Rules – September 10, 2016

Fannie Mae Selling Guide Announcement SEL-2016-07 – Effective Immediately for Liability Requirements and Non-Traditional Credit – Effective September 24, 2016

Rule Synopsis: Fannie Mae is implementing non-traditional credit when underwriting loans. It’s a good thing! Fannie Mae is updating their selling guide for a variety of topics. This article will focus primarily on the topics that benefit originators, and we will lightly cover the topics that are for servicers. The updates announced in this Selling [...]

2017-12-27T12:27:46-05:00November 3rd, 2017|

Fannie Mae and Freddie Mac – Updated URLA/1003 – Effective January 1, 2018 for Voluntary Use. Mandatory Use to be announced.

Rule Synopsis: The agencies previously announced they would be updating the loan application (1003 or Uniform Residential Loan Application aka URLA). Well, here it is – and it is seven pages of joy. The loan application has not had a major overhaul in approximately 20 years. The changes are designed to adapt to the new [...]

2018-11-26T19:33:46-05:00November 3rd, 2017|

CFPB Announcement and Release of the “Know Before You Owe” for Settlement Professionals – Release Date – August 2016

Rule Synopsis:New guidance is now available for settlement professionals on the Know Before You Owe rules. The CFPB created a webpage for the Know Before You Owe Rules for the Settlement Professional. This follows a similar landing page for the Real Estate Professional for the Know Before You Owe rules that were released last year [...]

2017-12-27T12:27:47-05:00November 3rd, 2017|

CFPB – Is Your Target Marketing Breaking Fair Lending Laws?

Rule Synopsis: American Express was fined by the CFPB over this issue for discrimination based on age. Two banks were fined because one targeted the Asian population, and another bank discriminated against white males. In all of these instances, the lender had a broader market to offer access to credit, and chose to market to [...]

2017-12-27T12:28:44-05:00November 3rd, 2017|