Mortgage

Fannie Mae Announces Changes to Speed, Simplify Underwriting

Fannie Mae today announced a series of changes aimed at making its automated underwriting more efficient and accurate and better enabling lenders to serve nontraditional borrowers. The changes are scheduled to take effect sometime in 2016. Among other things, Fannie will require lenders to use trended credit data, to be provided by Equifax and TransUnion, when underwriting single-family loans through ...

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ABA Seeks Additional Flood Insurance Guidance

ABA and members of its Flood Working Group last week submitted a list of questions and proposed answers to the Federal Reserve, OCC, and FDIC seeking clarity on a number of flood insurance related issues. The Q&A was submitted after regulators, in response to ABA’s request for additional guidance, indicated that they would consider questions from the group. The document ...

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ABA Requests IRS Resolution on Modified Mortgage Loan Interest

ABA in a letter Friday formally requested the opportunity to work with the IRS to resolve the issue of whether and how to report — on IRS Form 1098, Mortgage Interest Statement — any accrued but unpaid interest that is added to the principal of modified loans. The letter asks the IRS to engage on the issue through its Industry ...

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HUD Withdraws Proposal to Limit FHA Insurance Claim Period

Responding to concerns expressed by ABA and others, the Department of Housing and Urban Development today published a notice withdrawing a portion of its proposal limiting the window under which an FHA-approved lender would be able to file a mortgage insurance claim. Under the withdrawn portion of the proposal, lenders would have been required to file a claim within three ...

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CFPB Issues Final HMDA Expansion Rule

The Consumer Financial Protection Bureau today finalized a rule required by the Dodd-Frank Act that expands the data lenders are required to collect and report under the Home Mortgage Disclosure Act. The new required information includes the property value, loan term and the duration of any introductory interest rates, as well as underwriting and pricing details, such as an applicant’s ...

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ABA Launches New Online TRID Courses

As part of its Residential Mortgage Lender Certificate, ABA today launched two new online courses on preparing the required TILA-RESPA integrated disclosures. The new courses -- Preparing the Loan Estimate and Preparing the Closing Disclosure -- are part of the 18-course sequence toward the certificate.

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Mortgage Applications Plummet in Week After TRID

Applications for new mortgages plummeted 27.6 percent in the week of October 3-9, immediately after the new TILA-RESPA integrated disclosures took effect, according to weekly figures released by the Mortgage Bankers Association today.

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