Mortgage Underwriting News for June 2011
Friday, June 24, 2011 - 5:23pm
Our company, LendSmart Mortgage, is currently undergoing a software change that will allow us to be virtually paperless. I am of course an old dog, but in this business you have to be used to learning new tricks on a daily basis so I’m not really flustered. There are many wonderful things about this system but I also have some worries.
My main concern is not that the process really hasn’t saved...
Friday, June 24, 2011 - 4:57pm
Handling purchase transactions which involve bank owned foreclosure sales are not limited to merely standard bank owned properties, and as I am sure you will all agree, each of us have handled our fair share of FHA property disposition cases. As HUD continues to improve the incentives for homebuyers where the purchase of these properties are concerned, It is more important than ever, that we as...
Friday, June 24, 2011 - 4:45pm
Four face charges of using bogus records, fake college transcripts and a "phone tree" to get FHA loans. Four Twin Cities residents face racketeering charges in what Hennepin County Attorney Michael Freeman described Wednesday as "the next wave" in mortgage fraud schemes.
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To read the article, please visit: http://www.startribune.com/...
Friday, June 24, 2011 - 4:36pm
Following in the steps of Bank of America and Financial Freedom, another huge lender has announced that it will no longer sell reverse mortgages.
Wells Fargo says it’s leaving the reverse mortgage business. It will no longer sell home equity conversion mortgages (HECMs), reverse mortgages sold to those aged 62 and above and insured by the FHA. The company will continue to service current...
Friday, June 17, 2011 - 1:04pm
For those of us who have been in the mortgage business through all of the various booms both positive and negative, one thing’s for certain: None of us have ever seen anything like the past few years of change in the industry. Constant changes, major changes, changes to how we’ve always done business, form changes, licensing changes, compliance changes, payday changes, … and there’s clearly no...
Friday, June 17, 2011 - 12:57pm
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Community Associations Institute, the President of Institute of Real Estate Management, National Association of Home Builders, and National Association of REALTORS® jointly wrote a letter to the U.S. Department of Housing and Development suggesting several “enhancements” to the Federal Housing Administration’s condominium requirements.
To...
Friday, June 17, 2011 - 12:56pm
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All across the U.S., public housing authorities are gearing up for Father’s Day weekend. The U.S. Department of Housing and Urban Development is excited that approximately 200 agencies across the nation answered HUD’s call to host Father’s Day 2011events this Saturday– the day before the official Father’s Day – to celebrate fatherhood,...
Friday, June 17, 2011 - 12:53pm
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The Federal Home Loan Mortgage Corp. has helped millions of Americans buy and build homes over the past 40 years but on September 7, 2008, it took on what may be its biggest and most important construction project—re-creating a portfolio devastated by the mortgage crisis and, in the process, rebuilding its tattered reputation.
To read an...
Monday, June 13, 2011 - 5:53am
Appraiser regulations keep evolving, RESPA keeps reinventing itself, loan officer compensation is bringing forth major changes, FACTA has added what I consider to be ridiculous new disclosure requirements nobody really seems to fully grasp, licensing requirements continue expanding and evolving, credit rules continue to tighten, … when does it all end? Unfortunately for all of us, it doesn’t...
Monday, June 13, 2011 - 3:44am
I have decided that it just does not pay to be nosy. As you can imagine, by that statement alone, I do have a tendency to stick my nose in places it really doesn’t belong simply because it’s interesting and of course, because it doesn’t belong there (call it my rebellious streak).
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One of those places happens to be the Press Room on the U....
Monday, June 13, 2011 - 3:40am
I sat down at my computer tonight and thought I’d see how many acronyms I could rattle off the top of my head. Here is my 10 minute effort: (and if you know what they all stand for – you’ve been in this business too long!)
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RESPA TILA GFE GSE FACTA FNMA FHLMC FHA VA USDA RD CD REO DOM LTV CLTV HCLTV DTI VOE VOM VOR VOD W2 1099 4506 URAR...
Monday, June 13, 2011 - 3:38am
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Late last week, the Mortgage Bankers Association sent a letter to Bob Ryan, acting commissioner of the Federal Housing Administration, urging that FHA permit the use of e-signatures for all mortgage forms required by the agency.
“E-signatures will reduce the volume of lost paperwork, reduce signature fraud, reduce the time required to...
Monday, June 13, 2011 - 3:36am
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
The subprime mortgage market is largely extinct, and this probably is a good thing. Partially filling the void left by subprime loans are Federal Housing Administration (FHA) loans and Veterans Affairs (VA) loans. Last week, I discussed features and advantages of FHA mortgages. This week, I’d like to talk about VA loans. Eligible active-...
Monday, June 13, 2011 - 3:25am
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The U.S. Department of Housing and Urban Development today awarded more than $31 million in grants to public housing authorities, resident associations and non-profit organizations across the U.S. to help public housing residents connect to services available in the community to find employment to increase their economic independence....
Monday, June 6, 2011 - 1:00pm
The 203k is a great program for any individual who wants to buy a handy man special or property being sold at foreclosure and fix it up, or a current homeowner who would like to complete some updates to their existing home however many lenders are still unwilling to offer the program.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
I am not sure if it is an overall lack of...
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