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Featured News and Releases
 AllRegs Compliance Commentary: New Requirements for Ginnie Mae Approval
by Anna DeSimone
On May 18, 2011, the Government National Mortgage Association (Ginnie Mae) updated Chapter 7, Application for Approval as a Ginnie Mae Issuer, in Ginnie Mae’s Mortgage-Backed Securities Guide 5500.3, Rev. 1. On the same date, Ginnie Mae revised Chapter 6 of the Handbook, Fees, which describes the fees the Issuer must pay under the MBS program. This article summarizes the recent revisions to Ginnie Mae’s eligibility requirements and application procedures.
New Ginnie Mae Issuer Application Form – Institutions that wish to apply to become a Ginnie Mae Issuer are required to use the new Form HUD-11701, Application for Approval - Ginnie Mae Mortgage-Backed Securities Issuer.
Read full article »
 AllRegs Compliance Commentary: Fannie Mae Clarifies and Updates Underwriting Guidelines
by Sarah Lagattolla
Fannie Mae has just issued an update to the Selling Guide (SEL-2011-04) that affects underwriting of loans as follows:
Deferred Student Loans – While it has been Fannie Mae’s policy to include payments for deferred student loans in the DTI, Fannie Mae has required verification of the payment amount. Effective immediately, if the payment is not documented in the file, Fannie Mae will allow lenders to use 2% of the balance as the qualifying payment.
Retirement Accounts – Fannie Mae is no longer requiring lenders to verify the terms of withdrawal from a retirement account in order to use the asset as reserves. Read full article »
 AllRegs Compliance Commentary: Proposed Alternative Definitions for "Qualified Mortgage"
by Marissa Aquila Blundell
The Dodd-Frank Act prohibits a creditor from making a residential mortgage loan unless the creditor makes a reasonable and good faith, verified determination that the consumer has a reasonable ability to repay the loan. This determination of a consumer's ability to repay must be based on the following factors: the consumer's current and expected income and other financial resources excluding equity in the dwelling which secures the loan; employment status; payment of the loan based on a fully amortizing payment schedule and the fully-indexed rate; payment of any simultaneous liens; payment of applicable taxes, insurance and assessments; the consumer's current obligations; the consumer DTI ratio or residual income; and the consumer's credit history. Read full article »
 AllRegs Compliance Commentary: HUD Clarifies and Updates Guidance on Refinances
by Aisling Brady
Recently, HUD issued Mortgagee Letter 2011-11 regarding refinance transactions. The purpose of the Mortgagee Letter was to clarify and update guidance to mortgagees regarding FHA refinances. The following rules apply to FHA Case Numbers assigned on and after April 18, 2011:
All Refinances:
- If a borrower has re-occupied their investment property within the last 12 months prior to refinancing, the max LTV is 85%. The date of the 1003 must be used to determine the twelve month time period.
- 3-4 family purchase guidelines now apply to all refinances. The property must be self-sufficient, where the monthly rent received for all units, minus the FHA vacancy factor, must cover the PITI. Borrower must have 3 months PITI in reserves.
Read full article » |
AllRegs Updates
Featured Product:
Single-Family Lending Package
Mortgage Guidelines, Statutes, Regulations and more.
For over 25 years, AllRegs has provided the industry with one single resource to research GSE and Agency Guidelines, with Federal and State Statutes and Regulations.
Our flagship product, the Single-Family Package, has now been expanded to offer mortgage professionals more services, more content and more tools to provide you with the fast reliable answers you need to conduct your business.
Choose from three package options:
Single-Family Lending Standard Package
A comprehensive online database consisting of thousands of pages of government and conventional single-family lending guidelines and forms.
Single-Family Lending with Investor Library Package
Get all of the Standard package features, with access to the AllRegs InvestorLibrary™* and the searchable Property Tax Database for one subscription site.
Single-Family Lending with LoanLibrary Package
Get all the Standard package features, with access to AllRegs LoanLibrary™, a comprehensive and accurate eligibility search engine and loan product information management service.
Learn more about the Single-Family Lending Package » |
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Professional Development and Tools
 Congratulations to new FICO Pro Certification Designees!
