apply to FHA Case Numbers assigned on and after April 18th, 2011:All Refinances If a borrower has re-occupied their […]
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Borrower Repayment Ability is on the Radar
by Anna DeSimone, President The Federal Reserve Board has proposed a Rule to implement a provision of the Dodd-Frank Act that prohibits lenders from originating mortgages without regard to the borrower’s ability to repay the loan. Creditors must make a reasonable and good faith determination of that repayment ability, based on verified and documented evidence. […]
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Fannie Mae Clarifies Loan to Value Ratios in the Selling Guide
by Anna DeSimonePresident & Founder On March 31, 2011 Fannie Mae updated the Selling Guide clarify policy changes made regarding the calculations of ratios. The Selling Guide contains a number of references to the calculation of LTV, CLTV, and HCLTV ratios and the vast majority of these references indicated that ratio calculations were to be […]