Merry Christmas and a Happy New Year from the Loan Officer School!
2024 Index Issue Volume 4 Issues 1-26
This issue contains hyperlinks and brief content descriptions for 2024 Volume 4, Issues 1-26. Search keywords to locate content of interest, e.g., TRID, marketing, sales, or underwriting. From there, click the hyperlink containing the article with the desired content.
If your computer skills are not what they could be, generally, the keyword search functions are as follows:
- CTRL+F on a Windows desktop (PC)
- ⌘ Command+F on a Mac
When you arrive at the selected issue, just go to the article associated with the keyword. Most LOSJ issues have three articles:
– Why Haven’t Loan Officers Been Told These Facts?
– Behind the Scenes
– Tip of the Week
2024 LOSJ Article Index Volume 4 Issues 1 – 26
V4 I1 https://www.loanofficerschool.com/los-journal-volume-4-issue-1/
Why Haven’t Loan Officers Been Told These Facts? How Federal Agencies Set Maximum Loan Amounts. Keyword: FHFA, FNMA, FHLMC, Conventional, Loan Limits, Annual
BEHIND THE SCENES – VA Proposes Rules to amend Minimum Property Requirements (MPRs) to align with FNMA/FHLMC. Keyword: VA, Appraisal, MPR, Rules
Tip of the Week – Focus on Jelling, Not Selling. Keyword: Interpersonal skills, soft skills, communication, leadership
V4 I2 https://www.loanofficerschool.com/los-journal-volume-4-issue-2/
Why Haven’t Loan Officers Been Told These Facts? FNMA Community Seconds® – Better Than Sliced Bread. Keyword: Duty to serve, LLPA, Pricing, Seconds, 2nds, Simultaneous closing, piggyback, LMI, First time buyer, employee, DPA, down payment assistance
BEHIND THE SCENES – FNMA Report Underscores Mortgage Industry Focus on Larger Loans to the Detriment of Low-Moderate Income Households. Keyword: LMI, disparate impact, discrimination, Fair Lending, ECOA, FHA, Spec Payup
Tip of the Week – Loan Presentations Require Contrast. Keyword: Interpersonal skills, soft skills, communication, leadership
V4 I3 https://www.loanofficerschool.com/los-journal-volume-4-issue-3/
Why Haven’t Loan Officers Been Told These Facts? FNMA, In Case You Missed It 2023 List (November). Keyword: Policy, FNMA
BEHIND THE SCENES – CFPB Report Details Abuse of Trust by U.S. Colleges Unwary Students May Be Getting Fleeced by College-Endorsed Financial Providers. Keyword: College, sponsor, financial services
Tip of the Week – Why Reinvent the Wheel? See the LOSJ Link, Goal Setting. Are you Living Like Alice in Wonderland? Resolve to Power-Up Your Goals. Keyword: Goal setting, leadership, motivation, strategy, strategic thinking, tactics
V4 I4 https://www.loanofficerschool.com/los-journal-volume-4-issue-4/
Why Haven’t Loan Officers Been Told These Facts? Technology Innovations Continue to Emerge. The New FNMA Income Calculator Tool Affords Lenders A New Risk Management and Efficiency Tool for Underwriting Self-Employed Borrowers. Keyword: Technology, underwriting, self-employed, fintech, calculator
BEHIND THE SCENES – CFPB and DOJ File Novel Discrimination Complaint Against Lender. Complaint Alleges Exploitation of Consumer’s Limited English Proficiency. Keyword: Limited English Proficiency, LEP, ECOA, Fair Housing Act, FHA, Texas, real estate, translation
Tip of the Week – More Reasons To Accelerate Loan Processing Automation. From the United States Attorney’s Office for the Southern District of Texas. Keyword: Enforcement, fraud, homebuilder
V4 I5 https://www.loanofficerschool.com/los-journal-volume-4-issue-5/
Why Haven’t Loan Officers Been Told These Facts? HPA and Non-HPA PMI Cancellation: Don’t Conflate or Confuse the Two. Keyword: PMI, HPA, protection, act, 80%, 75%, 78%, original value, seasoning
BEHIND THE SCENES – A Federal Reserve Bank Of St. Louis Report Underscores the Persistent Challenge of Wealth Inequalities. Keyword: Wealth, racial, race, families
Tip of the Week – Don’t Let Post-Consummation Closing Disclosure Corrections Spoil A Job Well Done. Keyword: Closing disclosure, CD, error, publish, TILA, Regulation Z, TRID, risk
