For the past year, we’ve been discussing the potential impact of the Dodd-Frank law, especially the risk retention guidelines.
As covered in the December issue of the DocuTech newsletter,…
Updated January 12, 2017
Although English is the official language of the governments of the United States, there are millions of U.S. residents who speak,…
Are you using EarlyCheck™? This is Fannie Mae’s new service that assists lenders in producing and selling quality loans. This service utilizes Fannie Mae’s data checks at any point in the loan business process,…
First of all, on behalf of the DocuTech team I would like to wish you a happy New Year. This New Year will bring several new challenges as the regulatory landscape continues to change at a rapid pace. …
In preparation for the upcoming FCRA changes related to the Credit Score Disclosure Mortgage Exception Notice, DocuTech has been performing an analysis of the credit score related information being sent to ConformX to make sure it meets the needed standards for the upcoming compliance changes. …
On January 1, 2011 joint Federal regulations from the Federal Trade Commission (16 CFR §§640 et seq.) and the Federal Reserve Board (12 CFR §§222 et seq.) will require creditors to provide new disclosures in transactions where they grant credit to a consumer based upon a consumer’s credit score,…
“Paperless” has been the buzzword in the mortgage industry for several years, and yet many financial institutions have still not been able to take advantage of the many benefits offered by this growing trend….
What loan products will you be selling next year? Standard, 30-year fixed? 5-1 ARMs? Jumbos?
The question is one that cannot be answered completely until the Consumer Financial Protection Bureau (CFPB) releases its proposed guidelines for the “qualified” mortgages….
On December 1, 2009 the federal agencies responsible for administering the Graham-Leach-Bliley Act (“GLBA”) and the Fair Credit Reporting Act (“FCRA”) issued revised regulations that financial institutions may use to meet the privacy notice requirements under the Acts. …
Last month (October), the Mortgage Bankers Association (MBA) held their annual (2010) convention in Atlanta. Each year, this event is designed to draw the industry’s best and brightest to one location for a few days of seminars, exposure to vendors,…
Fannie Mae announced the development of new Appraiser Independence Requirements (AIR) to replace the Home Valuation Code of Conduct (HVCC). The Appraiser Independence Requirements are very similar to the HVCC and are applicable to all Conventional loans with an application date on or after October 15,…
In September, in Part 1 of this MDIA article, we discussed general information relating to the Mortgage Disclosure Improvement Act. This month we examine in more detail the payment schedule requirements for various amortization types and payment options….
Before January 1, 2010, the HUD-1A could be used on most refinance loans. Now, however, there are several instances where the HUD-1 must be used, even when there is no seller. Under the current RESPA regulations, if a charge has been shown on the GFE as payable by the borrower,…
As part of the Housing and Economic Recovery Act of July 2008 the Mortgage Disclosure Improvement Act (“MDIA”) was enacted making several changes to the Truth-in-Lending Act (“TILA”) disclosure process for mortgage lenders. …
Multi-State examinations are coming. In a process began in 2008, the Conference of Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) have begun preliminary exams this year. In 2011, however, all states are expected to participate in the program,…
With the ongoing changes in the mortgage industry, and fewer options for borrowers, more lenders are turning to FHA loans to increase their business. Questions concerning the FHA Annual Mortgage Insurance Premium calculation are common….
Major financial reform laws are now a matter of when, not if. On June 25, the joint committees of the House of Representatives and the Senate hammered out their final compromises on the differences between their respective bills. The House passed the revised bill on June 30,…
The mortgage banking industry is officially paperless now.
Even though most companies are indeed scanning their loan files at some point in the process (typically as a last step) the reality is that most lenders are not actually paperless….
On December 22, 2009 the Federal Reserve and the Federal Trade Commission (the “Agencies”) released new and finalized rules for risk-based pricing notices, which will become effective on January 1, 2011.
The Federal Reserve Board has implemented part of these new regulations in 12 CFR §222 et el….
California Finance Code §4995.2(c), effective July 1, 2010, requires mortgage brokers who arrange only higher-priced mortgage loans to disclose that fact to a borrower, both orally and in writing, at the time of initially engaging in mortgage brokerage services with that borrower. We do not think it is likely that any of our clients are brokers who only do HPML’s,…
