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Compliance

Feds Seeking Input on Proposed Flood Insurance Rule

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Five federal regulatory agencies have announced the approval of a joint notice of proposed rule-making to amend regulations pertaining to loans secured by property located in special flood hazard areas.Click to continue

Borrower Identification Under the Patriot Act

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Question: The company that generates my loan documents includes a form which requires the closing agent to obtain two forms of ID from the borrower. Does the Patriot Act require us to obtain and verify a borrower’s identity at closing with at least two forms of identification?Click to continue

Rep. Cummings and Sen. Warren Call on GAO to Probe Non-Bank Servicers

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Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Sen. Elizabeth Warren, member of the Senate Committee on Banking, Housing and Urban Affairs, called on the Government Accountability Office (GAO) to investigate threats to consumers arising from the growth in non-bank mortgage servicing.Click to continue

People’s Home Equity Partners Up With Comergence

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Comergence, a provider of third-party risk-management platforms for the mortgage industry, has announced that it is now providing its originator screening and due diligenClick to continue

Ginnie Mae Announces Changes in Issuer Requirements

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Ginnie Mae has announced several new Issuer requirement changes, as well as a new Issuer scorecard as part of a larger strategic effort to appropriately manage risk and resources within an evolving housing finance market.Click to continue

Defining a Settlement Service Provider

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Question: We continually hear about the importance of the “Settlement Service Provider” in originating residential mortgage loans. But it seems sometimes that almost everybody involved in a loan transaction is such a company. Is there a list that we can go by to determine who is and who is not a Settlement Service Provider?Click to continue