Category: Compliance

Are Brokers Required to Provide a Servicing Transfer Disclosure?

Question: Are brokers required to provide the information about the servicing transfer disclosure or is that the lender’s responsibility? Answer: The RESPA rule is not really clear on who must provide.  The language is general and covers all parties. So, I would err on the side of providing the disclosure. But if you are looking […]

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When Must the Borrower Sign the Flood Determination Disclosure?

Question: We obtain Flood Determination Reports from a vendor.  Once we are notified that a property is in a flood zone, how soon should the form be signed?  Can it be signed at time of closing? Answer: Please see the reference from the FDIC below. Reference: FDIC PDF Pages 9 & 10https://www.fdic.gov/regulations/compliance/manual/5/v-6.1.pdf Notice of Special […]

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MLO Test Lawsuit Settled

Written by:  Tammy Butler, Publisher – Mortgage Currentcy Sharing of information that is copyrighted is not only illegal, it can also cost you time, legal fees or even your license to perform your business.  In this update, we share with you the outcome of a lawsuit brought against an NMLS approved education company and how […]

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Fannie Mae just loosened guidelines for borrowers who have an employment contract but will not have a paystub prior to closing. If this sounds like your situation contact me and let’s discuss!

Related Article Title: Fannie Mae SEL–2019-08 – Employment Contracts, Rental Income, AML – Dated October 2, 2019 Written by: Lloyd Rutherford, Staff Writer This is a small bulletin, but big update, so be sure to read through the details carefully. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This […]

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CFPB Releases FAQ for the SAFE Act addressing Licensing FAQs – Dated September 25, 2019

Written by: Lloyd Rutherford, Staff Writer Loan originators and compliance professionals, this is an important update and clarification on questions regarding licensing. Rule Synopsis: The Consumer Financial Protection Bureau issued an FAQ document for Originators that covers categories of originators, exercising temporary authority, guidance on state transitional license availability and whether there is an impact […]

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