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Enforcement Authorities of the CFPB Consumer Financial Protection Bureau (CFPB) is responsible for enforcement of the SAFE Act. The CFPB has the authority to: • Examine any books, papers, records, or other data of any mortgage loan originator operating at any time, in...

State Regulatory Authority Responsibilities At a minimum, each State Regulatory Authority must meet the following requirements: • Must provide effective supervision and enforcement of the law, including the suspension, termination or nonrenewal of a license for a...

THE SAFE ACT (TITLE V OF HERA) “Secure and Fair Enforcement for Mortgage Licensing Act of 2008’’ (or ‘‘S.A.F.E. Mortgage Licensing Act of 2008”) is a key component of the Housing and Economic Recovery Act of 2008 (HERA). The SAFE Act requires states to implement...

UNIFORM STATE CONTENT In 2008, the housing industry suffered significant declines due to an economic financial crisis. To help mitigate the impact of these changes, Congress passed the Housing & Economic Recovery Act (HERA). Title V of HERA is the SAFE Act. The...

융자지식224 Qualified Mortgage vs. Non-Qualifying Mortgages Most people are familiar with 'Qualified Mortgages.' A Qualified Mortgage is a type of loan that has clearly defined rules for approval. These rules make the loan safer for lenders because they point to your...

융자지식223-  STATED INCOME A UNDERWRITING GUIDELINES 7   Now illegal, stated income loans were a type of mortgage that allowed people to get a loan without proving their income. Stated income loans were made illegal in 2010 by the Dodd-Frank Wall Street Reform and...

융자지식222-  STATED INCOME A UNDERWRITING GUIDELINES 6 Q: What is a Stated Income loan? This is much like a traditional loan, with some very clear exceptions. A Stated Income Loan means the lender will not seek out W2’s and pay stubs when it comes to determining your...

융자지식221-  STATED INCOME A UNDERWRITING GUIDELINES 5 FREQUENTLY ASKED QUESTIONS  Can a borrower have two jobs on this product? o Yes, as long as the borrower has 2 years history of holding two jobs and can document the employment and income for both jobs as required...

융자지식220-  STATED INCOME A UNDERWRITING GUIDELINES 4 ABIO PARAMEMETERS Asset Based Income Option (ABIO) Max Loan Amount              Max LTV/CLTV/HCLTV       Min FICO 1 Unit SFR & PUD Up to    $1,000,000                            60% 60%                           ...

융자지식219-  STATED INCOME A UNDERWRITING GUIDELINES 3 ALTERNATIVE DOCUMENTATION PARAMETERS Max Loan Amount              Max LTV/CLTV/HCLTV        Min FICO 1 Unit SFR & PUD Up to $1,000,000                       70% 70%                       680 $1,000,001 -...