V4 I6 https://www.loanofficerschool.com/los-journal-volume-4-issue-6/
Why Haven’t Loan Officers Been Told These Facts? What is a Qualified Mortgage? Keyword: QM, qualified mortgage, subprime, compliance, ATR, reasonable, APOR, APR
BEHIND THE SCENES – In Case You Missed It, HUD August 9, 2023 4000.1 Revisions Now In Effect. Keyword: Policy, 4000.1, foreign income
Tip of the Week – Beastly Rates. Keyword: Refinancing, rates, 15-year
V4 I7 https://www.loanofficerschool.com/los-journal-volume-4-issue-7/
Why Haven’t Loan Officers Been Told These Facts? In Case You Missed It, CRA’s Permanently Extend Free Weekly Credit Reports. Keyword: FCRA, Fair Credit Reporting Act, Annual, disclosure
BEHIND THE SCENES – FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches. Keyword: Customer information, security, cyber, identity theft, mortgage brokers, notification
Tip of the Week – Diffusing Arguments. Keyword: Leadership, interpersonal skills, soft, communications, influence
V4 I8 https://www.loanofficerschool.com/los-journal-volume-4-issue-8/
Why Haven’t Loan Officers Been Told These Facts? FNMA Announces Special $2500 Credit for HomeReady® “VLIP.” Keyword: HomeReady, 97%, low-income, AMI, 50%
BEHIND THE SCENES – Everything Costs More These Days, Including the Cost of Noncompliance. 2024 Inflation Adjusted Statutory Fines Now Up to $1,406,728 Per Day! Keyword: Sanctions, fines, inflation, CPI, CFPA, Consumer Financial Protection Act, UDAAP
Tip of the Week – Time to Farm. Keyword: Relationships, prospecting, interpersonal skills, Being There, Peter
V4 I 9 https://www.loanofficerschool.com/los-journal-volume-4-issue-9/
Why Haven’t Loan Officers Been Told These Facts? Eventually, Who Will Get Blamed? Marilyn Mosby saga. Keyword: URLA, declarations, federal debt, liabilities, fraud, prison, tax, delinquent
BEHIND THE SCENES – New Opportunities For Underbanked Communities, Vantage Score. Keyword: Underbanked, trended data, FICO 10T, nontraditional, NCRA, bi-merge, score
Tip of the Week – Start Developing Outreach For Next Generation Credit Scoring. Keyword: Average, marketing, disadvantaged, nontraditional, stratification, segmenting, sustainable
V4 I10 https://www.loanofficerschool.com/los-journal-volume-4-issue-10/
Why Haven’t Loan Officers Been Told These Facts? FHLMC and FNMA Clarify Minimum Insurance Requirements. Keyword: Property insurance, FNMA, hazard, fire, FHLMC, replacement cost, condominium
BEHIND THE SCENES – Justice Department and State of North Carolina Reach $13.5 Million Agreement (No Penalty) with First National Bank of Pennsylvania to Resolve Redlining Claims. Keyword: Redlining, Carolina, Pennsylvania, DOJ, Justice, CFPB, consumer, financial, complaint
Tip of the Week – Good Listening Begins With Framing. Keyword: Listening, framing, interpersonal skills, overcome, objections, empathy, respect
V4 I11 https://www.loanofficerschool.com/los-journal-volume-4-issue-11/
Why Haven’t Loan Officers Been Told These Facts? Tax Filing Time = Stale Dated Tax Return Artifacts. Keyword: IRS, return, note date
BEHIND THE SCENES – FHFA Announces Key Updates for Implementation of Enterprise Credit Score and Credit Report Requirements. Keyword: FHFA, bi-merge, credit score, Thompson, FICO, Vantage score
Tip of the Week – Use Your Senses Wisely. Keyword: Listening skills, interpersonal, soft, sales
V4 I12 https://www.loanofficerschool.com/los-journal-volume-4-issue-12/
Why Haven’t Loan Officers Been Told These Facts? “Another 3-day Waiting Period!” CD corrections requiring 3-day waiting period. Keyword: TRID, accuracy, correction, consummation, inaccurate, product, features, prepayment
BEHIND THE SCENES – The Nation’s Hottest Housing Market, Schenectady, NY??? Keyword: Inflation, housing, affordable
Tip of the Week – Create a Post Closing Checklist. Keyword: Organization, lessons learned, post-closing, marketing, sales, communication, five values
V4 I13 https://www.loanofficerschool.com/los-journal-volume-4-issue-13/
