Compliance

CFPB-TRID-RESPA FAQs Update – Loan Estimates

Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements. In this update the bureau addresses frequently asked questions on Loan Estimates. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules. They communicate these clarifications through the TRID-RESPA FAQs, which [...]

2019-08-09T13:33:31-05:00August 12th, 2019|

If a loan is approved by FHA’s total scorecard and the DE Underwriter, can the lock desk refuse a pricing exception due to credit score risk outside of FHA guidelines?

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 [...]

2019-07-23T10:42:04-05:00July 25th, 2019|

CFPB – TRID-RESPA FAQs Update – Construction Loans – Dated May 31, 2019 – Effective Immediately

Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements.  In this update the bureau addresses construction loans. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules.  They communicate these clarifications through the TRID-RESPA FAQs, which we have attached below [...]

2019-06-07T10:42:51-05:00June 10th, 2019|

VA now requires lenders to obtain a copy of a Veterans Certificate of Eligibility prior to ordering an appraisal.

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 [...]

2019-06-10T09:09:56-05:00June 10th, 2019|Compliance, Social Media Posts|

Did you know that wire fraud and phishing issues during a real estate transaction is the number one issue consumers face? I have a great consumer awareness fact sheet. Comment below and I’ll send it to you.

Related Article Title: Compliance – Best Practices to Prevent Phishing & Wire Fraud [NEW Mortgage Talking Points™ – Consumer Awareness Fact Sheet – Wire Fraud] Written By: Tammy Butler, Master CMB Wire Fraud is one of the biggest issues in our industry, and it is doubling each year.  Read our interview with an industry subject [...]

2019-03-10T12:18:08-05:00March 10th, 2019|Compliance, Social Media Posts|