NMP - December 2016 - 24


nmp news flash

continued from page 16

year that increased the Federal
Housing Finance Agency [FHFA]
limits, FHA's 'floor' and 'ceiling'
loan limits will increase for
calendar year 2017 to $275,665
and $636,1501, respectively, for
a one-unit property," the FHA
announced in Mortgagee Letter
2016-20, adding that there are
"no jurisdictions with a decrease
in loan limits from the 2016
levels. "
In a separate Mortgagee
Letter, the agency stated,
"Because of the change to the
national median home price this
year that increased the FHFA
limits, the maximum HECM claim
amount has increased to
$636,150 for calendar year 2017
for all areas."
Study Finds TRID Defects
Down Slightly in Q2

ACES Risk Management (ARMCO),

a provider of financial quality
control (QC) and compliance
software, has released its
ARMCO Mortgage QC
Industry Trends report,
covering the second quarter
of 2016. After peaking in Q1
2016, the overall industry
critical defect rate dropped to
1.63 percent in Q2, ending an
upward trend spanning the
previous three quarters.
Defects in the
Legal/Regulatory/Compliance
category also waned in Q2,
comprising 34 percent of all
defects reported and marking
the first decline in nine
months. However, this
category still represents the
largest reported defect
category.
"While TRID-related defects
are still driving the majority of
legal/regulatory/compliance
defects, we're seeing a
decline in defects in this
category as a result of
corrective action planning
lenders undertook through the
first six months of 2016," said
Phil McCall, chief operating
officer of ARMCO. "As

lenders determine the most
effective strategies for
addressing TRID-related
defects, we expect to see
this category decline
further."
Loan Package
Documentation defects
increased slightly in Q2,
accounting for 26.7 percent
of reported defects in Q2
versus 26.4 percent in Q1.
Also of note is the increase
in defects reported in creditdriven categories in Q2.
Income/employment leads
this group as the third most
frequently reported defect
category in Q2 at 9.8
percent, followed by
borrower and mortgage
eligibility at 8.9 percent and
assets at 6.8 percent.
"Given the magnitude of
compliance-related defects
lenders were facing in Q1, it's
not surprising to see upticks
in other areas," said Avi
Naider, chief executive officer
for ARMCO. "Now that
lenders have begun to get a
handle on their TRID-related
defects, they should have
more capacity to address
those credit-related defects.
Thus, we should see those
categories normalize in Q3."

CIS Director of Operations
Angie Jenkins Honored by
NCRA

Angie Jenkins, director of
operations for CIS, has been
awarded the prestigious National
Consumer Reporting Association
(NCRA) President's Award.
Jenkins was selected for her
service and contributions to
NCRA's Education Committee,
including the Consumer
Education Subcommittee. While
serving in these roles, she has
been instrumental in developing
curriculum for Fair Credit
Reporting Act (FCRA)
certification and training
collateral for NCRA member
companies.
Jenkins recently led a project
to produce a Credit 101
curriculum, a significant
undertaking that required
exceptional commitment to
gathering information from
various sources, organizing
continued on page 36

DECEMBER 2016 n National Mortgage Professional Magazine n

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Table of Contents for the Digital Edition of NMP - December 2016

Contents
NMP - December 2016 - Cover1
NMP - December 2016 - Cover2
NMP - December 2016 - 1
NMP - December 2016 - Contents
NMP - December 2016 - 3
NMP - December 2016 - 4
NMP - December 2016 - 5
NMP - December 2016 - 6
NMP - December 2016 - 7
NMP - December 2016 - 8
NMP - December 2016 - 9
NMP - December 2016 - 10
NMP - December 2016 - 11
NMP - December 2016 - 12
NMP - December 2016 - 13
NMP - December 2016 - 14
NMP - December 2016 - 15
NMP - December 2016 - 16
NMP - December 2016 - 17
NMP - December 2016 - 18
NMP - December 2016 - 19
NMP - December 2016 - 20
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