Why Haven’t Loan Officers Been Told These Facts? RESPA Section 8 – Renewed Interest (By regulators). Keyword: HUD, CFPB, ABA, CBA, associate, desk, office, lock-outs, kickbacks
BEHIND THE SCENES – The Appraisal Foundation Is Teed-Up for Greater Oversight. Keyword: FIRREA, Appraisal foundation, USPAP, subcommittee, CFPB, FFIEC
Tip of the Week – Post-Closing Customer Outreach, Loss Mitigation. Keyword: Loss, mitigation, post, marketing, servicers, COVID, FHA
V4 I14 https://www.loanofficerschool.com/los-journal-volume-4-issue-14/
Why Haven’t Loan Officers Been Told These Facts? Property Tax Relief – Adding Value To Your Services. Keyword: Tax, property, exemption, disabled, veteran, responder, circuit, elderly, AARP
BEHIND THE SCENES – CFPB Targets Mortgage Closing Costs. Junk fees are driving up housing costs. The CFPB wants to hear from consumers. Keyword: Junk fees, costs, CFPB, closing costs
Tip of the Week – Help Your Referral Partners With Their Business. Keyword: Marketing, CPA, planner, business analysis, goals
V4 I15 https://www.loanofficerschool.com/los-journal-volume-4-issue-15/
Why Haven’t Loan Officers Been Told These Facts? FHA Partial Claim, Why It Matters To You and Your Customers. Keyword: Loss mitigation, partial, claim, servicer, 36 months, COVID, forbearance, modification
BEHIND THE SCENES – VA Circular 26-21-08 Extended Indefinitely. Expanded Home Loan Eligibility Based on National Guard Service. Keyword: National Guard, eligibility
Tip of the Week – Attend 2024 CE Before Christmas. Keyword: Topic, MMC, regulator, education, CE, continuing, SAFE Act, licensing
V4 I16 https://www.loanofficerschool.com/los-journal-volume-4-issue-16/
Why Haven’t Loan Officers Been Told These Facts? April Is Fair Housing Month. Keyword: FHA, fair housing, discrimination, history
BEHIND THE SCENES – HUD Provides $30,000,000 for Housing Discrimination Investigations and Lender Testing. Keyword: Discrimination, HUD
Tip of the Week – Post-Closing Consumer Contact. Loss Mitigation, Help Your Customers Know Their Rights. Keyword: Loss mitigation, post-closing, implement, marketing, sales, customer, servicing
V4 I17 https://www.loanofficerschool.com/los-journal-volume-4-issue-17/
Why Haven’t Loan Officers Been Told These Facts? The FHLMC “DPA One®.”
Bridging The DPA Divide. Keyword: Down payment, assistance, CLTV, FTHB, first-time, HFA
BEHIND THE SCENES – FHFA Frankenstein Monster. FHFA To Destroy Cash-Out Refi Market. Keyword: Cash-out, seconds, Frankenstein, Thompson
Tip of the Week – Managing Stakeholder Expectations. Keyword: Disappointment, sales, marketing, interpersonal skills, soft, communication, influence, rapport
V4 I18 https://www.loanofficerschool.com/los-journal-volume-4-issue-18/
Why Haven’t Loan Officers Been Told These Facts? Bad Optics or Bad Metrics? New CFPB Report Raises Concerns On the Disproportional Rise of Loan Discounts. Keyword: Fees, risk, adjustments, pricing
BEHIND THE SCENES – The Best of the Annual HUD Mortgagee Review Board Actions, A Ho-Hum Year. Keyword: Sanction, penalties, MRB, quality
Tip of the Week – Just Say No. FNMA Appraiser Independence Requirements FAQs for Mortgage Brokers and Lenders. Keyword: AMC, AIR
V4 I19 https://www.loanofficerschool.com/los-journal-volume-4-issue-19/
Why Haven’t Loan Officers Been Told These Facts? Looming Condo Concerns. Survey Identifies Condo Concerns, What the Data Indicates. Keyword: Collateral, HOA, projects, survey, FNMA, deferred, maintenance, insurance
BEHIND THE SCENES – FHA Removes Branch Registration Requirement. Mortgagee Letter 2024-04, Effective Immediately. Keyword: 4000.1, register
Tip of the Week – Post-Closing Consumer Contact. Loss Mitigation, Help Your Customers Know Their Rights. Let Your Customers Know That You Know Servicing, Error Resolution – Qualified Written Request. Keyword: Servicing, Regulation X, mitigation, loss
V4 I20 https://www.loanofficerschool.com/los-journal-volume-4-issue-20/
