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October 24
How to Audit Advertising - Compliance Issues Here, There, Everywhere!;
Patricia Cashman

October 29
Documenting an Applicant's Intent to be a Joint Applicant;
David Dickinson

November 4
Issues with Deceased Customers;
Mary Beth Guard and John Burnett

November 5
Vault Burglaries, Floods, Fires & Other Disasters;
Dave McGuinn

November 6
MLO v LO - Who Has to Do What?;
Jack Holzknecht and Mary Beth Guard

November 13
Domestic Violence & Workplace Violence: There Is A Link;
Shelly Collins and Dana Turner



Topic Options
#1442595 - 09/14/10 12:31 PM FNMA Exclluded Parties
Truffle Royale Offline

10K Club

Registered: 07/09/03
Posts: 14325
Haven't seen this brought up yet.
One of our investors jumped on this so we've been doing it since 6/21.
I'm interested in how others are dealing with this issue.



Validation of Qualified Parties to the Transaction

Fannie Mae is implementing a new policy that requires lenders to confirm that companies or individuals involved in the origination, underwriting, or servicing of the mortgage transaction are not on the General Services Administration (GSA) Excluded Party List or the HUD Limited Denial of Participation List (“LDP List”) prior to delivery of the loan. Regardless of the reason for the party being excluded, any party to the transaction included on either list will result in the loan being ineligible for delivery.

Companies or individuals involved in a mortgage transaction include the following:

• Borrower
• Seller
• Listing/Selling Real Estate Agents and Companies
• Builder
• Title Agent/Title Company
• Buyers and Sellers Attorney
• Settlement Agent/Settlement Company
• Appraiser/Appraisal Company
• Loan Officer
• Loan Processor
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Your life is an occasion. Rise to it! Suzanne Weyn

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Lending Compliance
#1442612 - 09/14/10 12:45 PM Re: FNMA Exclluded Parties [Re: Truffle Royale]
West Coast Comp Offline
Gold Star

Registered: 06/21/10
Posts: 350
Loc: Lost in the rain.
We use Fraudguard, which automatically checks the exclusion list.
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Where I go there I am. smile

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