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1-14-2010 -
Correspondents are reporting that HUD is still accepting broker
(mini-eagle) applications.
11-30-09 - HUD
officially has eliminated the correspondent (broker) approval process.
Current correspondents will not be renewed. This administrative
ruling takes effect in 30 days under expedited rulemaking authority.
Going forward, wholesale lenders will be responsible for assuring that
brokers comply with FHA requirements and the requirements of the SAFE
Act.
11-10-09 -
2 More lenders fined or sanctioned after failing to maintain
a quality control plan
9-18-09 - HUD Eliminates
Broker (Correspondent) Approval and Increases Lender Net Worth
Requirement - FHA announced on
www.hud.gov that it would no longer approve mortgage brokers
(correspondents). Approved lenders will now approve brokers, just
like FNMA/FHLMC. In addition, HUD increased the minimum net
worth requirement to $1,000,000. These changes are being
implemented in the rulemaking process and should take effect in 90-180
days pending comment.
4-15-09 - FHA/HUD SWAT
Teams - It is not an urban myth. FHA examiners are
appearing, unannounced, at the offices of HUD approved mortgage brokers
and lenders demanding access to files. We have seen this in
Houston, Dallas, Denver, Los Angeles, Atlanta, Baltimore and Tampa.
The first thing requested - "please show us your
quality control plan."
2-24-2009 - It
is becoming clear that the Mortgage Broker business of the past is over.
1) HVCC (Home Valuation Code of Conduct)
eliminates the broker's
role in directing the selection or ordering of the appraisal - brokers
can no longer compete on the basis that there is better chance of
obtaining the value. 2.) PMI no longer accepting broker ordered
PMI and instituting higher credit standards and premiums for Third Party
Originated applications 3.) RESPA Reform eliminates fee packing
with the new Good Faith Estimate process requiring that the broker state
the specific dollar amount of compensation received from all sources and
not allowing that number to change after application. The
solution? Become a lender.
1-21-2009 -
Information Security -
FTC Files Complaint
against Nevada Mortgage Broker
12-31-2008 - FHA
Relevant Again - insures over 25% of all mortgages made in the US in
2008. In 2009, with streamline refinance programs that don't
require an appraisal, the ability to cash out at 95% LTV, no saved down
payment, liberal income, asset and credit qualifying standards, FHA
insured residential mortgages have become the leading affordable lending
program.
September, 2006
- New Mortgagee Approval Guidelines - FHA
revised its quality control guidelines to include all aspects of
mortgagee operations. Previously, the fraud detection, random
audit selection and review process were the only components reviewed.
FHA is suspending applications and
renewals to require that the mortgagee incorporate these factors: For supervised lenders and sponsored brokers
evidence of controls in the origination, processing, underwriting, funding and human resources
management components must be included in the quality
control submission. Required disclosures, checking disbarred
mortgagees, affirming date of last transfer, and mortgagee licenses are
prominently posted, Be aware that branches will be inspected in a
physical audit. Particularly attention is paid to the hiring of
1099 contractors as employees.
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