Rules – August 10, 2019

CFPB-TRID-RESPA FAQs Update – Loan Estimates

Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements. In this update the bureau addresses frequently asked questions on Loan Estimates. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules. They communicate these clarifications through the TRID-RESPA FAQs, which [...]

2019-08-09T13:33:31-05:00August 12th, 2019|

VA Circular 26-19-22 Clarification and Updates to Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRLs) – Dated August 8, 2019 -Updated VA Refinance Comparison Chart

Written by: Tracey Rumsey, Staff Writer VA issued a major update for IRRRL. Any production staff involved in the VA loan process needs to become aware of these important changes. Rule Synopsis: This Circular supersedes Circulars 26-18-1 (and Change 1) and 26-18-13. This Circular and the VA Handbook are now the guideline authority to follow [...]

2019-08-09T13:33:06-05:00August 12th, 2019|

FHA Mortgagee Letter 2019-10, Suspension of the Effective Date of Mortgagee Letter 2019-06, Down payment Assistance and Operating in a Governmental Capacity, July 23, 2019

Written by: Tracey Rumsey, Staff Writer FHA is attempting to change their guidelines on down payment assistance. Read this article to find out where FHA presently stands on the subject. Rule Synopsis: The effective date of Mortgagee Letter 2019-06 (case numbers assigned on or after April 18, 2019) is suspended until further notice. Mortgagees must [...]

2019-08-12T09:51:47-05:00August 12th, 2019|

Freddie Mac – Fraud Alert – Phantom Employers

Written by: Lloyd Rutherford, Staff Writer When the bad apples commit fraud, it causes the rest of us to suffer with more rules, additional scrutiny, and borrowers who tell us we ask for too much information. Read this article about the latest fraud issue uncovered by Freddie Mac. Rule Synopsis: Freddie Mac issues their second [...]

2019-08-09T13:32:22-05:00August 12th, 2019|