Mortgage Lending
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Financial Crimes Enforcement Network Publishes SAR Statistics
by: Anna DeSimone The Financial Crimes Enforcement Network (FINCEN) has published the first issue of SAR Stats, the successor publication to The SAR Activity Review: By the Numbers. This issue examines only data contained on the 1,369,529 unique FinCEN SARs (Form 111) with filing dates between March 1, 2012 and December 31, 2013. The adoption of the new unified SAR form and […]
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CFPB Issues Guidance Regarding Brokers Shifting to “Mini-Correspondent” Model Bureau Describes Evaluation of Mini-Correspondent Transactions
by: Anna DeSimone July 11, 2014, the Consumer Financial Protection Bureau (CFPB) issued guidance regarding mortgage brokers transitioning to a “mini-correspondent” lender model. The full content of the CFPB Press Release is provided: The CFPB is concerned that some mortgage brokers may be shifting to the mini-correspondent model under the mistaken belief that identifying themselves […]
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VA Clarifies Policy on Unallowable Origination Fees
by: Anna DeSimoneMay 7, 2014 the Department of Veterans Affairs issued CIRC. 26-14-13: Policy Clarification on Unallowable Fees. The purpose of the Circular is to clarify the Department of Veterans Affairs (VA) policy on the treatment of unallowable fees when lenders charge a loan origination fee that is less than one percent of the loan amount […]
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CFPB Proposes Minor Changes to Mortgage Rules
by: Anna DeSimoneProposal Would Assist Nonprofits and Allow for Refunds of Excess Points and Fees for Qualified Mortgages April 30, 2014 the Consumer Financial Protection Bureau (CFPB) proposed minor adjustments to its mortgage rules to ensure access to credit. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit […]
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Federal Regulators Provide Guidance on Qualified Mortgage Fair Lending Risks
by: Anna DeSimoneOctober 22, 2013,Five federal regulatory agencies issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Those agencies are:Board of Governors of the Federal Reserve SystemConsumer Financial Protection BureauFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the Currency According to the CFPB, creditors have […]
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VA Increases Net Value Percentage
by: Sarah Lagattolla August 9, 2012 the Department of Veteran Affairs has announced that the percentage used to determine Net Value for properties will increase to 14.95%. The change will take place effective October 8, 2013. The Net Value is a key component in the formulas for determining whether a loan holder has the option […]
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Record Retention as Risk Management
by: Gregory R. Wilson, Esq.Proper record retention mitigates operational and compliance risk presented to any institution conducting business in this ever-changing regulatory environment. A well-established record retention program maintains records in an appropriate manner and for an appropriate duration thereby ensuring compliance, and providing for easier substantiation of compliance to auditors and examiners. In addition, […]
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MERS Annual Compliance Requirements
Special Announcement MERS Annual Quality Assurance Standards Compliance Report Summary of Requirements 1. All residential mortgage lenders who are registered MERS Members are required to comply with the MERS Quality Assurance Requirements. 2. Each Member must submit a Quality Assurance Plan by December 31, 2012 utilizing the proper template provided by MERSCORP […]
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Rural Housing Service Clarifies Eligibility Guidelines for Refinancing
by Anna DeSimonePresident & Founder The Rural Housing Service (RHS) published Announcement #4635 on April 2, 2012 to provide updated instructions regarding the refinance feature of the Single Family Housing Guaranteed Loan Program (SFHGLP). The objective of the refinance feature is to assist responsible homeowners in achieving more favorable terms by transferring their present financing […]
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Rural Refinance Pilot Program Launched for “Hardest Hit” States
by Anna DeSimonePresident & Founder Rural Housing Service (RHS) released RD Announcement #4634 on April 2, 2012 to announce its Rural Refinance Pilot. The program is designed to assist existing Section 502 borrowers both direct and guaranteed loans in order to refinance their homes with greater speed and ease. The pilot program is available […]