AllRegs is proud to announce that 5 professionals have recently earned the Certified FICO® Professional (FICO Pro) designation. The program is designed to recognize individuals who have a strong understanding of FICO® scores and how the FICO® score impacts both the lender and the consumer. Congratulations to the following industry professionals for their hard work and commitment to earning the FICO Pro designation:
- Jacqueline Almendares, Miami, FL
- Bill Haley, Jefferson, IN
- Elise Kiser, Mobile, AL
- Athena Manluco, San Francisco, CA
- Ray Tejada, Newark, NJ
Click here to learn how you can achieve the FICO Pro designation »
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 AllRegs Academy Congratulates Four New Residential Government Underwriter Certification Designees!
Four professionals have recently earned AllRegs Academy's Residential Government Underwriter (RGU) certification. Congratulations to the following industry professionals for their hard work and commitment to earning the RGU:
- Nanette Fort, Fargo, ND
- Shaun Hires, Linthicum, MD
- Carlton Ledford, Flint, MI
- Sandi Steele, North Charleston, SC
Click here to learn how you can achieve the RGU designation »
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 New! The AllRegs ID Card Database
You are verifying your customer’s identification during a business transaction. How do you know if the ID card you are looking at is real? How do you know what features you should be looking for to authenticate the ID card?
The AllRegs ID Card Database is a comprehensive resource that contains card images and details of the most actively used driver’s licenses from all 50 states across the U.S. For each state, you can access what the card looks like with illustrated details of security features, layouts, and other discerning information that confirms the authenticity of the ID card.
Click here to learn more »
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Upcoming Audio Course!
 Want to stay current with the industry’s hottest topics without leaving the office? AllRegs Academy has a convenient and affordable solution. Our Audio Courses are an affordable, convenient and timely way to get up to speed on the latest mortgage industry trends. Registration fees are only $250 per registration, with one call-in line. You can listen from your desk or with your team in a conference room with a speakerphone.
AllRegs Academy is proud to offer the following program, featuring skilled industry expert James Milano:
Navigating the Dodd-Frank Act's Impact on Federal Preemption in Consumer Lending
Thursday, June 23, 2011 |
2:00 p.m. – 3:30 p.m. ET
Click here to register »
Learn more about AllRegs Academy Audio Courses »
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New! Wish you could receive updates to your customized AllRegs
Policy and Procedure Manual? Now you can!
You have your AllRegs Policy Manual template customized and implemented within your company. Now ensure your manual is always current and up to date with the AllRegs Policy Manual Maintenance Plan. You'll receive one guaranteed update during the year and additional updates as federal regulations or best practices change and affect your plan. Subscribe now for only $95 per year for each manual in your library.
The current list of available Policy and Procedure Manual titles includes:
Click here to learn more »
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More Value Added!
The foundation of a successful company is based on its investment in knowledge and professional development. The AllRegs Education Package site-based subscription program offers more than 50 self-study online courses and 15+ recorded audio courses.
More than 15 new and updated courses have recently been added to the AllRegs Education Package, including:
View the full list of courses and their descriptions »
Click here to subscribe to the AllRegs Education Package »
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Highest Quality, Lowest Price Continuing Education Available!
Individual Continuing Education Courses
Meet your federal and state continuing education requirements with NMLS approved online courses from AllRegs Academy. Register for just the courses you need to individually meet your SAFE Act CE requirements. Choose from 7 and 8 hour Federal SAFE Act courses and then choose from a variety of state-approved CE courses to meet your needs. With approvals in most states, districts and territories across the country, we have the individual courses you need to stay licensed and compliant…and your credit banking fees are included with your registration. Click below to register today!
Or, are you looking for a Site-Based Continuing Education solution?
AllRegs' Site-Based Continuing Education Library is your solution for meeting federal and state SAFE Act continuing education licensing requirements. With AllRegs Academy’s subscription-based online CE training program, you’ll not only get NMLS-approved courses that meet the federal and state SAFE CE requirements, you and everyone at your branch will get them for one low annual price.
Click here to subscribe today »
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 New July FHA Courses!
FHA loans account for over 30% of all mortgages originated today. For mortgage lenders, FHA loan programs are vital in order to meet the needs of many of their clients. Are you looking to learn more about FHA loan programs? Or, are you an experienced expert that would just like a refresher on the nuances of these popular programs? AllRegs can help!
Fundamentals of FHA Origination
July 5 - 26, 2011 |
4-Week Course
Each Tuesday, from
12:00 p.m. – 1:30 p.m. ET
Click here to register »
Fundamentals of FHA Underwriting
July 5 - 26, 2011 | 4-Week Course
Each Tuesday, from
2:00 p.m. – 3:30 p.m. ET
Click here to register »
Advanced FHA Underwriting
July 6 - 27, 2011 |
4-Week Course
Each Wednesday, from
2:00 p.m. – 3:30 p.m. ET
Click here to register »
Looking for more FHA Solutions? Visit the AllRegs FHA Solution Center » |
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Complimentary AllRegs Product Training!
