http://indecomm.net https://mortgage-u.com

Qualified Mortgage, Qualified Residential Mortgage And Risk Retention

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...
read more

2011 Bills We’re Watching

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...
read more

HR 4811 Summary

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’...
read more