June 2015

Fannie Mae eliminates Desktop Underwriter fee

Jacob Gaffney June 23, 2015 11:01AM

Fannie Mae just eliminated fees on its Desktop Underwriter mortgage underwriting system and Desktop Originator tool, the company said in an email.

Fannie will also introduce a new loan delivery system, the government-sponsored enterprise said, without going into specifics.

“We want to continue to provide value to our lenders and we don’t want technology fees to get in the way of lenders using our technology to its full potential,” said Andrew Bon Salle, executive vice president, single-family business at Fannie Mae.

The company also announced the following details:
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Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure Rule


Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure Rule

WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:

“The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

The public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter.

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

Original Post Found at http://www.consumerfinance.gov/newsroom/statement-by-cfpb-director-richard-cordray-on-know-before-you-owe-mortgage-disclosure-rule/ on June 17, 2015

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