On Oct. 30, 2007, I published a post entitled “FHA Mortgage Co-brokering: Watch Out!” in which I warned of potential violations of FHA’s policy regarding payments to non-approved mortgage brokers. HUD made an announcement that day outlining their policy, but it was not issued in the form of an official Mortgagee Letter and it did not clearly identify that the policy applied to any fee paid by the borrower and not just payments made through yield spread premium.
Here’s something that may be of interest to those of you who originate mortgages.
On Friday, March 28th there is going to be a free teleconference conducted by mortgage trainer Chip Cummings and compliance attorney Howard Lax to discuss the new RESPA proposal and how it may affect your mortgage business. The conference will be held on a streaming internet system so you won’t have any long distance charges.
First, as a preface for my next update I would like to point you to Peter Miller’s blog FHA Mortgage Guide where he points out reports that HUD itself has been violating RESPA for some time! You can find the post entitled “Fake Morality” by clicking on the links in this paragraph.
