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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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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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 […]
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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 […]
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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, […]
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