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Alphabet Soup

Mortgage Quality Assurance and Quality Control

The technical aspects of compliance are most meaningful when they support a consistent and comprehensive program of mortgage quality. Whether mortgage lenders are striving to meet the requirements of HUD, FHA, Fannie Mae, Freddie Mac, or a provincial regulator, the principles of quality control and quality assurance improve or enhance …

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Financial Crimes Enforcement Network

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. FinCEN has the responsibility to protect the U.S. financial system from illegal use, to prevent and deter money laundering, and facilitate national security by collecting, analyzing, and disseminating financial intelligence among financial authorities. To …

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National Flood Insurance Program

Flood Insurance Rules Flood compliance has been challenging historically, and it has become more complex with the recent implementation of a new flood check form, flood changes included in the CFPB’s mortgage servicing rules, and the promulgation of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The National Flood …

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Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) was enacted in 1970 and was administered by the Federal Reserve Board until 2011 when rulemaking authority for it and several other federal consumer protection regulations were transferred to the Consumer Financial Protection Bureau (CFPB) by the Dodd-Frank Wall Street Reform and Consumer Protection …

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FHA Underwriting Requirements

The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders. FHA insures loans on single family and multi-family homes in the U.S. and in U.S. territories. As one of the largest residential mortgage insurers globally, it has insured millions of residential properties since its creation in …

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Appraiser Independence Requirements

In 1989, the FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) established the federal rules to govern state certification and licensing of real estate appraisers. The guidance is published in The Uniform Standards of Professional Appraisal Practice (USPAP). In 2009, the Home Valuation Code of Conduct (HVCC) was developed and …

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Fair and Accurate Credit Transactions Act

The Fair and Accurate Credit Transactions Act (FACTA) was signed into federal law in December 2003, and the majority of the requirements became effective in December 2004. The guidance in FACTA builds on provisions for credit reporting that are found in the Fair Credit Reporting Act (FCRA), and it implements …

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Home Mortgage Disclosure Act

The Home Mortgage Disclosure Act was enacted in 1975, and codified as the Federal Reserve’s Regulation C – Home Mortgage Disclosure Act (HMDA). In July 2011, rule-writing authority for Regulation C was transferred to the Consumer Financial Protection Bureau (CFPB). The HMDA requirements are intended to provide the public with …

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