Mortgage Lending
-
Fannie Mae Now Permits Lenders to Contribute toward Borrower Closing Costs
April 3, 2018 Fannie Mae Issued Selling Guide #2018-03 clarifying lender-sourced contributions to fund closing costs and prepaid fees. Lenders may take advantage of the change immediately. Below are the key points of the announcement: A lender-sourced contribution may not be: Used to fund any portion of the down payment; Subject to repayment requirements, or […]
-
MPF Program Origination and Underwriting Updates for MPF Direct
On March 20, 2018, The Mortgage Partnership Finance Program announced origination and underwriting updates for its MPF Direct program. Specifically, changes were made to Direct Select QM, Select 90 QM, and Choice QM guidelines. These changes are effective immediately.
-
Senate Passes Economic Growth, Regulatory Relief and Consumer Protection Act
On March 14, 2018, the Senate passed a bill which impacts several areas covered by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill is expected to be considered by the U.S. House of Representatives, and, if passed by the House and signed by the President, would become law.
-
Fannie Mae Updates Selling Guide
On February 27, 2018, Fannie Mae updated its Selling Guide.
-
HMDA 2018 “Getting it Right!” Guide Released
Last week, the 2018 edition of A Guide to HMDA Reporting: Getting it Right! (the Guide) was released. This edition of the Guide is effective for the 2018 calendar year data, to be submitted by March 1, 2019.
-
U.S. House of Representatives Approves New Rules for TRID and Mortgage Loan Originators
The House has passed a Mortgage Bankers Association-supported bill that amends the TILA/RESPA Integrated Disclosure rule, and supports flexibility for mortgage loan originators.
-
New England Mortgage Expo 2018
CLA is proud to speak and exhibit at The New England Mortgage Expo on January 12, 2018 at the Mohegan Sun. CLA Bankers Advisory principal, Marissa Blundell, will be speaking from 1:15 – 2 p.m. during the 2018 HMDA Impact on Fair Lending Compliance session.
-
Fannie Mae Selling Guide Updated
On December 19, 2017, Fannie Mae updated its Selling Guide to address underwriting borrowers with frozen credit, disaster-affected loans, and additional areas. With this update, Fannie Mae also provides additional detail related to its expectations and requirements for sellers/servicers’ Internal Audit function.
-
Reminder: MERS Annual Reports must be submitted by December 31, 2017!
Contact us today to be sure your Annual Report is complete and submitted by the deadline.
-
OCC Issues Guidance for Impact of CRA Ratings on Licensing Applications
November 8, 2017, the Office of the Comptroller of the Currency (OCC) issued this guidance to provide transparency regarding its framework for evaluating certain types of licensing applications.