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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CFPB Releases 2015 Consumer Complaint Report
March 22, 2016, the Consumer Financial Protection Bureau (CFPB) released its annual Consumer Complaint Report. The breakdown of the number of complaints received for each category were as follows: Debt collection: 85,200 Credit reporting: 55,000 Mortgages: 50,800 Key points of the CFPB Report that pertain to residential mortgages are summarized below. The illustrations below show […]
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CFPB Broadens Qualified Mortgage Rule for Rural and Underserved Areas
March 22, 2016 the Consumer Financial Protection Bureau (CFPB) issued an interim final rule that broadens the availability of certain special provisions for small creditors that operate in rural or underserved areas. The new rule, which takes effect March 31, 2016, implements Congress’s recent legislation, the Helping Expand Lending Practices in Rural Communities (HELP) Act, that […]
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Freddie Mac Updates Servicing Guide
Freddie Mac released Bulletin 2016-5: Servicing. Key highlights are provided below. This Guide Bulletin announces: Mortgage modifications The eligibility of a Mortgage subject to an indemnification agreement for a modification, provided certain requirements are met – New Foreclosure Revisions to certain State foreclosure timelines The cessation of the temporary suspension of State foreclosure timeline compensatory […]
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Fannie Mae Updates Servicing Guide
Fannie Mae released Ann. SVC-2016-02: Servicing Guide Updates, reproduced below: The Servicing Guide has been updated to include the following: Updates to HAMP Incentive Payments Semi-Annual Update to Foreclosure Time Frames Future Changes to Fannie Mae’s Contact Information Each of these updates is described below. The servicer must review each topic in the Servicing Guide […]
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American Bankers Association Publishes TRID Study
The American Bankers Association has completed a survey regarding the TILA-RESPA Integrated Disclosure (TRID) Rule. The ABA survey had 548 banker participants composed a diverse group both in geography and asset size. The data was collected from February 1, 2016 to February 17, 2016. This timely survey shows that TRID rule compliance: is still a […]
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Freddie Mac Expands LTVs for Super Conforming Mortgages
February 17, 2016 Freddie Mac published Seller/Servicer Bulletin 2016-3 entitled: LTV/TLTV/HLTV ratio and Indicator Score requirements – March 28, 2016. Key sections of the bulletin are provided below. LTV/TLTV/HLTV ratio and Indicator Score requirements – March 28, 2016: Updates to our requirements for loan-to-value (LTV)/total LTV (TLTV)/Home Equity Line of Credit (HELOC) TLTV (HTLTV) ratios […]
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Freddie Mac Updates Servicing Guide
By Anna DeSimone February 3, 2016, Freddie Mac issued Bulletin 2016-2, Servicing. The Single-Family Seller/Servicer Guide Bulletin announces a number of changes pertaining to the following: Freddie Mac Servicer Success Scorecard Reimbursement Mortgage Modifications Electronic Default Reporting (EDR) for repayment plans Freddie Mac Default Legal Matters Highlights from three topics are reproduced below. Please refer […]
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FHFA, Fannie Mae, and Freddie Mac Announce Independent Dispute Resolution Program
By Anna DeSimone February 2, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution (IDR) process for resolving repurchase disputes. The IDR process is the final piece of the Representation and Warranty Framework for Lenders and is available on loans delivered to Fannie Mae […]
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New Jersey Enacts Escrow Agent and Foreclosure Provisions
By Linaldo Donovan New Jersey Enacts Provisions Regarding Escrow Agent Evaluation Services The state of New Jersey enacted provisions by making it an unlawful practice under its Consumer Fraud Act for an escrow agent evaluation service to prepare a report for use by a mortgage lender in evaluating the capacity of an escrow agent to […]
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FHFA Issues Final Rule Regarding Federal Home Loan Bank Membership
By Anna DeSimone January 20, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule revising its regulations governing Federal Home Loan Bank Membership. This final rule adopts several provisions including, but not limited to: Preventing the circumvention of the statute’s membership restrictions by ineligible entities by defining the term “insurance company” to exclude […]