Category: Universal Topics

Quality Control Practices-Industry Standards & Practices-4 NEW Checklists-Conventional, FHA, VA and USDA Quality Control Audit Checklists!

By: Tammy Butler, Master CMB Performing a Quality Control Audit not only is required, but is also a smart way to avoid issues and learn what your staff doesn’t know, but needs to know.  These audits are not meant to tattle on those who are not “doing it right”.  Instead, they are great training opportunities. […]

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Working With Visa Status Borrowers [New Chart-Visa Status Reference-New Chart-Visa StatusTerminology-New Chart-Visa Classifications That Allow You to Work in the U.S.]

By: Tammy Butler, Master CMB Working with Visa Status borrowers can be a daunting task if you are not familiar with the terminology, what statuses may work and live in the US, and how to count income and probability of income. Compound that with the lack of guidance from the agencies and the varying interpretations […]

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Just wanted you to know that the government settled a lawsuit with credit bureaus regarding reporting errors on tax liens and judgments. There are potential errors in roughly 96% of consumer reports related to public record information (civil judgments) and roughly 50% of tax lien data not meeting these new standards. Credit bureaus must comply by July, 2017.

Rule Synopsis: There was a 31-state lawsuit against the credit reporting agencies. A settlement was reached in March of 2015 with staged roll-outs of certain changes to credit reporting requirements. The agreement is 41 pages in length and applies to all three credit reporting agencies on a national level, not for just NY or the […]

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