Qualified Mortgage, Qualified Residential Mortgage And Risk Retention

Posted by Krista Sabol on Feb 15, 2011 in Dodd Frank Act, Origination, Quality Control / Audit, Underwriting Under Title XIV of the Dodd Frank Act federal regulators must establish minimum underwriting standards for residential mortgage loans by 4/15/11 (excluding reverse mortgages and bridge loans of up to one year). This referred to as the Qualified Mortgage standard (QM). The requirements will define how a lender will support the consumer has a reasonable ability to repay the obligation. The QM...
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2011 Bills We’re Watching

Posted by Krista Sabol on Feb 15, 2011 in Dodd Frank Act, Legislative Watch, Regulations, VA H 363: Forced Refinance Provisions For Fannie/Freddie Status: Introduced 1/20/11 The formal name of the bill is ‘Housing Opportunity and Mortgage Equity Act of 2011”. The bill would require Fannie/Freddie to create a     program for qualified mortgages where an appraisal is not required. The servicing fee will be restricted to a maximum of $1,000. H 330:  First Time Homebuyer...
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HR 4811 Summary

Posted by Krista Sabol on Apr 12, 2010 in FHA, House Bills HR 4811 – FHA Safety and Soundness and Taxpayer Protection Act of 2010 Introduced March 10, 2010 • Formalizes a Deputy Assistant Secretary for Risk Management • Ability to enter contracts with private companies to analyze credit risk • Increase annual premium up to 1.75% on the remaining insured principal balance • Implements a ‘flexible risk based premium pilot program’...
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