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Average Prime Offer Rate (APOR)

Banker to Broker (Part II)

Bank Exterior/Credit: John Foxx

Last month (see page 60 of the December 2013 issue of National Mortgage Professional Magazine), I discussed the topic of an originator going from a “Banker” to a “Broker” in 2014. I know, many are shocked by this title and topic, but I have been absolutely shocked that this topic has not discussed more over the last several years. I truly believe it has something to do with the motive and intention behind the author and invalid fear about wholesale lending overall in our industry.Click to continue

HUD Unveils Definition of QM

HUD Logo

The U.S. Department of Housing and Urban Development (HUD) released its final rule which defines a ‘Qualified Mortgage (QM)’ that is insured, guaranteed or administered by HUD. The final rule will be effective on January 10, 2014 and will apply to mortgages with a case number assignment on or after that date. Read HUD’s final rule.Click to continue

HUD Proposes Rules to Define QM


The U.S. Department of Housing & Urban Development (HUD) proposed a rule to define a Qualified Mortgage (QM) that would be insured, guaranteed or administered by HUD, including single-family forward mortgages insured by the Federal Housing Administration (FHA).Click to continue

Fighting predatory lending with automation

Identity Theft

We have entered a new era of predatory lending regulation and compliance for lenders. Since the beginning of 2009, lawmakers have proposed and passed several regulations that attempt to prevent the rash of risky, and in some cases, predatory, loans that have rocked the mortgage industry over the past few years.Click to continue

Regulatory compliance outlook: RESPA, TILA, and HMDA for the new year

Congressional Bill Pic

The year 2010 brings many regulatory compliance changes that will require careful planning, timely implementation and ongoing training to all individuals involved in the loan flow process. Although some effective dates have already occurred, the actual implementation of these requirements has placed greater burden on lenders to be sure of functionality, and especially training. Proper risk management is best combined with appropriate instructional reviews.Click to continue

Regulatory Compliance Outlook: New HMDA reporting requirements

Congressional Bill Pic

Effective Oct. 1, 2009, Regulation C, the implementing regulation of the Home Mortgage Disclosure Act (HMDA), imposes new data collection requirements, comparison rates and thresholds for reportable rate spreads.1 Transition rules were developed to provide lenders with guidance for reporting rate spread data for changes effective Oct. 1, 2009. To help data users identify loans closed in 2009 and reported using the new rule, the Board will add a notation to each such loan in the publicly available data reported for 2009.Click to continue