Have questions about AllRegs Online? Would you like to learn more about Market Clarity? Or, maybe you would like more information on how to access your AllRegs Academy subscription courses? To help you learn more about our products, we are offering complimentary online training.
Sign up today - it's free!
Click here to learn more »
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Get Side-By-Side Product Comparisons with AllRegs Market Clarity™
AllRegs Market Clarity™ is a loan product analytical tool that compares 44 key loan product attributes of over 2,100 products for 60 different investors. A dream come true for upstream investors and correspondent lenders, AllRegs Market Clarity™ helps users manage risk and identify market opportunity while providing them with the tools to establish and maintain a competitive edge, all on one interactive web site.
"Market Clarity is great for comparing your investors. Manually it would take days to complete what you can do in 5 minutes. You can compare everything, all in one shot."
Lonna Smith, IMPAC Mortgage Holdings
Read more about Market Clarity »
Or click here to request a demonstration! |
Only interested in the topic of Compliance? View all that AllRegs has to offer in the area of Compliance »
State Compliance Package
When auditing a file, you must consider a variety of topics and areas of concern. With more than 100 different state compliance topics, State Compliance allows you to quickly compare compliance information across multiple states. Learn More »
Report Builder
Need to keep an eye on lots of states? Give your State Compliance solution even more power. Keeping track of all the licensing requirements from state to state just became easier.
Learn More »
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Only interested in the topic of Origination? View all that AllRegs has to offer in the area of Origination »
Signature Authority Policy Manual
Do you need a policy plan to address who can sign what, when and why, with a means to keep track of it all? We have your solution. This manual is a comprehensive, turnkey template that defines roles and responsibilities for all levels from the executive office on down.
Learn More »
LoanLibrary
is an online tool which provides the latest product guideline information needed to underwrite or originate a loan file. In one convenient and easy-to-use interface, you can have product matrices, credit information, property guidelines and more.
Learn More »
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Only interested in the topic of Underwriting? View all that AllRegs has to offer in the area of Underwriting »
Customized FHA Training
at Customer Location
That's right. We'll deliver FHA training that's designed just for your team, on location at your site. AllRegs Academy can work with you.
Learn More »
Mortgage Underwriting Policy and Procedure Manual
This manual is a complete, 105-page, customizable template that includes sections on both Conventional and Government Loans. Use this manual for your employees or external customers. Learn More » |
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| AllRegs Academy Event Calendar |
June 2011
Navigating the Dodd-Frank Act’s Impact on Federal Preemption in Consumer Lending
Audio Course
June 23, 2011
Register Now!
July 2011
Fundamentals of FHA Origination
Instructor-Led Online Course
July 5, 12, 19 and 26, 2011
Register Now!
Fundamentals of FHA Underwriting
Instructor-Led Online Course
July 5, 12, 19 and 26, 2011
Register Now!
Advanced FHA Underwriting
Instructor-Led Online Course
July 6, 13, 20 and 27, 2011
Register Now!
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July 2011 continued
20 Hour SAFE Comprehensive Mortgage Loan Originator Course
(NMLS Course Number: 1633)
Instructor-Led Online Course
July 11, 12, 13, 14 and 15, 2011
Register Now!
August 2011
Analysis of Self-Employed Borrowers
Instructor-Led Online Course
August 2, 9, 16 and 23, 2011
Register Now!
Fundamentals of FHA Underwriting
Instructor-Led Online Course
August 2, 9, 16 and 23, 2011
Register Now!
Advanced FHA Underwriting
Instructor-Led Online Course
August 3, 10, 17, and 24, 2011
Register Now!
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August 2011 continued
Collateral Analysis: Reviewing Appraisals
Instructor-Led Online Course
August 3, 10, 17 and 24, 2011
Register Now!
Servicing FHA Loans
Instructor-Led Online Course
August 4, 11, 18 and 25, 2011
Register Now!
Underwriting VA Loans
Instructor-Led Online Course
August 4, 11, 18 and 25, 2011
Register Now!
20 Hour SAFE Comprehensive Mortgage Loan Originator Course
(NMLS Course Number: 1633)
Instructor-Led Online Course
August 8, 9, 10, 11 and 12, 2011
Register Now!
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