New HUD Settlement Cost Booklet – Shopping For Your Home Loan (Effective Jan 1, 2010) — January 2010 This booklet protects you, the loan originator and mortgage company manager! Pretty much everything clients need to know is covered—however there are some glaring omissions. Some “experts” say that the booklet is required to be given ONLY to someone who is purchasing a home. We disagree. In the Mortgage Disclosure Improvement Act, it specifically lists the transactions that require disclosures and we believe that they renamed the booklet “Shopping for Your Home Loan…” for a reason!
	Federal Reserve Issues FAQ for Short-Term Balloon Loans and Reg Z HPML Repayment Ability Requirements (Effective Oct 1, 2009) — December 2009 I realize this may not be a hot product at this point in time, but 5 yr Balloon loans have been popular in the past and likely will be again. This interpretation really complicates things for your standard LTV loans – 75-90% LTVs. Keep this info in the back of your head – it will come up in the future. (CA 09-12)
	Who Regulates What Rules? [Includes Handy Chart Rules, Regulations & Who Enforces Them! ] — December 2009 Want to know who regulates what rule? And, why would you care? The volume of interrelated regulatory laws and governmental agencies makes mortgage banking one of the most highly regulated industries in history. Download Chart Rules, Regulations & Who Enforces Them!
	HUD RESPA FAQs - Confusion about "Changed Circumstances" and When to Issue a New Good Faith Estimate — October 2009 Brass Tax – HUD wants you to be clear about costs and does not want you changing costs without documented reasons that HUD considers allowable. But, just ask any head of operations – they have been sitting in webinars with attorneys to learn about the implementation of all the changes coming in January, and coming out the other side thoroughly confused with no real consensus being reached. (24 CFR Parts 203 and 3500 [Docket No. FR–5180–F–03] RIN 2502–AI61 Real Estate Settlement Procedures Act (RESPA): Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs)
	ESIGN Act as it Pertains to the Mortgage Disclosure Improvement Act - (Includes Email Permission Form.) — August 2009 Lots of references in MDIA to the ESIGN Act. Basically it says that you must insure that the consumer has Internet Access AND that you also must confirm that your clients have the proper software to open the document you are going to send to them. For brokers who must rely on their lenders to send out the disclosures, we suggest that you fax the Email Permission Form and ask (the lender) that the disclosures be emailed to your clients. Supporting Resources: Email Permission Form ESIGN Act (pages 1-12)
	Working Thru the MDIA Maze - [Includes Two Versions of a Mortgage Talking PointsTM Flyer, (Formal Version - Why Indecision Equals Delays) and (Informal Version - Get Your Poop in a Group)] — August 2009 We are cross-eyed by reading and re-reading the MDIA Act outlined in the Federal Register about a gazillion times! Yes, there is one thing we are updating that WE GOT WRONG, but we have also read memos from some of the major lenders--and we believe that they MISINTERPRETED some of the rules to make them more restrictive than they really are. ESIGN Act is part of this, if you deliver your documents by email you’ll need to know those rules too. Supporting Resources: Federal Register MDIA Mortgage Disclosure Improvement Act Disclosure Flow Chart Mortgage Talking PointsTM - Formal Version: Why Indecision Equals Delays - What You Need Mortgage Talking PointsTM - Informal Version: Get Your Poop in a Group - What You Need to
