The FHA recently issued two mortgagee letters, which provide updated guidelines for the its home warranty and inspection requirements for single-family FHA loans.
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The FHA recently issued two mortgagee letters, which provide updated guidelines for the its home warranty and inspection requirements for single-family FHA loans.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, residential mortgage industry, Regulations, Credit Union
On December 28th, New York Governor Andrew Cuomo signed S. 9080 into law, which enacted a comprehensive AMC registration and oversight program for the state. New York is the 49th state to pass such legislation, which is scheduled to take effect 120 days after being signed by the governor – or April 27th.
Read MoreTopics: Lenders, AMCs, Compliance, Regulations, Dodd-Frank Act
Several Democrats in both the Senate and House of Representatives have introduced a new bill to bring back an old Dodd-Frank reporting requirement on loan quality criteria, which was repealed last year when Republicans controlled each chamber of Congress.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, residential mortgage industry, Regulations, Dodd-Frank Act, proposals, Credit Union
New Hampshire’s House of Representatives recently passed HB 270, which has been sent to the Senate for consideration. If officially passed into law, the new bill would create a judicial foreclosure process within the state.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, residential mortgage industry, Regulations, Credit Union
The Appraisal Standards Board (ASB) of The Appraisal Foundation recently announced that it has issued a 4th Exposure Draft for the 2020-2021 edition of the Uniform Standards of Professional Appraisal Practice (USPAP), which is open for public comments through April 1st.
Read MoreTopics: Lenders, Appraisers, AMCs, Compliance, Regulations, Appraisal Process Management, proposals, USPAP
The American Society of Appraisers (ASA) and 15 other organizations recently sent a letter to several federal agencies—including the Federal Reserve, FDIC, and OCC—requesting that a public meeting be held as part of the process to determine whether to increase the residential appraisal threshold from $250,000 to $400,000.
Read MoreTopics: Lenders, Appraisers, AMCs, Compliance, residential mortgage industry, Regulations
The CFPB recently announced that it has issued its final policy guidance regarding the Home Mortgage Disclosure Act (HMDA) data that was made available to the public on January 1, 2019.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, residential mortgage industry, Regulations, CFPB, Credit Union
The FHA recently announced that it has automated its second-appraisal process for reverse mortgage lenders, which are now required to provide a second appraisal for HECM loans whenever one is flagged by the administration’s system as having potential bias.
Read MoreTopics: Lenders, appraisal technology, Mortgage Companies, Compliance, Regulations, Appraisal Process Management, Credit Union
The FDIC, OCC, and Board of Governors of the Federal Reserve recently issued a proposal that would increase the threshold for residential real estate transactions that require an appraisal to $400,000. As it currently stands, certain residential mortgage originations don’t need a full appraisal if the loan amount is less than $250,000.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, residential mortgage industry, Regulations, Appraisal Process Management, proposals, Credit Union
The Credit Union National Association (CUNA) recently announced that it has selected Quantivate to provide a new technology platform that will act as a comprehensive compliance solution for credit unions.
Read MoreTopics: technology, Compliance, Regulations, Credit Union
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