Regulation Z ARM Changes – Still?

Posted by Krista Sabol on Jun 29, 2010 in Origination, Processing, Proposed Rules, Quality Control / Audit, TILA, Underwriting Regulation Z had a proposed rule with a comment period that expired 12/31/09. This proposal received over 3300 comments primarily focused on the section that would prohibit loan originator compensation based on the terms of the loan. Now that the financial regulatory reform bill has included the ‘prohibition on steering’ and restriction of loan originator compensation, we’ll be watching...
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FHA’S New Lender Approval World

Posted by Krista Sabol on Jun 29, 2010 in FHA, Origination, Quality Control / Audit, Underwriting FHA ML 10-20 outlined the provisions for HUD’s reform of the lender approval process. Effective May 20th 2011 most lenders must possess a net worth of at least $1m (20% must be liquid assets). The only exception is for small lenders as defined by the Small Business Administration: o mortgage & non mortgage brokers with $7million or less in gross receipts; o Banks, Savings institutions...
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Home Warranty Companies and Section 8 Violations

Posted by Krista Sabol on Jun 29, 2010 in RESPA Section 8 HUD issues Final Rule RE: Home Warranty Companies and Section 8 Violations On June 25, 2010, HUD issued a final rule addressing whether compensation paid by Home Warranty Companies to real estate and mortgage brokers violates Section 8 (the “anti-kickback” section) of RESPA. The rule is effective on the date it was published (June 25), but HUD is accepting public comments until July 26,...
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Pros and Cons of FHA Lending

Posted by Krista Sabol on Jun 3, 2010 in FHA, FHA/VA, Lender Approval Pros and Cons of FHA Lending This is Q&A hosted by Alice Alvey President, CMB of Indecomm-Mortgage U for a large group to provide a forum to discuss the pros and cons of FHA Lending. If you haven’t heard of Alice, she is a Master CMB and a well known industry speaker who talks about FHA lending about as much as she talks about her wonderful children. She is the author of many training...
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FHA Condominium Approval Panel Discussion

Posted by Krista Sabol on Jun 1, 2010 in Condo Approval, FHA The FHA condominium approval process has undergone major changes in the last several months. To help lenders understand the nuances of the new HUD Review and Approval Process (HRAP) and Direct Endorsement Lender Approval Process (DELRAP) I assembled a panel of experts for the event: Angelo Rea, First VP at Flagstar Bank. Angelo is very involved in government lending policies at Flagstar...
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