|
INTERTHINX LIVE FROM THE Don’t cut corners around red flags When examination of documents or automated technology raise a red flag relating to identity, they must be thoroughly investigated. Under the new rules, simply asking for a letter of explanation from the borrower won't cut the mustard with the regulators. Christopher Witeck, a partner with the law firm of Buckley Kolar, says that lenders should play it safe and make sure compliance programs take into account the "optional" red flags contained in guidelines. Better to be safe than sorry! Posted on 7 November 2008, 3:28 pm
You must have technology It's impossible to efficiently take all the steps necessary to find and investigate identity red flags without using automated technology. Tools like FraudGUARD can quickly identify ‘red flags’ relating to fictitious addresses, social security numbers that haven't been issued, mismatches between date of birth and date of issuance, social security numbers which appear on the Master Death index, and SSN's that are used by persons other that the person to whom it was issued. Posted on 7 November 2008, 2:35 pm
FHA "Red Flags" While a lot of the issues raised in the new "red flags" are being addressed in existing QC and due diligence processes, it's important to make sure that those processes --and their results-- are documented. He also said it's necessary that these departments talk to each other to make sure that a problem discovered in one area doesn't get overlooked by another. Posted on 7 November 2008, 2:10 pm
America's Underwriter, your FHA DE Underwriter and Quality Control for forward and reverse mortgages!America's Underwriter asks “Why hire permanent DE underwriters when there’s another option available?” Save costs by hiring FHA underwriting expertise only when production justifies it. Use our staff to match your FHA production needs. America's Underwriter maximum turnaround time from receipt to approval is 4 days. FHA permits underwriting by another FHA approved lender. Take advantage of this agent relationship and save money! “Did you know that FHA audit standards require a DE underwriter to perform quality control reviews on FHA loans?” Save further costs by contracting with our company to perform your FHA quality control reviews. America's Underwriter provide professional and fast service and have over 100 years of combined FHA auditing experience”.
FHA Handbook
….”provides mortgagees flexibility in the origination of FHA insured single-family loans in situations where a mortgagee wishes to collaborate with another mortgagee. This process provides mortgagees flexibility to offer diversified loan products or programs because of the ability to team with firms that may have more expertise in specialized areas. This includes products such as HECM or 203(k). It also can be utilized to handle unique situations such as when a mortgagee no longer has a DE underwriter on its staff or for some reason does not have a particular expertise or capacity. In almost all cases, mortgagees use this procedure when they need assistance in the underwriting of a loan.”
|
|
Sixth (6) Largest FHA HECM Lender in U.S. for 2007©2008-2009 American Reverse Mortgage Corporation. All rights reserved. This material may not be copied, used or distributed without the written permission of American Reverse Mortgage Corporation. |
|
