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 Servicing Guidelines
September 25, 2015 By Anna DeSimone Freddie Mac has recently issued two Bulletins announcing changes to the Single Family Seller/Servicer Guide. The two bulletins pertain to servicing rules, as summarized below. Summaries Bulletin 2015-14: Servicing (08/12/15) All of the changes announced in this Bulletin are effective immediately unless otherwise noted. DEFAULT MANAGEMENT Settlement automation process […]
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CFPB Issues Final Rule Regarding Annual Threshold Adjustments for 2016 HOEPA and QM Loans
By Anna DeSimone September 22, 2015 the Consumer Financial Protection Bureau (CFPB) issued a final rule amending the regulatory text and official interpretations for Regulation Z, implemented under the Truth in Lending Act (TILA). The regulation requires annual updating of the dollar amounts of thresholds pertaining to the Home Equity Protection Act (HOEPA) loans and […]
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CFPB Finalizes Rule to Facilitate Access to Credit in Rural and Underserved Areas
Bureau Extends Provisions to Cover More Community Banks, Credit Unions, and Other CreditorsSeptember 22, 2015 the Consumer Financial Protection Bureau (CFPB) finalized several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. The new rule, which was proposed in January, will increase the number of financial […]
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Freddie Mac Updates Selling Guide and Clarifies TRID Instructions
By Anna DeSimone September 16, 2015, Freddie Mac issued Bulletin 2015-16: Selling Guide. The Single-Family Seller/Servicer Guide (“Guide”) Bulletin announced the following changes and, with the exception of certain topics unrelated to underwriting, the Bulletin is reproduced below in the format published by Freddie Mac: Mortgage eligibility and credit underwriting Removal of the requirement for a […]
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CFPB Updates Dodd-Frank Readiness Guide and RESPA-TILA Exam Procedures
By Anna DeSimone September 15, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) updated its Dodd-Frank Mortgage Rules Readiness Guide. The update was developed to help financial institutions come into and maintain compliance with the mortgage rules outlined in the Summary of the Rules in the Guide. The CFPB has designed this Guide for […]
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FFIEC Announces Streamline Reporting Initiative for Community Banks
By Anna DeSimone On September 8, 2015, the Federal Financial Institutions Examination Council (FFIEC) detailed steps regulators are taking to streamline and simplify regulatory reporting requirements for community banks and reduce their reporting burden. The objectives of this community bank burden-reduction initiative are consistent with the early feedback the FFIEC has received as part of […]
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Fannie Mae Updates Self-Employment Income and Other Rules
August 25, 2015 Fannie Mae released Ann. SEL-2015-09: Selling Guide Updates. Below is the complete content from the announcement. Selling Guide Updates The Selling Guide has been updated to include changes to the following: Self-Employed Income Project Eligibility Review for Attached Planned Unit Developments HomeStyle® Renovation Cash Back Pair-offs on Mandatory Whole Loan Commitments Miscellaneous […]
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Fannie Mae Announces Improved Affordable Lending Product
August 25, 2015, Fannie Mae announced HomeReady™ mortgage, an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage. HomeReady will replace Fannie Mae’s MyCommunityMortgage®. HomeReady features new functionality for lenders through Desktop Underwriter® to automatically flag potentially eligible loans and fully leverage Fannie Mae’s […]
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Rhode Island Amends Consumer Privacy Regulations
By Marlana Melendez, J.D. Consumer privacy laws and regulations seek to protect any individual from loss of privacy due to failures or limitations of corporate customer privacy measures. The state of Rhode Island recently passed House Bill 5769 which refers to consumer privacy in mortgage loan applications. The statute defines a “Mortgage Trigger Lead” for […]
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Rhode Island Amends Fair Housing Practices Act
By Brian CastineEffective July 13, 2015, the state of Rhode Island modified its provisions regarding its state Fair Housing Practices Act by adding military status discrimination as an unlawful housing practice.Sections 34-37- through 34-37-9 of the General Laws entitled “Rhode Island Fair Housing Practices Act” are hereby amended to include military status as a veteran […]