Quality Mortgage Services has been performing repurchase defense and rebuttals or responses to indemnification letters before the mortgage periodicals were writing about them in the papers and magazines. Now there are hundreds of post closing quality control companies and consultant who magically appeared who claim to be experts in repurchase defense and loan buy back audits and rebuttals. Think about it… do you want a [more...]
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Thanks to the Dodd-Frank Wall Street Reform Act, the federal government is making it virtually impossible to be a mortgage broker. By extending the application of the Truth in Lending Act to include mortgage brokers (formerly limited to “creditors”) and clearly defining, and otherwise limiting, how brokers can be compensated (YSP is dead), the act is forcing brokers to rethink the way that they do business. [more...] I agree the Automated Underwriting Systems (AUS) were misused as a “quick an easy”. As a post closing quality control expert, we constantly made attempts warning lender of the data model manipulation to get deals done. Now with new quality control initiative like Fannie Mae’s Lenders Quality Initiative (LQI) we are seeing more diligence and prefunding measures taken to prevent data model manipulation and back to [more...] I think that we can agree that the Home Valuation Code of Conduct (HVCC) is here to stay. The most recent change I see impacting the appraisal world are the states writing legislation in regard to appraisals management. It is funny to see the different approach each state is taking. It is very obvious that the legislation is written by appraisers because the states are [more...] All post closing quality control companies have seen the Non-Supervised Loan Correspondent (FHA Broker) perform virtually zero post closing quality control audit as required by the HUD Handbook 4060.1 since the publication of the HUD Mortgagee Letter 2010-20, June 11, 2010. The reason the FHA Broker not having their post closing FHA audits performed is because the broker community was hoping the Annual Financial Audit included the [more...] |
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