For those of you still struggling with the new Good Faith Estimate, a number of our mortgage compliance auditors here at Quality Mortgage Services took a little break from mortgage auditing a few days ago to participate in Mortgage Banking Association Regulatory Compliance Conference in Washington DC and we want to share with you some information so that you can better understand what the hot buttons [more...]
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ADDP or “Add-Pee” is the new pre-funding quality control (QC) “buzz” process for appraisals that will reduce loan defects and repurchases related to collateral. ADDP will revolutionize pre-funding QC as the 4506-T and tax transcripts revolutionized pre-funding QC in regards to income, employment history, identity, residency history and Social Security Number re-verification. ADDP is an acronym for Appraisal Defect Detection & Prevention (ADDP). ADDP is [more...] GSE updates in the last few days that may be of interest to mortgage lenders, Fannie has started working with the Federal Housing Finance Agency to develop appraiser independence requirements that will eventually replace HVCC. Until the revisions to be released, state that the current HVCC requirements in the guide are still in force. Under the updated changes and requirements that are coming out, many will [more...] Yesterday, I spent the entire day with Fannie Mae’s QC Team who is launching the Lender Quality Initiative (LQI). The QC Team consists of QC Specialists who are out in the field monitoring the approximately 900 Sellers/Servicers. First of all, I want to thank Fannie Mae for showing great leadership in pulling the top Quality Control Vendors in the country to work in a round table [more...] There is a recenet bulletin from Freddie Mac regarding its commitment to reduce mortgage fraud in the mortgage industry. The information is an update to their selling and servicing requirements and is an enhancement to their mortgage fraud prevention, detection and reporting requirements. Rather than paraphrase the bulletin, here is the link to it: http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1022.pdf One thing an investor will never let any originator off the mortgage [more...] One of the things I have been meaning to do with this blog is to provide you, my readers and clients with updates from some of the wholesale lenders you might deal with. The mortgage industry, it seems, is changing almost daily. You almost need a full time employee to keep up with changes as some of the changes are different, depending on whether or not [more...] On the horizon from the White House early next year is a plan being formulated by the Obama administration which, depending on what side of the Congressional aisle you sit on, may or may not be of benefit to the mortgage industry as a whole. The proposal, as it is currently being talked about, could make it more difficult for people to buy a home by [more...] There has been a lot of quiet talk among senior level management in the past 9 to 18 months about a “problem,” or “situation” that, while it exists and is spreading like a new strain of the flu, nobody really wants to admit to having the problem or really come out and admit it exists. Something you don’t want to admit to because it has [more...] |
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