-
Key Points to Fannie Mae’s Loan Quality Initiative
Dear Reader, This article summarizes Fannie Mae’s March 2010 Selling Guide Update regarding their Loan Quality Initiative. New steps and other QC changes are described in the sections below. Fannie Mae’s post-funding requirements for Quality Control are relatively consistent with prior directives. Here’s the difference: lenders must be vigilant in carrying out their quality control plan. QC […]
-
Red Flag Rules from FTC and Fannie Mae
Dear Reader, Rachel Horman, Esq., one of Bankers Advisory’s staff attorneys and our resident expert on Consumer Credit and Information Security, has authored the following article. To discuss how Bankers Advisory can help your organization monitor compliance, contact me at anna@bankersadvisory.com. Anna DeSimoneRed Flag Rules from FTC & Fannie Mae by Rachel Horman, Esq. […]
-
Proposed Changes to Truth-in-Lending
Dear Reader, Marissa Aquila, Esq., one of Bankers Advisory’s staff attorneys and our resident Truth-in-Lending expert, has authored the following article as a preview of Reg Z changes. To discuss how Bankers Advisory can help your organization monitor compliance, contact me at anna@bankersadvisory.com. Anna DeSimone Proposed Changes to Truth-in-Lending by Marissa Aquila, Esq. Staff Attorney, marissa@bankersadvisory.com […]
-
Urgent Announcement
All mortgage brokers & lenders must have a Massachusetts Electronic Security Plan in place by March 1st, 2010 Pursuant to the authority granted under M.G.L. c 93H, the Massachusetts Office of Consumer Affairs and Business Regulation retroactively promulgated 201 CMR 17:00, a law requiring all financial organizations to have a written plan to protect personal […]
-
RESPA – The First 10 Days – Monday, January 11, 2010
Christopher Cruise, a nationally-known RESPA expert & trainer will be presenting live from Bankers Advisory’s offices in Belmont MA on Monday, January 11th from Noon to 4 p.m. This seminar we’ll address implementation challenges and highlight your concerns such as the service providers list, borrower acknowledgement forms, fee breakdown worksheets, etc. Registration is $350 “per […]
-
“The First Ten Days” RESPA Training on Monday, January 11, 2010
By popular demand, we are scheduling another RESPA Marathon. Called the “First Ten Days” we thought it would help our clients if we talked about “implementation challenges” and strategies after you’ve begun taking applications. Here are some testimonials from our December 8th RESPA Marathon: “We have attended 3 or 4 different seminars and this is […]
-
RESPA Marathon Webinar on Tuesday, December 8, 2009
.Despite protests from Congress and the mortgage industry, HUD has decided to move ahead with its plan to require the use of the new GFE and HUD-1 beginning January 1, 2010. All over the US, lenders and their settlement services providers are scrambling to understand the new RESPA Rules and the latest edition of FAQs. […]
-
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 […]
-
Understanding Higher-Priced Mortgage Loans (HPML) and Average Prime Offer Rate (APOR)
As of October 1st, all mortgage lenders must be fully compliant with the Truth in Lending amendment regarding Higher-Priced Mortgage Loans. Summarized below are the sources for finding the current APOR index, how to perform the computation and other steps for compliance. Higher-Priced Mortgage Loans (HPML) and the Average Prime Offer Rate (APOR) The recent […]
-
Complying with the new Truth-in-Lending Laws (MDIA)
As of August 1st, all mortgage lenders must be fully compliant with the Mortgage Disclosure Improvement Act (MDIA). Summarized below are the frequently asked questions regarding MDIA. Mortgage Disclosure Improvement Act Your Questions Answered 1 – When is the application considered received? MDIA allows lenders to rely on RESPA and Regulation X in deciding whether […]
