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Quality & Compliance Alert (PDF)

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The mortgage market is in upheaval because of the subprime catastrophe. Congress, the Federal Reserve and its sister bank regulatory agencies, HUD and others are hard at work preparing new much more restrictive rules that mortgage brokers, lenders and servicers will have to fully understand and implement. The Quality & Compliance Alert gives you in-depth news and analysis of federal legislative proposals, new requirements under HOEPA, the Truth in Lending Act, the Fair Credit Reporting Act, ECOA and all other regulatory requirements that affect single-family mortgage lending. It also keeps close tabs on the FHA, VA, Fannie Mae and Freddie Mac quality control guidelines. It's the only publication that tells you in detail how to stay in compliance and avoid mistakes that can lead to disaster. The Quality & Compliance Alert is available in a downloadable PDF version.

This is a time of unprecedented change in the rules that lenders and other mortgage market participants must follow. Even in less severe circumstances, no mortgage lender or broker can afford to ignore the constant flow of revisions to QC and regulatory requirements because innocent mistakes can lead to unnecessary problems such as a Fannie Mae or Freddie Mac loan repurchase, a government enforcement action, a borrower lawsuit or damage to reputation. Now the mortgage industry is faced with the most serious crisis of our era and now more than ever it is essential to stay current with the many changes that are coming to federal laws, rules and regulations that govern mortgage lending.

This monthly newsletter is a "must-read" for any mortgage professional who needs up-to-date, in-depth analysis of mortgage compliance and loan quality issues. It covers all single family mortgage compliance issues including:
  • consumer financial privacy,
  • predatory lending,
  • mortgage servicing,
  • Real Estate Settlement Procedures Act,
  • Truth in Lending Act,
  • Fair Credit Reporting Act and FACT Act,
  • Fair Debt Collection Practices Act,
  • PMI cancellation under the Homeowners Protection Act,
  • Equal Credit Opportunity Act,
  • Fair Housing Act,
  • Community Reinvestment Act,
  • Home Mortgage Disclosure Act and
  • Flood Disaster Protection Act.
It also covers all single-family mortgage loan origination and servicing quality control issues under the Fannie and Freddie Mac guidelines, including Desktop Underwriter and Loan Prospector, and under the FHA and VA mortgage guidelines.

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