Skip to main content

Tennessee's SB 4160 to become effective Jan. 1

National Mortgage Professional
Dec 30, 2008

FNC survey: Most U.S. lenders ready to comply with HVCCMortgagePress.comFNC, Home Valuation Code of Conduct, HVCC, appraisals, GSEs At just one month out, U.S. mortgage lenders are confident that their systems will be ready to support compliance with the Home Valuation Code of Conduct by the imposed May 1 deadline, yet few say they have actually completed system upgrades designed to ensure compliance. These conclusions result from a survey distributed last week to more than 1,000 key contacts of mortgage technology company FNC, whose clients include the nation's major mortgage lenders, as well as regional and community banks. On May 1, the Home Valuation Code of Conduct is scheduled to take effect, mandating that all new loan originations sold to Fannie Mae and Freddie Mac comply with strict rules established to mitigate the risk assumed by these two government-sponsored enterprises (GSEs). FNC has repeatedly urged its clients and other lenders to immediately update their internal systems and processes for any loans they plan to sell to the GSEs. According to the survey, almost 80 percent of respondents felt confident that their systems would be ready to comply, but with the deadline a month away, only 14 percent had completed the necessary upgrades. "Some lenders may not be fully aware that their systems and processes will require significant changes to avoid penalties associated with selling their new originations to the GSEs after May 1," said Jon Fisher, FNC's designated HVCC implementation expert. "Even those that think they are in compliance need to make sure by contacting us or their internal compliance groups immediately." When asked what systems they would use-their own or a third-party solution-the response was mixed: About 21 percent said they would use their own internal proprietary processes; 18 percent would use a vendor management company (VMC) to ensure compliance on their behalf; 15 percent would choose a full-purpose software vendor, such as FNC; and 12 percent indicated they would choose multiple VMCs. Of those who had already secured a compliance solution prior to completing the survey, most said they chose either their own proprietary system or a full-purpose software vendor; 13 percent selected multiple VMCs; and 6.7 percent chose a single VMC. "FNC pioneered real estate collateral information technology," Triplette said. "Since 1999, FNC has offered solutions that automate appraisal ordering, tracking, documentation and review for lender compliance with OCC, OTS, Federal Reserve, FDIC, and other regulations, including appraiser independence and GSE guidelines. As a result, FNC's lender clients-the nation's major lenders-have realized reduced costs and more efficient loan processing." For more information, visit www.fncinc.com.
Published
Dec 30, 2008
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021