We are trying to update a residential loan policy and our review committee would like to know what would happen if we failed to comply with Fannie Mae QC requirements for prefunding and post-close mortgage loans? I can find info on post-close penalties and requirements, but nothing for not completing prefunding QC. Can you point me to any penalties, or requirements to self-report and/or buy-back loans if we don't do prefund QC?
When we have a TRID loan that we have already issued the loan estimate to the borrower, and we find out that the borrower will be paying the seller’s fees at closing. Do we have to include the seller’s fee in with our tolerance calculation since the buyer is paying it? Let’s say we have state/tax stamps, usually paid by the seller. At closing we find out the buyer is paying the fee. This is a zero tolerance fee, do we have to add it into our tolerance calculation since it is a seller’s fee just being paid by the buyer?
Have there been any changes to RESPA since 2019?
Will Loan Production Offices help in fair lending if we decide to close branches?
When do we disclose Property Value instead of Sales Price?