Effective January 1, 2010, HUD is requiring loan originators provide borrowers with a Standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a revised HUD-1 Settlement Statement. There are three main areas of regulation and updates that mortgage brokers have to pay attention to right now in order to be prepared for 2010: GFE/RESPA – Triggers, Settlement Changes, FHA cap on origination fees… FHA Appraisal Ordering Policy – Review of Process, Expected Impact FHA Mini-Eagle/Broker Approval – Net Worth Requirements, Audits The purpose of this particular NAMB / HUD webinar was to give mortgage brokers a high level overview of the general changes that they need to be aware of. While an hour is obviously not nearly enough time to address anything in great detail, our objective is mainly to stimulate conversations and questions that NAMB officials can use in their fight for the rights of mortgage brokers.
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NAMB / HUD Webinar Replay:
- Live NAMB Webinar Focusing on YSP – Tuesday @ 3pm EST, Noon PST
NAMB announced a major victory in the fight against HVCC yesterday (see the 10/23 TBWS Daily Show for details). Earlier this week, they published an informative YSP Resource Center on the NAMB site. I’m extremely proud of the strides NAMB is making not only on Captiol Hill, but also with mortgage professionals if the field... - Random Thoughts About Fannies New LQI
I do not have good news for you…Fannie’s Loan Quality Initiative (effective july 1, 2010) is gonna happen… Brokers, Correspondents, and Everyone else – expect your QC on the post-closing side to tighten-up. The big news here really is the pre-funding QC – I have to shake my head as I try to think about how.. - Some States Still Scrambling to Pass New Mortgage-Broker Laws
Coming up on two years after the federal SAFE Mortgage Licensing Act was passed, many states are still in the process of implementing new laws that more tightly regulate mortgage brokers. To comply with SAFE, states must craft new laws that require licensing, testing, and ongoing broker education. .. - Emergency State of the Union with NAMB Prez Jim Pair – Oct 1st at 12noon EST, 9am PST
Jim Pair I try very hard to read all the blogs, watch the TBWS Daily Show , follow NAMB’s regulatory updates, etc. Still, I have to admit that I’m more confused by what’s coming down the pike than ever. How bout you? YSP is going away come January 2010 – or isn’t it? FHA lending will become more.. - Heads Up Licensed LO’s – You’ll Need NMLS Credit Authorization starting 11-1-10
Well, you knew it was going to happen. The NMLS has announced that beginning on November 1st, 2010, all licensed loan officers (not registered) must authorize them to pull a credit report on YOU—regardless of what your state’s requirements—and even if your credit was previously reviewed. ..