Real Estate Lending

  • CFPB Finalizes TRID Two Month Extension

    By Anna DeSimone On July 21, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015.The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a […]

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  • Freddie Mac Updates Credit and Underwriting Rules

    By Anna DeSimone July 15, 2015, Freddie Mac published Bulletin 2015-12, Selling Guide Updates. Highlights of the Bulletin are provided:Credit and Underwriting Topics: Maximum Number of Financed Properties Use of Income from Investment Properties Minimum monthly payment required to be included in the DTI when student loans are deferred or in forbearance Interested party contributions […]

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  • FHLB Mortgage Partnership Program Issues Reminder for TRID Compliance

    By Anna DeSimoneJuly 13, 2015, the Federal Home Loan Bank (FHLB) issued PFI Advisory 7-13-15 entitled: The MPF Program Reminds PFIs to be Prepared for the TILA-RESPA Integrated Disclosure Rule, Coming Soon. Even though the CFPB is considering a new effective date for the TILA-RESPA Integrated Disclosure rule (“Rule”), the time to comply with the […]

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  • FDIC Issues Interagency Compliance Examination Procedures for TRID

    June 30, 3014 the FDIC released Financial Institution Letter 27-2015.The letter provides a large number of resources and links to the updated Compliance Examination Manual. The revised interagency examination procedures pertain to the new Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure Rule (TRID Rule), as well as amendments […]

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  • Freddie Mac Issues Bulletin Regarding TRID Disclosures

    By Anna DeSimone June 30, 2015, Freddie Mac Issued Bulletin 2015-10, CFPB Integrated Disclosure Forms. Key highlights of the bulletin are provided in this newsletter. The TRID Rule initially had been slated to take effect on August 1, 2015. On June 17, 2015, the CFPB announced its intention to propose and invite comment on a […]

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  • Fannie Mae Announces Guide Updates and TRID Disclosure Policy

    By Anna DeSimone June 30, 2015, Fannie Mae issued Ann. SEL-2015-07, Selling Guide and Other Updates. Key highlights of the Announcement are provided below. The Selling Guide has been updated for the following: Conversion of Principal Residence Requirements No Longer Apply Stocks, Bonds, and Mutual Funds Unreimbursed Employee Business Expenses Tip Income Use of IRS […]

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  • FHA Announces New Quality Assurance Methodology

    By Anna DeSimone June 18, 2015, the Federal Housing Administration released its Single-Family Loan Quality Assessment Methodology. Referred to as “Defect Taxonomy,” the system outlines a detailed process for quality assurance of Single-Family FHA endorsed loans. Please click on the link below to review the 28-page document in its entirety: http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_LQA_Methodology.pdf The framework centers on […]

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  • CFPB Delays TRID Until October 1st

    by Anna DeSimoneJune 17, 2015 the Consumer Financial Protection Bureau Issued the following Press Release: Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure RuleWASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:“The CFPB will […]

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  • OCC Issues New Residential Lending Examination Procedures

    by Anna DeSimoneJune 15, 2015, the Office of the Comptroller of the Currency (OCC) issued the Revised Comptroller’s Handbook Booklet and Rescissions.   The announcement was issued to chief executive officers of all national banks and federal savings associations, department and division heads, all examining personnel, and other interested parties. The “Residential Real Estate Lending” booklet […]

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  • Veteran’s Administration Announces New Appraisal Review Requirements

    By Anna DeSimone June 12, 2015, the U.S. Department of Veterans Affairs (VA) issued CIRC. 26-15-12: New Appraisal Review Requirements and Instructions Regarding Department of Veterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers.  Please refer to the attached Diagram: Exhibit to Circular 26-15-12 […]

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