Mortgage Underwriting News from NAMU
Friday, February 17, 2012 - 7:29pm
Confusion is common when it comes to gift documentation requirements between conventional and government loan types. Below I’ve summarized donor, gift letter and documentation requirements for each conventional lending. Be sure, however, to check for lender overlays and additional restrictions and requirements as lenders may apply their own requirements and restrictions beyond those set forth by...
Friday, February 17, 2012 - 7:28pm
The Consumer Finance Protection Bureau (CFPB) has been busy. The Bureau was created by congress and officially started business in July 2011.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
They have set up a very user friendly website with spots for feedback from consumers and industry professionals.
In relation to the mortgage industry, the CFPB has proposed streamlining...
Friday, February 17, 2012 - 7:26pm
There is no doubt that one of FHA’s most attractive benefits is the FHA Streamline Refinance. These were designed by FHA to be easy, fast and without any tedious underwriting that would threaten or delay the mortgage from closing. Unfortunately, in recent times, this was not the case and many borrowers were not able to obtain the FHA streamline refinance. Unfortunately, many lenders did not want...
Thursday, February 9, 2012 - 7:33pm
In 2012, Asia’s premiere food and hospitality exhibition, Food&HotelAsia (FHA), scheduled to be held at Singapore Expo between April 17-20, expects to witness an increase in participation as compared to its last exhibition in 2010. According to Stephen Tan, Chief Executive, Singapore Exhibition Services Pvt Ltd, about 2,600 exhibitors of the food and hospitality industry from 60 countries of...
Thursday, February 9, 2012 - 7:31pm
Last week Freddie Mac saw mortgage rates hit record lows, according to their Primary Mortgage Market Survey. Although rates bounced up a little toward the end of the week on positive employment data, rates are still near historic levels. If you have been renting for a long time, now may be a great time to make the move to homeownership, locking in these historically low rates for years to come....
Friday, February 3, 2012 - 4:21pm
Though all of today’s technological improvements allow lenders a better opportunity to validate loan application information for loan applicants, such advances have also increased the risk for identity theft with so much personal data moving through so many extra portals and moving through so many extra pairs of hands. Let’s think about it. We take loan applications that contain social security...
Friday, February 3, 2012 - 4:19pm
After announcing during his State of the Union address a new government refinance program for, "responsible" but "underwater" borrowers with privately held mortgages, President Obama is expected to detail the plan today. It will go through the government mortgage insurer, the Federal Housing Administration (FHA) and could cost between $5 billion and $10 billion dollars, according to senior...
Thursday, January 26, 2012 - 7:04pm
In press release 12-010 dated Friday, January 20, 2012 FHA announced their intention to take additional steps to limit risk and strengthen the finances of the agency. These changes, it was stated, would help FHA better manage risk while maintaining support for the housing market and access for qualified borrowers. Included in these changes would be new regulations which strengthen the process by...
Thursday, January 26, 2012 - 7:03pm
In Honolulu, on the southern coast of the island of Oahu, there’s a four-bedroom home priced at $785,000 that has views of the sun setting over the Pacific Ocean. The beaches of Waikiki are 15 minutes away. Starting this month, the property is available to buyers with a subprime credit score, limited cash reserves and a 3.5 percent down payment using a loan backed by the Federal Housing...
Thursday, January 26, 2012 - 7:02pm
The Federal Housing Administration (FHA) has issued a final rule regarding its efforts to strengthen the Mutual Mortgage Insurance (MMI) Fund by tightening Lender Insurance requirements. Its plans to enact more stringent lender performance standards were reaffirmed earlier this month, and now the new regulations have been posted on the FHA’s website and will soon be published in the Federal...
Friday, January 20, 2012 - 4:27pm
One of the things I like to do at the start of each New Year is provide what I refer to as my lists of “freebies.” These are lists of websites and resources that have helped me over the years in one way or another and that often provide ongoing information that is helpful and informative on an ongoing basis. With USDA 100% financing being such a high demand product in today’s market, this week I...
Friday, January 20, 2012 - 4:26pm
Last week saw mortgage rates set new all-time lows once again, according to Freddie Mac’s Primary Mortgage Market Survey. This is most likely a result of negative news regarding European debt, because recent U.S. economic data has been fairly strong (although last weeks’ initial unemployment figures and retail sales reports bucked this trend). Typically rates fall on bad news, and rise on good...
Friday, January 13, 2012 - 4:17pm
As if we didn’t already pay enough in the way of taxes, beginning January 16, 2012 we will have another to contend with, that being the G-fee hit ordered by Congress and the FHFA with respect to pricing adjustments. For those of you who are not aware of what this means for you as lenders, begin checking out the rate sheets from your investors next week and you will quickly realize that this...
Friday, January 13, 2012 - 4:16pm
With several mortgage loan types available, borrowers are often confused as to what type is the best one for them to choose. It is important that the lender be knowledgeable enough to point out the differences of each type in order to show which is best suited for the individual borrower’s circumstances. In many instances, FHA mortgages may be the best choice when considering the benefits that...
Friday, January 13, 2012 - 4:03pm
Annual Federal Housing Administration reverse mortgage premiums could stand to rise following the passage by Congress of the payroll tax cut extension that took place in December. Just in time for Congress’s holiday recess, the tax cut extension passed, providing for anextension of the Social Security tax cut of 4.2% (initially set at 6.2%). The extension will in part be paid for by increasing...
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Recent Mortgage News
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Los Angeles TimesUS unveils new strategic plan for Fannie Mae and Freddie MacLos Angeles TimesThe Federal Housing Finance...
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Fri, February 17th, 2012
Confusion is common when it comes to gift documentation requirements between conventional and government loan types. Below I’ve summarized donor, gift letter and documentation requirements for each...
Fri, February 17th, 2012
The Consumer Finance Protection Bureau (CFPB) has been busy. The Bureau was created by congress and officially started business in July 2011.
Need FHA Training? CLICK HERE: http://www.FHA-Classes....
Fri, February 17th, 2012
There is no doubt that one of FHA’s most attractive benefits is the FHA Streamline Refinance. These were designed by FHA to be easy, fast and without any tedious underwriting that would threaten or...
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