Rules - October 10. 2016

Fannie Mae – DO/DU – Test Credit Reports & Test Social Security Number Procedures – 9/26/2016

Rule Synopsis: Fannie Mae updated their test credit report procedures to assist in understanding how DU assesses credit risk on a variety of borrowers. This announcement: Addresses how to request credit reports from the Test Credit Agency Lists the Fictitious Borrowers, SSN’s, Addresses and Credit Scores for the test borrowers Tests the borrower compatibility with [...]

2018-10-28T15:11:46-05:00November 3rd, 2017|

Fannie Mae FAQs 97% LTV Options for Purchases and Limited Cash-Out Refinances of Fannie Mae Loan (Effective 9-9-2016)

[Updated Mortgage Talking Points™, Fannie HomeReady® Mortgage Guidelines]Rule Synopsis: Fannie is ramping up their higher LTV programs. Now there are more options for those who are challenged by down payment, so call me! Help out a fellow Millennial parent! Contact me for great options to help Millennials buy their first home! FAQs and Fact Sheet [...]

2018-10-28T15:16:42-05:00November 3rd, 2017|

Mystery Shopping Techniques & Strategies

Rule Synopsis: ECOA and the Fair Housing Act prohibit discriminatory treatment based on race, ethnicity, sex, public assistance income, familial status, disability and other factors. Disparate treatment between your clients can result in these allegations from the CFPB or HUD. One of the techniques used by the regulatory bodies is mystery shopping your frontline staff. [...]

2017-12-27T12:24:54-05:00November 3rd, 2017|

CFPB – FFIEC Releases Updated Information Security Examination Manual – September 2016

Rule Synopsis: Background: The FFIEC governs a few different regulations, such as the Bank Secrecy Act and Anti-Money Laundering regulations as well as HMDA and CRA procedures. They work in conjunction with the CFPB. The CFPB has supervisory authority over the mortgage banking industry, and can use this Information Security Examination manual during a CFPB [...]

2018-10-28T15:17:22-05:00November 3rd, 2017|