Posts by Anna DeSimone

Dynamic program for engaging community outreach Each PowerPoint slide includes both English and Spanish content. Clear explanations and colorful infographics. Formatted for presenters to introduce interesting topics, offer further explanations, and answer questions. Topics include wealth-building, down payment assistance, sweat equity, renovation loans, types of mortgages, how to calculate the LTV, DTI, and much more.…

For decades, mortgage lenders have originated loans where borrowers paid additional points for the purpose of lowering their interest rate. This practice is known as a “permanent buydown.”  Typically, one point might reduce the rate about one-quarter percent for the life of the loan—depending on market rates and other factors. “Temporary buydowns,” also known as…

Starting January 1, 2025, expanded rules for appraisal waivers take effect on purchase transactions. New rules apply to both appraisal waivers and inspection-based waivers. The Updates to Enterprise Policies announcement was made on October 29, 2024 by the Federal Housing Finance Agency (FHFA) to allow more borrowers—particularly first-time and low-to-moderate income borrowers—benefit from cost savings…

Anna provides some practical tips on NTD News about the new real estate commission rules. New real estate commission rules NTD Good Morning, 8/16/24 The National Association of Realtors has issued new rules for all realtors nationwide who participate in the Multiple Listing Service (MLS) platform. Under this ruling: Realtors are prohibited from including commission…

Freddie Mac, in collaboration with Fannie Mae and HUD, is implementing requirements related to reconsideration of value (ROV) that promote consistency when a perceived appraisal issue and/or appraisal deficiency exists. These requirements also recognize the importance of the Borrower having the knowledge and opportunity to request an ROV. Requirements were announced on May 1, 2024,…

On March 7, 2024 the Federal Housing Finance Agency (FHFA) announced a pilot program for automated title acceptance. The limited duration program is eligible in certain geographies on refinance transactions with 80% or less LTV%.  The program enables borrowers to save anywhere from $300 to $1500 in closing costs. Lenders are required to warrant that…

February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending. The statement was issued to communicate principles for the examination of the appraisal and evaluation practices of supervised institutions. The Statement outlines risks from valuation discrimination and bias, which can…

Freddie Mac has updated its list of unacceptable appraisal practices to include the following: Provide “working class” and “inner city” as additional examples of terminology or veiled language that could indicate underlying bias; Identify that inclusion of references, statements or comparisons about crime rates or crime statistics, whether objective or subjective, in the appraisal analysis…

The CFPB and the Department of Justice have issued a joint statement regarding fair credit opportunities for immigrant borrowers. The statement was issued to assist creditors and borrowers in understanding the potential civil rights implications when considering an individual’s immigration status under the Equal Credit Opportunity Act (ECOA). The statement was issued as a reminder…

Order a peer analysis of lending activity in your marketplace. Every mortgage lender must have an action plan in place to monitor fair and inclusive lending. A peer analysis presents a clear picture of how your organization’s lending activity stacks up against similarly situated lenders who are actively lending in your area. Housing Research, LLC…