Federal Mortgage Regulations
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Most Common RESPA Errors
by Marissa Aquila, Esq., Staff Attorney January 1, 2010 came and went, and the industry, for the most part, successfully implemented new policies and procedures in order to comply with the revised Real Estate Settlement and Procedures Act (RESPA). As would be expected amidst such significant changes, there has been a temporary uptick in RESPA […]
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Bankers Advisory Staff Attorneys Lobby on Capitol Hill
Dear Reader, On April 14th, I attended the Mortgage Bankers Association of America’s National Policy Conference and was accompanied by our three staff attorneys, Marissa Aquila, Rachel Horman and Lindsay Sayre Kift. Also attending the event was Bankers Advisory’s Washington based Senior Consultant, Mark Burton, a long-time veteran of Fannie Mae. To discuss how Bankers […]
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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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Proposed Changes to Truth-in-Lending
Dear Reader, Marissa Aquila, Esq., one of Bankers Advisory’s staff attorneys and our resident Truth-in-Lending expert, has authored the following article as a preview of Reg Z changes. To discuss how Bankers Advisory can help your organization monitor compliance, contact me at anna@bankersadvisory.com. Anna DeSimone Proposed Changes to Truth-in-Lending by Marissa Aquila, Esq. Staff Attorney, marissa@bankersadvisory.com […]
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RESPA – The First 10 Days – Monday, January 11, 2010
Christopher Cruise, a nationally-known RESPA expert & trainer will be presenting live from Bankers Advisory’s offices in Belmont MA on Monday, January 11th from Noon to 4 p.m. This seminar we’ll address implementation challenges and highlight your concerns such as the service providers list, borrower acknowledgement forms, fee breakdown worksheets, etc. Registration is $350 “per […]
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“The First Ten Days” RESPA Training on Monday, January 11, 2010
By popular demand, we are scheduling another RESPA Marathon. Called the “First Ten Days” we thought it would help our clients if we talked about “implementation challenges” and strategies after you’ve begun taking applications. Here are some testimonials from our December 8th RESPA Marathon: “We have attended 3 or 4 different seminars and this is […]
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RESPA Marathon Webinar on Tuesday, December 8, 2009
.Despite protests from Congress and the mortgage industry, HUD has decided to move ahead with its plan to require the use of the new GFE and HUD-1 beginning January 1, 2010. All over the US, lenders and their settlement services providers are scrambling to understand the new RESPA Rules and the latest edition of FAQs. […]
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Credit Report Fee Discrimination?
Recently, the FDIC referred a bank to the Department of Justice (DOJ) for an ECOA violation. Apparently the bank charged married applicants for a single merged report, but charged un-married joint applicants for two separate reports. The FDIC examiner believed this to be a marital status discrimination violation and the bank was asked to find […]
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Understanding Higher-Priced Mortgage Loans (HPML) and Average Prime Offer Rate (APOR)
As of October 1st, all mortgage lenders must be fully compliant with the Truth in Lending amendment regarding Higher-Priced Mortgage Loans. Summarized below are the sources for finding the current APOR index, how to perform the computation and other steps for compliance. Higher-Priced Mortgage Loans (HPML) and the Average Prime Offer Rate (APOR) The recent […]
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Complying with the new Truth-in-Lending Laws (MDIA)
As of August 1st, all mortgage lenders must be fully compliant with the Mortgage Disclosure Improvement Act (MDIA). Summarized below are the frequently asked questions regarding MDIA. Mortgage Disclosure Improvement Act Your Questions Answered 1 – When is the application considered received? MDIA allows lenders to rely on RESPA and Regulation X in deciding whether […]