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Key Points to Truth-in-Lending Changes Effective January 30th
by Marissa Aquila Blundell, Esq.Vice President and Senior Counsel Next week, all creditors who are responsible for issuing Truth-in-Lending disclosures must comply with new rules. The Federal Reserve issued these rules to implement additional provisions of the Mortgage Disclosure Improvement Act (MDIA). For applications received on or after January 30, 2011, lenders must disclose how […]
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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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HUD Clarifies Quality Control Requirements for Directed Endorsement Lenders
Key Points to HUD’s Quality Control Requirements by Aisling Brady, Executive Vice President On January 5, 2011, HUD issued Mortgage Letter 2011-02 “Quality Control Requirements for Direct Endorsed Lenders.” This Mortgagee Letter clarifies FHA’s Quality Control requirements in light of recent changes to the lender eligibility criteria for participation in FHA programs and […]
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Red Flag Clarification Act of 2010 – Keeping Red Flags on the Radar
by Margaret Wright, Esq. The Red Flag Program Clarification Act of 2010, effective December 18, 2010, is substantively an amendment to the definition of creditor as used in Section 615(e) of the Fair Credit Reporting Act. The Red Flag Program Requirement Section 615(e) of the Fair Credit Reporting Act establishes the requirement for Red Flag […]
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HUD Clarifies Mortgagee Eligibility Requirements & Annual Certification
by Anna DeSimone HUD issued Mortgagee Letter ML 2010-38 on November 17, 2010. This Mortgagee Letter provides additional information about FHA’s implementation of these requirements and provides clarification regarding FHA’s electronic annual certification requirements and procedures. The requirements of ML 2010-38 are effective immediately and provided guidance and clarification on several topics including: definitions, notifications, […]
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Current Development in Loan Modification Programs
by Suzanne Familo Cieslica, Esq. With foreclosures at record highs, many borrowers are examining ways in which to remain in their homes, avoid foreclosure, and receive financial relief. In order to buttress the housing market and return it to stability, the Obama Administration instituted the Making Home Affordable Program. It offers several options for Homeowners, […]
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Home Mortgage Disclosure Act: Past, Present & Future
by Dani Krasner, J.D. In 1975, Congress enacted the Home Mortgage Disclosure Act (HMDA) requiring lenders to collect and disclose loan data. Regulatory authority for HMDA is delegated to the Federal Reserve Board (FRB), and HMDA regulations are implemented by the FRB’s Regulation C. The purpose of HMDA is to provide both lawmakers and the […]
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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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Best Practices for Mortgage Servicing and Foreclosure Compliance
By Anna DeSimone Every day there is a news article or media story regarding foreclosures and attorney generals from states across the country have issued moratoriums. Lawmakers and consumer groups have found that thousands of homes have been foreclosed upon illegally and often due to inaccurate or fraudulent documentation. Lenders are suddenly faced with […]
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MBA Regulatory Compliance Conference Recap
by Suzanne Familo Cieslica, Esq.Bankers Advisory Staff Attorney MBA Regulatory Compliance Conference Recap & Key Legislative Issues The Mortgage Bankers Association’s Regulatory Conference 2010 was held in Washington, D.C. on September 26, 2010 through September 28, 2010. Bankers Advisory Staff Attorneys Rachel Horman and I, Suzanne Familo Cieslica, attended. Many topics were covered at the […]
