Real Estate Lending
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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 […]
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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 […]