Greater Midwest Lenders Association

Obama Orders Lower MIP Fees For Consumers

> 15 Years

Base Loan Amt.              LTV               Previous MIP    New MIP
≤ $625,500               ≤ 95.00%                130 bps             80 bps
≤ $625,500               > 95.00%                135 bps             85 bps
> $625,500               ≤ 95.00%                150 bps            100 bps
> $625,500               > 95.00%                155 bps            105 bps

Term ≤ 15 Years - MIP Remain Unchanged

≤ $625,500               ≤ 90.00%                 45 bps              45 bps
≤ $625,500               > 90.00%                 70 bps              70 bps
> $625,500               ≤ 90.00%                 70 bps              70 bps
> $625,500               > 90.00%                 95 bps              95 bps

January 9, 2015 - HUD Issues Mortgagee Letter 2015-01

The Department of Housing announced a 50bps reduction in the rates charged to consumers for FHA Mortgage Insurance Premiums effective January 26, 2015.

This change applies to all FHA loans with loan terms in excess of 15 years with the following exceptions:

  • Single family forward streamline refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009;
  • Section 247 mortgages (Hawaiian Homelands)

HUD will also allow Case Number cancellation requests for active FHA Case Numbers within 30 days of the effective date of this mortgagee letter.

IDFPR Announces Extension of Renewal Period For Timely Applicants

December 19, 2014: As announced by the GMLA in our email yesterday, IDFPR Division of Banking Director Sheila Saegh Henretta has published on the IDFPR web site that Company and MLO licensees who submitted timely renewals will be allowed to continue operations until January 31, 2015 should they not receive their license from the department by December 31, 2014.

Please be advised that you must have paid all license fees and otherwise remanded all required license renewal documents in order for this extension to apply.

We applaud Director Henretta for taking early action concerning license renewals to prevent loss of mortgage financing services for all Illinois consumers.

To get a copy of this letter please follow the link below:

IDFPR License Renewal Announcement Letter

UPDATE Changes To The Mortgage Call Report: As you know The Greater Midwest Lenders Association "GMLA" submitted our comments about the proposed changes to the Mortgage Call Report.  The State Regulatory Registry/Conference of State Bank Supervisors "SRR/CSBS" that run the NMLS issued it's response by ignoring almost every suggestion from industry about these changes to the call report.  In fact only 35 people or organizations filed comments.  Observers on this topic generally feel that regulators thumbed their noses at the mortgage industry. What it means is that you all will have more work to do generating data that is of dubious value.  This of course drives up the cost of compliance which consumers ultimately will pay.  Here is the link to read the 45 page document about all of the Mortgage Call Report changes:  NMLS Call Report Changes

The GMLA represents 12 Midwestern states that comprise over 5000 state registered company licensees and over 55,000 MLO's. Click here to download our original comments letter to SRR/CSBS.

The Illinois Association of Mortgage Professionals Is Growing

At our September 2014 breakfast meeting IAMP President Larry Bettag announced that the Illinois Association of Mortgage Professionals will become the Greater Midwest Lenders Association expanding our housing industry representation into Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Ohio and Wisconsin.

President Bettag remarked that this new entity will concentrate on bringing a new voice for all housing professionals from the Midwest. The transition from the IAMP to the new GMLA is beginning but will formally launch in 2015.  We are currently recruiting for people from all facets of the housing industry in all these states. If you are interested please follow the link below to let us know how to reach you if are interested in learning more about the new GMLA.



TILA-RESPA Integrated Disclosure

The CFPB has been busy putting out more reading material about the new TILA-RESPA rules & disclosures scheduled to take effect on August 15, 2015.

Another 98 pages of CFPB guidance have been published about the new integrated Loan Estimate and Closing Disclosure forms:

Click This To Download CFPB Guidance

Recordings of previous TILA-RESPA related webinars are available at the links below (to access the recordings, enter the email address you originally used to register for the event or complete the registration form if you have previously not registered):

Click Here to Listen To October 1, 2014 CFPB Webcast Recording

Click Here To Download Copy of October 1, 2014 CFPB Presentation Slides PDF for TILA-RESPA Integrated Disclosures 

New APLD Requirements

8/26/14 UPDATE: House Bill 5685 has been signed into law by Governor Quinn on August 26, 2014.  This bill clarifies requirements of the Anti-Predatory Lending Database.

HB5685 in part states that licensees will have 10 business days to complete data entry into the Anti-Predatory Lending Database from the date the application is signed by the applicant(s).  We recommend reviewing the bill in detail.

To be clear the IAMP does not support the Anti-Predatory Database program operating in Cook, Will, Kane and Peoria counties.  This program has cost Illinois taxpayers millions of dollars and no independent studies have been performed to prove the effectiveness of this program championed by House Speaker Madigan.

Click Here To View Illinois Legislative Page on HB5685

We have relocated our offices effective August 4, 2014.  We are now located at 14540 John Humphrey Drive. Unit 1B, Orland Park, Illinois, 60462.  Our 630-916-7720 telephone number remains the same and our fax also remains 630-396-3501.  If you have any questions please contact Bob Perry direct at 630-256-8416.



Mortgage and Real Estate News

Greater Midwest Lenders Association - 14540 John Humphrey Drive
, Unit 1B, 
Orland Park, Illinois 60462
Office 630-916-7720 -  Fax 630-396-3501

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