Real Estate Lending
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FHA Issues Quick Reference Guide for its Quality Control Loan Review System
On August 24, 2017, the Federal Housing Administration (FHA) issued FHA Info #17-32 to announce the availability of a Quick Reference Sheet that outlines instructions regarding the agency’s Quality Assurance Loan Review System (LRS). Lenders use LRS to interact with FHA on the majority of Title II Single Family quality control processes, including: Various Post-Endorsement […]
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Freddie Mac Elevates Automated Collateral to Include Purchase Transactions
August 23, 2017, Freddie Mac issued Guide Bulletin 2017-13, announcing the expansion of the Automated Collateral Evaluation (ACE) program. Key points of the bulletin are provided below. On August 18, the Enterprise announced ACE, which provides Freddie Mac sellers with the option to waive appraisal requirements for certain Loan Product Advisor® Mortgages. The ACE option […]
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Fannie Mae Now Offering Property Inspection Waivers on Purchase Transactions
August 18, 2017, Fannie Mae released the Desktop Underwriter/Desktop Originator Release Notes, announcing that purchase transactions will now be eligible for consideration to receive Property Inspection Waiver (PIW) offers. The enhancements will apply to DU Version 10.0 and DU Version 10.1 loan casefiles submitted or resubmitted on or after August 19, 2017. Key points of […]
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Freddie Mac Introduces Appraisal Alternative
August 18, 2017, Freddie Mac announced that consumers who are buying homes or refinancing existing mortgage loans may be eligible for an automated appraisal alternative. The program is available on both home purchases and refinances. Key points from Freddie Mac’s press release are provided below. Borrowers may be able to realize savings in some […]
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CFPB Releases State-level Snapshot of Consumer Complaints
June 27, 2017, the Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and […]
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OCC Updates Examination Policies Regarding Violations of Laws and Regulations
May 23, 2017, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2017-18: Violations of Laws and Regulations. The updated policy and procedures are effective on July 1, 2017 and apply to examinations of all national banks, federal savings associations, and federal branches and agencies.
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Freddie Mac “No Credit Score” Underwriting Now in Effect
To expand homeownership opportunities to more borrowers, Freddie Mac has updated its Loan Product Advisor® to allow lenders to assess mortgages for borrowers without credit scores. The new program is effective for mortgages originally submitted on or after May 14, 2017, with settlement dates on or after June 26, 2017. Loan Quality Advisor® will also […]
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Fannie Mae Updates Selling Guide
April 25, 2017, Fannie Mae released Announcement SEL-2017-04, describing updates to the Selling Guide on a number of topics.
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OCC Issues Retail Lending Booklet
April 12, 2017, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2017-15 “New Comptroller’s Handbook Booklet” announcing its issuance of a new “Retail Lending” booklet.
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CFPB Proposes Amendments to ECOA to Provide More Flexibility for Lenders
The Consumer Financial Protection Bureau (CFPB) has issued proposed changes to the Equal Credit Opportunity Act in order to provide lenders with additional flexibility when collecting consumer ethnicity and race information.