Commercial/Business Purpose Loans Under New HMDA Reporting

Now that the first quarter of HMDA reporting under the news rules is complete – one consistent question we receive is regarding whether a particular commercial/business purpose loan is HMDA reportable? Under Regulation C if a closed-end mortgage loan or an open-end line of credit is for Read More

HMDA Alert

Quality Control HMDA Requirements

Did you know that your HMDA data plays an important role when you are selling your loans to various agencies? Most agencies require the lender to submit various HMDA data points as part of the purchasing process. With the new HMDA regulation that just took effect in January 2018, this means that Read More

Pre-funding/Pre-closing Quality Control Review VA and USDA

VA A pre-funding / pre-closing quality control loan review must include 10% of all VA-guaranteed mortgages each month. As with other quality control policies, there must be procedures in place to notify senior management of any deficiencies found in the course of the review. Also, the quality Read More

Pre-funding/Pre-closing Quality Control Review – FHA

FHA requires that pre-funding (pre-closing) quality control loan reviews should occur each month and that the loans selected for review must have been approved by an FHA Direct Endorsement underwriter before the pre-funding (pre-closing) quality control loan review can take place. According to FHA, Read More