Fannie Mae
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Fannie Mae Clarifies Pre-funding Credit & Re-underwriting Rules for LQI
by Anna DeSimone On August 13, 2010 Fannie Mae issued SEL-2010-11: Undisclosed Liabilities and Re-underwriting Requirements. Since the announcement of the Loan Quality Initiative, Fannie Mae has updated its policy related to undisclosed liabilities to reiterate that lenders must determine that “all debts of the borrower incurred or closed up to and concurrent with the […]
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Fannie Mae Changes Its Appraisal Policy
by Anna DeSimone On June 30th, 2010, Fannie Mae issued Announcement SEL-2010-09 regarding appraisal-related policies. The policy changes were based on Fannie Mae’s post-purchase reviews of mortgage loan files where issues were identified with property appraisals. This policy change is effective for all mortgage loan applications dated on and after September 1, 2010. The following […]
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Key Points to Fannie Mae’s Loan Quality Initiative
Dear Reader, This article summarizes Fannie Mae’s March 2010 Selling Guide Update regarding their Loan Quality Initiative. New steps and other QC changes are described in the sections below. Fannie Mae’s post-funding requirements for Quality Control are relatively consistent with prior directives. Here’s the difference: lenders must be vigilant in carrying out their quality control plan. QC […]
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Red Flag Rules from FTC and Fannie Mae
Dear Reader, Rachel Horman, Esq., one of Bankers Advisory’s staff attorneys and our resident expert on Consumer Credit and Information Security, has authored the following article. To discuss how Bankers Advisory can help your organization monitor compliance, contact me at anna@bankersadvisory.com. Anna DeSimoneRed Flag Rules from FTC & Fannie Mae by Rachel Horman, Esq. […]
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Welcome to Compliance Monitor!
Compliance Monitor is a complimentary newsletter written for Bankers Advisory’s clients and associates. As a mortgage industry professional, you have little time to research and comprehend today’s ever-changing laws and regulations. Each issue of Compliance Monitor will feature a key regulation and offer additional resources to help your organization understand, implement and monitor compliance. Visit […]