Nonprime lending specialists may want to begin reviewing their underwriting policies and procedures regarding specialty or exotic mortgages and consider some changes. In a couple of weeks, federal regulators will be issuing new guidance on specialty mortgages, focusing on loans with interest-only features and options ARMs. Federal regulators at a recent compliance conference hosted by the Mortgage Bankers Association in Washington, DC, declined to talk about the guidance in detail. However, they said it…