Mortgage Underwriting News for July 2010
Thursday, July 29, 2010 - 2:56pm
Monday, August 2, 2010
Written By: Bonnie Wilt-Hild
Senior FHA DE Underwriter & Instructor for FHA Online University
As we continue to become a lending industry mitigated with financial reform, we continue to question the usefulness of technology tools that perpetuated the abandonment of underwriting and lender responsibility, where overall mortgage risk assessment is concerned. The sway in...
Thursday, July 29, 2010 - 2:44pm
Monday, August 2, 2010
Written By: Stacey Sprain
Certified Ambassador Loan Processor (CALP)
Definition: Proposed Construction
These are properties pre-approved for mortgage insurance prior to the beginning of construction, defined as the first placement of concrete or other permanent materials. This means that the DE Statement of Appraised Value or Early Start letter has been issued by the DE...
Thursday, July 29, 2010 - 2:03pm
Monday, August 2, 2010
Written By: Gail Foster
I read Bonnie’s blog from Monday and just burst out laughing. Bonnie and I have been friends for about six years and have spent many a night sitting across the table with a beer, discussing the mortgage industry. She was an underwriter and then, I was a loan officer. When I had a difficult loan, she was my best friend, giving me input and...
Thursday, July 29, 2010 - 1:53pm
Monday, August 2, 2010
FHA Breaking News
In an effort to further protect homeowners from abusive or unfair lending practices, the Federal Housing Administration's Mortgage Review Board announced a large number of administrative actions that would be taken against FHA-approved lenders for noncompliance with the organization's rules. To date, 1,500 actions have been taken against such lenders...
Thursday, July 29, 2010 - 1:48pm
Monday, August 2, 2010
FHA Breaking News
In a speech in Washington Wednesday, Williams trumpeted Fannie's stronger book of business and described a "new realism" in the U.S. housing market in which it takes longer to get a mortgage loan and a smaller share of people are able to become homeowners. "A solid majority of renters assume it will be tougher for their kids to buy a home--and they're...
Thursday, July 29, 2010 - 1:43pm
Monday, August 2, 2010
FHA Breaking News
Today, the Obama Administration announced expanded opportunities for public engagement on the future of our nation’s housing finance system, including Fannie Mae and Freddie Mac. These events, which will include a major conference in Washington, D.C., will help provide critical public input as the Administration continues its work developing a...
Thursday, July 29, 2010 - 1:33pm
Monday, August 2, 2010
FHA Breaking News
Condominium owners who are trying to sell in today's agonizingly slow housing market should make sure that their community is on the Federal Housing Administration's approved list. Ditto for someone who is thinking about refinancing a condo. Under a little-noticed edict put in place in December, the FHA is no longer approving mortgages on condominium units...
Tuesday, July 27, 2010 - 11:04am
FINS.com
By Sindhu Sundar
July 21, 2010
"So You Want To Be An Underwriter" Banks and lenders across the country are casting their nets to try to find qualified mortgage loan underwriters -- there's a demand for around 5,000 in the immediate future. But there's a catch: Banks are having trouble finding them. In the wake of the subprime mortgage crisis, qualifications for mortgage underwriters have...
Friday, July 23, 2010 - 2:54pm
When origination staff hears the words financial reform, it generally evokes a groan signifying that things just got a little more difficult where qualifying a borrower is concerned. On the other hand, there is underwriting sounding off with a sigh of relief because finally FHA and company will put into writing what underwriters have fought to put into practice for the past 3 years and that is...
Friday, July 23, 2010 - 11:43am
Certified Ambassador Loan Processor (CALP)
Definition "Under Construction" Property
These are properties in which the first placement of concrete or other permanent materials has begun, but construction is not yet 100% complete.
Note-Any time an Early Start Approval Letter is present within the loan file, construction status must be treated as proposed construction.
High Ratio Loan- LTV >90...
Friday, July 23, 2010 - 11:31am
I don’t know about you but it just seems to go from bad to worse. May home sales statistics were the slowest ever and June doesn’t seem much better. I have seller’s listing their homes hoping that low interest rates will give pop to the market and buyers are just taking their time. We haven’t recovered from the loss of the tax credit and now FHA is changing the closing costs parameters for...
Friday, July 16, 2010 - 2:35pm
We know they are allowed under most circumstances, but in reality, allowing non occupant co borrowers for qualifying purposes is as risky as judging the distance to your vacation destination by the number of beers you drink on the way. It seems that more and more of the files being submitted for underwriting, rather purchase or refinance transactions, are being submitted using non occupant co...
Friday, July 16, 2010 - 12:43pm
Definition: Existing Construction < 1 year old from Certificate of Occupancy Issue Date
These properties are 100% complete at the time of appraisal. "Complete" means everything is complete including the installation of buyer preferences (flooring, appliances, etc.), utilities are on and fully functioning and all site improvements completed at the time of appraisal (Ready for Occupancy). If no...
Friday, July 16, 2010 - 12:34pm
Summer’s here, seems like everybody’s on vacation and the real estate market is slow. Now is the perfect time to start building business for the future. I remember when I was a loan officer that there were certain times of the year that loan production dropped. Being a commission only employee made those times difficult, I’d look hard for a new loan program to promote or a new market to...
Friday, July 9, 2010 - 4:39pm
As I am sure everyone is aware, just about every lender out there is utilizing 3rd party tax transcripts for all mortgage transactions. When we began to utilize the service there were generally limited to self employed borrowers, however, over the past year or two most lenders have determined that they were a very useful tool when trying to detect income fraud. I personally have found them to be...
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