Why Haven’t Loan Officers Been Told These Facts? FinCEN Proposes New Residential Real Estate Reporting Regulation, Renews Real Estate Geographic Targeting Orders. Keyword: Launder, BSA, Secrecy Act, AML, GTO
BEHIND THE SCENES – CSBS and FHFA Sharing The Dirt On Mortgage Companies. Keyword: SAFE
Tip of the Week – Avoid Any Appearance of Wrongdoing. HUD Office Of The Inspector General Announces Mortgage Fraud Enforcement Actions, Q1 2024. Keyword: OIG, misrepresentations, fraud
V4 I21 https://www.loanofficerschool.com/los-journal-volume-4-issue-21/
Why Haven’t Loan Officers Been Told These Facts? FHA – How to Underwrite A Temporary Reduction In Employment Income. Keyword: Underwriting, family, leave, ECOA, discrimination, maternity, reserves
BEHIND THE SCENES – FNMA Fraud Reports, Income and Occupancy Still Tops. A Cautionary Tale from FHLMC. An Inside Peek at a GSE Fraud Investigation. Keyword: Red, flag, prevention, control
Tip of the Week – Avoid Any Appearance of Wrongdoing. Excerpted from the DOJ Press Announcement. April 24, 2024. Keyword: Fraud, prosecution, loan officer, occupancy, condo, HOA
V4 I22 https://www.loanofficerschool.com/los-journal-volume-4-issue-22/
Why Haven’t Loan Officers Been Told These Facts? Part II, How to Underwrite A Temporary Reduction in Employment Income According to FNMA. Keywords: Underwriting, calculating, leave, maternity, family, layoff, furlough, reserves
BEHIND THE SCENES – First Generation Buyer Programs. Keywords: MBS, bonds, LMI, low, moderate, FNMA
Tip of the Week – No Right to Cancel Refinance Transactions. Keywords: Regulation Z, TILA, rescission, cancel, right, exception, refinance
V4 I23 https://www.loanofficerschool.com/los-journal-volume-4-issue-23/
Why Haven’t Loan Officers Been Told These Facts? Dependent Status for BAH. Keywords: VA, veteran, allowance, calculation, effective income, housing
BEHIND THE SCENES – FHA Appraisal Review and Reconsideration of Value Updates. Keywords: Letter, mortgagee, title, reverse, ROV, HUD
Tip of the Week – Discover What You Need To Build Trust with Others. Keywords: Interpersonal skills, soft, sales, influence, rapport, communications, relationship
V4 I24 https://www.loanofficerschool.com/los-journal-volume-4-issue-24/
Why Haven’t Loan Officers Been Told These Facts? Updates on 2024 AMI
Why Does This Matter To Loan Officers? Why Johnny Can’t Price (Or Compete). Marketing Opportunities For Special Financing to LMI Households. Keywords: Pricing, LMI, duty, serve, AMI, area median income, policy, sustainable, homeownership, Lookup tool, FNMA, Freddie
BEHIND THE SCENES – SCOTUS Rules, The CFPB Is Legit. Keywords: Ruling, SCOTUS, CFPB, reserve, paycheck
Tip of the Week – Stay in Your Lane, Explaining TILA Disclosure. Keywords: Regulation Z, TRID, APR, disclosure, finance, charge
V4 I25 https://www.loanofficerschool.com/los-journal-volume-4-issue-25/
Why Haven’t Loan Officers Been Told These Facts? VA is making more user-friendly updates to the Lender Handbook. Keywords: Training, underwriting, veterans, guide, pamphlet, handbook, update
BEHIND THE SCENES – CFPB Director Chopra Seeks to Protect Lenders and Consumers From Wicked “Data Monopolists. “Prepared Remarks of CFPB Director Rohit Chopra at the Mortgage Bankers Association. Keyword: credit score, report, costs, FICO, Transunion, Experian, Equifax, price
V4 I26 https://www.loanofficerschool.com/los-journal-volume-4-issue-26/
Why Haven’t Loan Officers Been Told These Facts? Underwriting Social Security Disability Income (SSDI) and Supplemental Security Income (SSI). Keyword: Fair lending, income, discrimination, public, assistance, disability, ATR, ability, repay, FCRA, Regulation Z, Appendix Q
BEHIND THE SCENES – CFPB Takes Aim At Overpriced Mortgage Junk Fees, Director Chopra Determined to End the “Down Payment Drain.” Keyword: Closing costs, FHFA, title, insurance, Down Payment Drain, data brokers, credit
Tip of the Week – Get Some Children Before Committing Mortgage Fraud.
Mosby Escapes Jail. Keyword: Marilyn, sentencing, crime