Mortgage Underwriting News for February 2011
Friday, February 25, 2011 - 3:07pm
Last week, I received another update from another investor, further tightening requirements for Conventional and FHA mortgage loan types. These types of overlays have become pretty standard in the industry. Most recent, this investor has increased the waiting period where bankruptcies and foreclosures are concerned across the board to 7 years. That is 5 years longer than FHA or VA require per...
Friday, February 25, 2011 - 12:24pm
This week I am going to take a look at our business from the operations perspective.
In the 25 years that I have been in mortgage financing, I have actually only once been a processor (officially) and that was just one summer. I have never held the position of underwriter either. I have taken a few courses on underwriting, and have processed quite a few loans. As a Loan Officer, in the past I...
Friday, February 25, 2011 - 12:12pm
HUD’s recently issued Mortgagee Letter 2011-10 finally communicated some important information I have long been waiting for. One should never request an FHA case assignment without a complete and active loan application at hand from the borrower(s) and property for which the case assignment is being requested.
As obvious as this statement may seem to some of us, this has been an ongoing debate...
Friday, February 25, 2011 - 12:00pm
Wells Fargo & Co. has dramatically lowered credit score requirements for Federal Housing Administration (FHA) mortgages, the first major lender to do so following pressure from the agency and housing advocates.
Beginning last month, Wells began accepting applications in its retail branches for FHA loans from borrowers with FICO scores as low as 500. Previously, it required a score of at least...
Friday, February 25, 2011 - 11:35am
During testimony before the House subcommittee last week, David Stevens, FHA Commissioner, said bringing private capital back into the mortgage markets is a critical component to further recovery of the broader economy.
“This administration believes that the current level of government support for housing finance is unsustainable and unacceptable for the permanent state of this market because it...
Friday, February 25, 2011 - 11:33am
FEDERAL Housing Administration mortgages, the government-insured loans that have surged in popularity in recent years, will be getting slightly more expensive this spring.
The F.H.A. announced this month that it was raising the annual mortgage insurance premium for borrowers by a quarter of a percentage point — to 1.1 or 1.15 percent of the loan amount for 30-year fixed-rate loans, and 0.25 or 0....
Friday, February 18, 2011 - 2:56pm
In today’s real estate environment, Purchase transactions that involve bank owned properties are pretty common. Often these cases are originated under the FHA 203k mortgage insurance program due to the overall condition of the property and the need for the completion of certain repairs which are required for the property to meet HUD minimum property standards. Typically, if the repairs are...
Friday, February 18, 2011 - 1:59pm
( Source: From the Desk of the FHA Commissioner) – On February 14, I announced a new premium structure for FHA single-family mortgages, increasing the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30-year and 15-year loans.
It is important for everyone in the industry to understand the reason for this action.
After careful consideration and analysis, we...
Friday, February 18, 2011 - 1:32pm
As I promised (or forewarned) last week, in the next few weeks I am going to take a look at this wonderful world of mortgage financing from a few different perspectives that I’ve had the opportunity to experience.
The first point of view that I would like to present is that of the closing and post closing positions. I do this for two main reasons. First, because I learned the business “...
Friday, February 18, 2011 - 1:29pm
It’s that time of year again. It’s time for questions on tax filing, self-employed income qualifying and transcript documentation requirements to start rolling in. This is something we all deal with annually but it never seems to get any easier from year to year. It seems that nearly all lenders require some form of validation of qualifying income directly from the IRS nowadays whether it be in...
Friday, February 18, 2011 - 1:23pm
Congress should give the Federal Housing Administration more power to adjust fees and recoup losses on bad loans, Commissioner David Stevens said.
In testimony prepared for a hearing of the House Financial Services Committee today, Stevens said the FHA currently has authority to go after some large-volume lenders to recoup losses on loans that were fraudulently or improperly originated. That...
Friday, February 18, 2011 - 1:22pm
President Obama's proposed budget includes $41.74 billion for the Department of Housing and Urban Development, about $1.1 billion less than what was enacted by Congress for fiscal 2010.
Programs designed to help the homeless and those in need of rental assistance got the biggest boost in this budget. The administration proposed roughly $2.3 billion for Homeless Assistance Grants, up from the $1.9...
Friday, February 11, 2011 - 1:37pm
By now, those of you who read my posts have had some time to mull over last week’s comments regarding common sense, or the lack thereof, in the mortgage industry. As I said then, and will say again, nobody seems to think anymore. These days getting any loan funded by a selected investor is virtually impossible either due to subjective analysis of the file or credit overlays which they seem to...
Friday, February 11, 2011 - 12:05pm
Since the housing market collapsed, mortgage lending to African-Americans and Latinos has plunged by more than 60 percent, according to a new study of loan information that banks submit to the federal government. Together, African-Americans and Latinos were able to borrow 62 percent less to buy or refinance homes in 2009 than in 2004, before the market crashed, the computerized analysis found....
Friday, February 11, 2011 - 12:00pm
For the first time ever, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) today published the most authoritative analysis of the extent and nature of homelessness among American veterans. According to HUD and VA’s assessment, nearly 76,000 veterans were homeless on a given night in 2009 while roughly 136,000 veterans spent at least one...
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