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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Changes under the California Finance Lenders Law and California Residential Mortgage Lending Act
By Linaldo Donovan January 11, 2016 The California Department of Business Oversight adopted provisions under the Finance Lenders Law and Residential Mortgage Lending Act that provides that certain non-depository lenders, brokers and servicers who are subsidiaries and affiliates of depository institutions are not exempt from licensure when engaged in the business of originating, brokering or […]
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CFPB Publishes Construction Loan Fact Sheet for TRID
By Anna DeSimone January 10, 2016 the Consumer Financial Protection Bureau (CFPB) published a two-page Fact Sheet entitled Know Before You Owe Mortgage Disclosures and Construction Loans. The information provided is formatted for both consumers and professionals and reproduced below:Construction Loans Are Covered by the Know Before You Owe Mortgage DisclosuresMost construction loans that are […]
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CFPB Seeks Public Input on HMDA Resubmission Guidelines
On January 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public feedback on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). The CFPB press release is reproduced in this newsletter. Please refer to the Compliance Monitor article dated October 21, 2015 announcing the new HMDA […]
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Fannie Mae Updates Selling Guide and QC Requirements
By Anna DeSimoneDecember 15, 2015 Fannie Mae issued Ann. SEL-2015-13. The Selling Guide has been updated to include changes to the following: Loans with Age-Related Resale Restrictions Manufactured Housing and RD-Guaranteed Section 502 Mortgage Loans Lender Quality Control Updates Pledge of Servicing Custody of eMortgages Early Delinquency Counseling Posting of Buyup/Buydown Grids Miscellaneous Selling Guide […]
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FHA Adds Temporary Approval Provisions for FHA Condominiums
By Anna DeSimone November 13, 2015 HUD issued ML 2015-27: Additional Temporary Approval Provisions for Federal Housing Administration (FHA) Condominium Project Approval. This Mortgagee Letter: provides notice of revised calculation of FHA required owner-occupancy percentage; provides expansion of eligible condominium project insurance coverage; and provides revised requirements for obtaining condominium project recertification. It is anticipated […]
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North Carolina Enacts Provisions Regarding Registration System for Processors or Underwriters not Engaged in the Mortgage Business
By Brian CastineEffective as of November 1, 2015 the state of North Carolina has updated the registration system for individuals that are solely involved in processing or underwriting of residential mortgage loans. These provisions explicitly exclude those involved in the mortgage business. These updates include license issuance and renewal, applications fees, bond requirements, recordkeeping, and […]
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Financial Regulators Release Revised Management Booklet
By Anna DeSimone November 10, 2015 the Federal Financial Institutions Examination Council (FFIEC) members issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The Management booklet, including the examination procedures, has been substantially revised. The booklet outlines the principles of sound governance and, more specifically, information technology […]
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Fannie Mae Updates Rules for Condos, Co-ops and HomeReady Mortgages
By Anna DeSimone November 3, 2015, Fannie Mae released Selling Guide Announcement SEL-2015-12. The Selling Guide has been updated to include changes to the following: Refund of Loan-Level Price Adjustments Co-op Project Review Policy Update Project Eligibility Review Service for Established Condo Projects Updates to HomeReady Incorporation of Announcement SEL-2015-11 Delivery of Loans with More […]
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California Updates Mortgage Loan Disclosure Statement Requirements
By Linaldo DonovanOctober 22, 2015The implementation of the TILA-RESPA Integrated Disclosure rule is now in effect as of October 3, 2015. Brokers and licensees should take notice of the requirements of Mortgage Loan Disclosure Statement (MLDS) under Real Estate Laws in California. MLDS is a disclosure required under Business and Professions Code (B&P) section 10240 […]
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CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market
By Anna DeSimone Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions October 15, 2015, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home […]