	Mortgage Disclosure Improvement Act – What You Need to Know! (Includes MDIA Flow Chart and Example Delivery/Mailing Date Chart Example) (Effective July 30, 2009) — July 2009 Your world is being turned upside down with this one—especially if you are a broker! MDIA was created for 3 reasons – uniformity, disclosure, and comparison shopping! Major changes in GFE and HUD 1 and HUD 1A. Oh, more waiting periods kick in. MDIA should be renamed to “How Long Can We Delay the Closing Act”! (Includes MDIA Flow Chart and Example Delivery/Mailing Date Chart Example) (Federal Register Vol. 74, No 95, May 19, 2009) Supporting Resources: HUD FAQ About RESPA Federal Register Vol. 74 No. 95 - RegZ Disclosures Good Faith Estimate HUD 1A Optional Without Sellers HUD 1 HUD 1A Mortgage Disclosure Improvement Act Disclosure Flow Chart
	Reg Z, New “High-Priced” category, HOEPA / Section 32 Expanded – This WILL affect YOUR loans! (Part 2) (Includes Reg Z High Priced Mortgage Determination Checklist) (Effective 10-1-2009) — July 2009 The Feds are really going to town with a bunch of Reg Z, TILA revisions in an effort to reign in those nasty, unscrupulous lenders. (You know, the ones who are no longer in the business.) There is a new category called “high-priced” mortgages that can affect both conforming and government loans. Your pipeline is at stake. (Includes Reg Z High Priced Mortgage Determination Checklist) (Regulation Z; Docket No R-1305, 12 CFR, Part 226 Federal Register Notice Vol. 73, No. 147 / Wednesday, July 30, 2008 Truth in Lending; Final Rule) ) Supporting Resources: Federal Register, 10-24-08, Methodology for Determining Average Prime Offer Rates Regulation Z - TILA Amended
	New Truth in Lending (RegZ) Laws - What's Old. What's New. What's Prohibited (Part 1). (Includes 2 Downloads - 1) LO Reference Chart 2) Mortgage Talking PointsTM flyer, Advertising Rules (Reg Z) for Real Estate Agents & Builders) (Effective 10-1-2009) — June 2009 Updated TIL rules apply to all forms of advertising, including e-mail blasts; flyers that you pass out to apartment buildings; newsletters to your customers; direct mail; etc. If you are working with a builder, real estate agent, who advertises any loan information (e.g., 100% financing)--it’s a great reason to connect and/or set up some joint advertising! Includes Reference Chart and Mortgage Talking PointsTM flyer entitled “Advertising Rules (Reg Z) for Real Estate Agents & Builders”. (Regulation Z; Docket No R-1305, 12 CFR, Part 226 Federal Register Notice Vol. 73, No. 147 / Wednesday, July 30, 2008 Truth in Lending - Final Rule) Supporting Resources: Federal Register Rule - RegZ Advertising Rules RegZ Advertising Rules - All Dwelling Related Loans Reference Chart Mortgage Talking PointsTM - Advertising Rules (RegZ) for Real Estate Agents & Builders
	S.A.F.E. Act - What You Need to Know About the National Licensing Laws (Effective August 1, 2009) — April 2009 Are you prepared to be fingerprinted and submit your FBI background check? The National Licensing Law for Loan Originators is just around the corner! It applies to loan officers who are brokers, bankers and yes, even LO’s who work for a bank or credit union!
	Tax Transcript 4506-T Warning - The Logistical Nightmare for Self-Employed Borrowers — March 2009 Are you having trouble getting tax transcripts for your self-employed clients? Some are taking 6-8 weeks! Know your investor policies on tax transcripts. No one wants to come back to a borrower after the fact with bad news or be forced into taking a huge loss on a lock expiration.
	New Transfer of Servicing Disclosure Statement, January 16, 2009. (Download Sample Disclosure) — January 2009 The new Transfer of Servicing Disclosure is soooo much easier to understand and explain. Download and print the sample disclosure.
	Commenting on All the Mis-Information about Truth and Lending Changes — September 2008 Honest, there is no immediate impact, and I wasn’t going to even write about it yet. But it turns out that there are so many rumors and scare stories circulating about complicated disclosure changes, and being out of compliance – I just had to respond. There’s so much misinformation! (If you want to hear more about the “mis-information” that’s spreading, go to my new blog, www.MortgageTalkingPoints.com.) (HR3221, Housing and Economic Recovery Act; Section 2502, Enhanced Mortgage Loan Disclosures)