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Featured Articles

Credit Reports: RMCR versus Tri-Merge

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Question: Upon reviewing and updating our Post-Closing Quality Control Plan, we noticed that it says we must obtain Residential Mortgage Credit Reports (RMCRs) when auditing our files. Is this correct or can we use Tri-Merge Credit Reports?

Yes, you may obtain Tri-merge Credit Reports instead of RMCRs as part of your Post-Closing Quality Control Program. The following are the requirements per HUD, Freddie Mac, Fannie Mae and VA.Click to continue

FHA’s Bailout on the Backs of Buyers Begins to Fail: The Administration Takes Action


In the June 2013 issue of National Mortgage Professional Magazine, I penned an article entitled “FHA Continues to Bail Itself Out on the Shoulders of New Borrowers.” In this piece, I discussed the fact that FHA’s decision at that time to raise mortgage insurance premiums (MIPs) was effectively forcing new FHA borrowers to bail FHA out from the poor loans of years past.Click to continue

Consumer Direct Title Insurance: A Wake Up Call for Title Agents?


A few columns ago, I discussed how the initial negative reaction to vendor management and independent vetting of title agents was short-sighted. That vetting established a form of new credential that agents could use to set themselves apart from the pack.

At that time, I commented about how the major underwriters seemed to be growing their direct-managed offices, perhaps to reduce their reliance on contract agents to increase revenue and reduce risk.Click to continue

What Does It Take to be a Successful Leader in the Mortgage Industry?

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“What makes a great leader in the mortgage industry?” This question came up during a dinner I shared recently with one of my industry peers.Click to continue

Homeownership Counseling and Cessation of the “Temporary Disclosure”

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Question: We are a lender that recently received a notice from one of our investors, advising that there is a “new” Homeownership Counseling requirement with respect to applications dated on or after Aug. 1, 2014, related to providing a complete list of HUD-approved housing counseling agencies to applicants. What new requirement is the investor referring to? What must we include in our disclosures to the applicant in order to be in compliance? Additionally, are we required to have the applicant sign an acknowledgement of receipt of the disclosure? Click to continue

VA Issues Interim Final Rule on Qualified Mortgages

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On May 9, 2014, the U.S. Department of Veterans Affairs (VA) issued its interim final rule on qualified mortgages (QMs) for VA-guaranteed loans. The Dodd-Frank Act required the VA, the U.S. Department of Housing & Urban Development (HUD), the U.S. Department of Agriculture (USDA) and the Rural Housing Service (RHS) to prescribe regulations for QMs that each will insure, guarantee or administer.Click to continue

NMP's Mortgage Professional of the Month: Eric Tishaw, CEO of HomeTown Lenders

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Eric Tishaw, CEO of HomeTown Lenders is National Mortgage Professional Magazine's Mortgage Professional of the Month. HomeTown Lenders is a 37-branch retail lending organization based in Huntsville, Ala. HomeTown Lenders’ growth, innovative marketing and commitment to improving the conditions of the communities in which their employees live and work, as well as the world at large, makes them worthy of this selection. I recently had the chance to speak with Eric and uncover the passion behind the organization.Click to continue

Regulators Target AMCs With Joint Proposed Rule

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A new regulation is slated to be implemented on appraisal management companies (AMCs) would be subject if, in a given year, it oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state, or 25 or more state-certified or state-licensed appraisers in two or more states.Click to continue

E-mail Advertising: CAN-SPAM Compliance


Question: I am aware of the “do not call" list, but is there a similar type of “do not email” list?  Also, what regulations do we need to be aware of if we choose to solicit business via e-mail?Click to continue