Mortgage Lending
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VA Implements Funding Fee Changes
by Barbara CameronAssistant Vice President Recently VA has issued a series of Circulars regarding VA Funding Fee changes. There was some confusion over VA loan funding fees as a result of the changes (VA Circular 26-11-15 and VA Circular 26-11-16) – especially regarding the short term changes. VA also provided in VA Circular 26-11-16, guidance […]
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Eligibility for Ginnie Mae Approval
by Anna DeSimone, Presidentanna@bankersadvisory.com On May 18, 2011, the Government National Mortgage Association (Ginnie Mae) updated Chapter 7, Application for Approval as A Ginnie Mae Issuer, in Ginnie Mae’s Mortgage-Backed Securities Guide 5500.3, Rev. 1. On the same date, Ginnie Mae revised Chapter 6 of the Handbook, Fees, which describes the fees the Issuer must […]
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Special Announcement: Compliance Webinars for Mortgage Industry
Bankers Advisory has scheduled a series of compliance training webinars that are being offered to both our clients and the mortgage industry at large. Bankers Advisory’s Associate Counsel and Director of Educational Services, Dani Krasner, J.D. and our Vice President and Senior Counsel, Marissa Aquila Blundell, Esq. have developed outstanding power point presentations on today’s […]
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New Trends in Mortgage Fraud
by Rachel Horman, Esq. The current economic and housing market situation has expanded the types of mortgage fraud perpetrated against homeowners, lenders, and borrowers. Tightening credit guidelines, strict appraisal standards, and the soft housing market have lead to increasingly creative methods to commit fraud. Fraud is also spreading to the northeastern United States, with the […]
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Recap of New England Conference and Dodd-Frank Act
by Dani Krasner, J.D.Bankers Advisory Staff Attorney NEMBC Recap and Key Provisions of the Dodd-Frank Act The 2010 New England Mortgage Bankers Conference (NEMBC) was held on September 15-17 at the Rhode Island Convention Center in Providence. I attended the Conference on Thursday, along with fellow staff attorney Lindsay Sayre Kift, and the following is […]
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Best Practices for Wholesale Lending
by Anna DeSimone On May 20, HUD stopped accepting applications from brokers for FHA approval but began allowing them to originate loans if they are sponsored by an FHA-approved lender (known as a “full Eagle”). The Federal Housing Administration’s efforts to shift the burden of supervising mortgage brokers to lenders now means that lenders must […]
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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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Key Points to New Condominium Guidelines
Fannie Mae & Freddie Mac Condominium Rules Fannie Mae – Key Points Summary of Announcement FNMA 08-34 Amendments to Condominium Unit Mortgage Requirements 1 – Project Eligibility Review Service (PERS) is a project-acceptance review service for FNMA seller/servicers for new or newly-converted and established condo projects. This fee-based service requires lenders to submit by email […]
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Summary of Home Value Code of Conduct
Key Points by Kristin Seltman, Esq., Staff Attorney On May 1, 2009 all mortgage brokers & lenders must implement new procedures for ordering appraisals under the federal Home Valuation Code of Conduct. The law was established by the New York state Attorney General and Fannie Mae & Freddie Mac, now known as the Federal Housing […]
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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 […]