Compliance

If a loan is approved by FHA’s total scorecard and the DE Underwriter, can the lock desk refuse a pricing exception due to credit score risk outside of FHA guidelines?

Answer: While it is not a direct compliance violation, the implications of denying a pricing exception outside of written policy can be construed as Disparate Treatment under ECOA. If it is standard practice to grant exceptions and the lock desk refuses due to “risk”, then their policy should state that “these are the conditions where [...]

2019-07-23T10:42:04-05:00July 25th, 2019|

VA now requires lenders to obtain a copy of a Veterans Certificate of Eligibility prior to ordering an appraisal.

Related Article Title: VA-Requesting Appraisals without the Certificate of Eligibility Determination, Circular 26-19-12, Dated – May 16, 2019  – Effective Immediately Written by: Tracey Rumsey, Staff Writer Important news if you work with VA loans. Read through this article to find out all the details and changes you may need to make in your process. Rule [...]

2019-06-10T09:09:56-05:00June 10th, 2019|Compliance, Social Media Posts|

Compliance – Fannie Mae Lender Incentive Limits for Borrowers: Many of our competitors are offering incentives like gift cards with a value over the $500 limit for conventional lender incentives. Did this change?

Answer: First things first:  You are not missing an update.  In today’s ultra-competitive market, it is very likely that lenders of all shapes and sizes are ‘pushing the envelope’.  Sometimes they are playing by all the rules, sometimes they are not.  If a lender chooses to give more than what the selling guide allows for, [...]

2019-03-25T08:57:09-05:00March 25th, 2019|

Did you know that wire fraud and phishing issues during a real estate transaction is the number one issue consumers face? I have a great consumer awareness fact sheet. Comment below and I’ll send it to you.

Related Article Title: Compliance – Best Practices to Prevent Phishing & Wire Fraud [NEW Mortgage Talking Points™ – Consumer Awareness Fact Sheet – Wire Fraud] Written By: Tammy Butler, Master CMB Wire Fraud is one of the biggest issues in our industry, and it is doubling each year.  Read our interview with an industry subject [...]

2019-03-10T12:18:08-05:00March 10th, 2019|Compliance, Social Media Posts|

Compliance – Best Practices to Prevent Phishing & Wire Fraud [NEW Mortgage Talking Points™ – Consumer Awareness Fact Sheet – Wire Fraud]

Written By: Tammy Butler, Master CMB Wire Fraud is one of the biggest issues in our industry, and it is doubling each year.  Read our interview with an industry subject matter expert who offers sage advice on how to prevent security issues with your business. Interpretive Comments: Once upon a time, our biggest Internet aggravation [...]

2019-03-10T14:12:28-05:00March 10th, 2019|