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CFPB Issues new “CHARM” Booklet

Written by:  Tammy Butler, Master CMB-Publisher If you are newer to the industry, you may not even know what a “CHARM” Booklet is, because interest rates have been so low! CHARM is short for  Consumer Handbook on Adjustable Rate Mortgages.  You are required to provide this to anyone getting an ARM [Adjustable Rate Mortgage] loan. […]

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What Was Added? What Was Changed on Mortgage Currentcy This Month?

In each Rules Issue, we post, “What was Added and What Was Changed!”  This helps our subscribers stay up to date on all of the additions to the site as well as changes to our charts, checklist, and MTPs that are changed each month, due to guideline updates. The COVID-19 Updates keep coming, but there […]

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CFPB Updates TRID FAQs and Issues Fact Sheet

Written by: Tammy Butler, Master CMB-Publisher The CFPB issued two important updates on June 9, 2020. A Fact Sheet called – TRID Title Insurance Disclosures, and an Update to their TRID FAQs. Fact Sheet – TRID Title Insurance Disclosures The fact sheet: •Describes owner’s title insurance and lender’s title insurance. •Discusses how to disclose lender […]

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Fannie and Freddie Publish Refinance & Home Purchase Eligibility Requirements for Borrowers in Forbearance – FNMA LL-2020-03 – Updated May 19, 2020 and FHLMC Bulletin 2020-75 – Dated May 93, 2020 and FHFA Media Announcement – Dated May 19, 2020

Written by Lloyd Rutherford, Staff Writer Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at the direction of their regulator (the FHFA), have released information on temporary eligibility requirements for borrowers who are in forbearance, or recently ended their forbearance and are now looking to refinance an existing home or buy a new home. […]

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Payment Deferral Options available to Servicers – FNMA LL-2020-07 – Dated May 13, 2020 and FHLMC Bulletin 2020-15 – Dated May 13, 2020

Publisher’s Note: There are a lot of rumors and speculation circulating as to how borrowers will be affected by forbearance requests due to Covid-19.  The reality is that until the agencies issue written guidance, none of us know the true answers as the pandemic is a first for our industry.  As each update becomes available, […]

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