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September 22
FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
Sonja Kriegsmann and John Burnett

September 23
Bankruptcy 101;
Sam Ott

September 30
Revised Escrow Rules - Review and Update;
Jack Holzknecht and Mary Beth Guard

October 7
CRA - Digging for Credit;
Patricia Cashman

October 8
Applicants and Applications: Knowing the Players and the Rules;
David Dickinson

October 15
MasterCard and Reg E: Basic Debit Card Investigations;
Brian Crow



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

10K Club

Registered: 07/09/03
Posts: 14257
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
_________________________
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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