Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions,…
by Gail Joyce – Business Development National Sales Manager, Byte Software
The Safe Act was signed into law in 2008. This wide-ranging legislation provides regulators better tools to control and track originators. The legislation had several goals related to mortgage originators:
- standardize originator education and licensing requirements
- create a national licensing system for originators (and related registry for originators employed by regulated entities)
- make it difficult for originators with criminal convictions (of certain types) to obtain an origination license
- make it possible to track consumer complaints against an originator across state lines
- create a freely available public database containing information on any licensed originator
- clearly identify the originator on loan documents by including the originator’s unique license number on the documents
The establishment of a national licensing system was accomplished with the creation of the Nationwide Mortgage Licensing System (NMLS) in 2009….
By Lloyd Booth, President of Blueberry Systems
Can you afford to have pretty good data? Can you afford tolerable investor pricing variances? Can you afford to usually be compliant?
There’s an old saying that argues, “It’s better to be lucky than good.” While true in many instances,…
Our Arkansas Disclosure and Certification (Cx12918), provided pursuant to Arkansas Rule 5010-2, is no longer required due to recent changes to the Arkansas Fair Mortgage Lending Act. Previously the doc printed generically in all AR Closing packages. It will no longer print in any ConformX document packages….
VA Circular 26-10-01 requires loan applications taken on or after May 1, 2010 must either provide an origination statement itemizing the fees included in 801 or list each of the individual fees included in the 801 fee amount separately directly on the HUD-1. …
By Fredric J. Gooch, General Counsel, DocuTech Corporation
There is probably nothing associated with the new RESPA regulation that is causing mortgage originators more headaches than the disclosure of origination charges on the new Good Faith Estimate (“GFE”) and Uniform Settlement Statement (“HUD”). …
By Liliana Nigrelli, Senior Business Architect, Gallagher Solutions
In the last two years, the mortgage lending industry has undergone dramatic changes to meet new regulatory requirements and customer expectations. As with any major change in an industry, this wide-sweeping event has created opportunities for companies entering the lending arena,…
On January 20, 2010, FHA announced several policy changes designed to strengthen its capital reserves. The changes are the latest in a series of changes designed to help FHA mitigate risk while fulfilling its mission to expand homeownership. The changes include:
- Mortgage insurance premium will be increased to 2.25%
- FICO scores and down payments for new borrowers have been updated
- Allowable seller concessions have been reduced from 6% to 3%
- Increased FHA enforcement on lenders
For more information about these changes see FHA’s press release located at: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016…
DocuTech has launched a new section to its compliance web page where users can find information that will help them comply with the new changes to RESPA. The resources found on this web page include:
Recordings and PDF files from the RESPA webinars DocuTech presented on the new Good Faith Estimate and the new HUD-1 Settlement Statement….