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Compliance

Prefunding Quality Control Audits

Mortgage Applications

Question: Our company recently commenced requiring prefunding quality control (QC) audits which requires substantial manpower. I have heard conflicting views on whether prefunding quality control audits are required by Fannie Mae and/or HUD. Can you clarify the prefunding requirement for me?Click to continue

HUD Requests $46 Billion-Plus Budget for 2015

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U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan has unveiled HUD’s fiscal year 2015 budget proposal. This year The President’s Budget provides a roadmap for accelerating economic growth, expanding opportunity for all Americans, and ensuring fiscal responsibility.Click to continue

StreetLinks' Appraisal Protection Program Continues Rapid Growth

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Appraisal management company (AMC) StreetLinks Lender Solutions has announced that their AppraiserPlus program continues to experience unprecedented growth and will set the bar for AMC compliance standards as the lending industry settles into 2014’s new regulatory requirements.Click to continue

Trade Groups Praise House Passage of Flood Insurance Measure

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The industry has overwhelmingly commended the U.S. House of Representatives for passing flood insurance legislation that will benefit home buyers and home owners and provide a boost to home building and remodeling, while providing certainty and financial stability to the National Flood Insurance Program (NFIP).Click to continue

HUD to Inject $120 Million into Funding for Housing for the Disabled

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To help prevent thousands of people with disabilities from experiencing homelessness or unnecessary institutionalization, the U.S. Department of Housing & Urban Development (HUD) has announced the availability of approximately $120 million in funding for state housing agencies to provide long term project-based rental assistance to extremely low-income persons with disabilities, many of whom are transitioning out of institutional settings or are at high risk of homelessness.   Click to continue

California AG Nabs Seven in Loan Mod Scheme

Cherry Red Gavel/Credit: Comstock

California Attorney General Kamala D. Harris has announced the arrest of seven suspects who have been charged in a mortgage fraud scheme that defrauded more than 1,550 Inland Valley homeowners seeking loan modification services during California’s foreclosure crisis. The felony complaint alleges that Nehad “Nick” Ayyoub Ayyoub of San Bernardino and president of The Firm Loans, Insurance and Investments Inc.Click to continue

Rep. Duffy Leads Bipartisan House Push for CFPB Oversight

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Rep. Sean Duffy (R-WI) recently argued before the U.S. House of Representatives regarding the “dangerous” nature of the Consumer Financial Protection Bureau (CFPB). Duffy gave an impassioned speech, outlining some of the much-needed reforms to the CFPB, including replacing the Bureau's Director Richard Cordray with a board responsible solely to the American people. Duffy's sponsored HR 3193, The Consumer Financial Freedom and Washington Accountability Act, was passed the House by a strong bipartisan vote of 232-182.Click to continue

Outlook Modest for Multifamily Growth in 2014

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Freddie Mac has released its multifamily housing economic outlook for 2014 showing that multifamily growth will be favorable, but will also moderate and become more in line with long-run historical levels. Multifamily rent growth and vacancy in 2014 will be consistent with long-run average performance at the national level, but will slow a bit from 2013.Click to continue

E-mailing an Appraisal

Laptop Pic/Credit: Thomas Northcut

Question: May I deliver an appraisal and other valuations to the applicant(s) via e-mail, thereby reducing the waiting period required prior to closing? 

Answer: In order to provide an answer to this question, many issues need to be discussed. 

By now, everyone in the mortgage industry should be aware of the new ECOA Valuations Rule which applies to all applications received on or after Jan. 18, 2014. Click to continue

FHFA Reaches $122 Million Accord With Société Générale Over MBS

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The Federal Housing Finance Agency (FHFA) announced it has reached a settlement with Société Générale, related companies and specifically named individuals for $122 million. The settlement resolves claims in the lawsuit FHFA v. Société Générale, et al alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (MBS) purchased by Fannie Mae and Freddie Mac during 2006.Click to continue