Mortgage Underwriting News for October 2011

Saturday, October 29, 2011 - 12:22am

Ok, so I have been in the mortgage industry for 25 years and I have to say, this end of the month has been the worst ever. Well maybe not the worst but it ran a very close second. More frightening is the fact that we didn’t close near the volume that we have closed in past months. My assessment as to why it all seemed so difficult has everything to do with a complete lack of organization, from...

Categories: Bonnie Wilt-Hild, Mortgage Underwriting

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New FHA certification rules hamper condo sales, refinancings

Saturday, October 29, 2011 - 12:20am

Is a little-publicized switch in federal mortgage policy causing huge problems for condominium sellers, buyers and homeowner association boards across the country — even depressing prices and blocking refinancings? Individual owners and realty agents are emphatic that the answer is yes. They say a series of rule revisions by the Federal Housing Administration has caused thousands of common-...

Categories: FHA Weekly Update, FHA News Editor

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Vulture Investors Buy Discounted FHA Loans

Saturday, October 29, 2011 - 12:19am

Four years after the housing bubble popped, 11 million homeowners owe more on their mortgages than their houses are worth. On the theory that easing the debt burden for those underwater borrowers would boost consumer spending and lift the overall economy, the U.S. government is experimenting with a program to sell delinquent loans to investors at a discount that encourages them to lower the...

Categories: FHA Weekly Update, FHA News Editor

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NAMU® Adds New Bank Foreclosure Examiner Certification

Monday, October 24, 2011 - 3:47pm

Washington, DC (PRWEB) October 21, 2011 The National Association of Mortgage Underwriters® (NAMU®) has added a new comprehensive Bank Foreclosure Reviewer Certification entitled: Certified Bank Foreclosure Examiner (NAMU®-CBFE). To help aid in the bank foreclosure review process, the National Association of Mortgage Underwriters® (NAMU®) has added a new proprietary "professional development"...

Categories: NAMU® Press Room, NAMU® Staff

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Carol Galante Nominated by Obama for Top FHA Post

Friday, October 21, 2011 - 7:26pm

President Barack Obama has officially sent his nomination of Carol J. Galante of Virginia to be an Assistant Secretary of the U.S. Department of Housing & Urban Development (HUD) to the U.S. Senate. In July, Galante was named Acting Federal Housing Adminstration (FHA) Commissioner and Assistant Secretary of Housing, replacing Robert C. Ryan, who moved on within the Department to become Senior...

Categories: FHA Weekly Update, FHA News Editor

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Just the Truth Please

Friday, October 14, 2011 - 7:25pm

Does it ever cease to amaze you how people can twist the facts with regards to almost any situation in order to achieve the results that would most satisfy them even if those results achieve no end. In this day of mass media and the information highway, articles and blogs can be placed on the internet in a matter of minutes and unfortunately, many of the authors of this information have no real...

Categories: Bonnie Wilt-Hild, Mortgage Underwriting

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Low FHA Mortgage Rates Available for FHA Streamline Refinances

Friday, October 14, 2011 - 7:24pm

As all mortgage rates have headed downhill, FHA has done quite well keeping competitive by offering low FHA mortgage rates. For existing homeowners who are paying off an FHA mortgage loan, there is a great tool to refinance for better terms. Low FHA mortgage rates are available for FHA streamline refinances which can be one of the easiest refinancing options to obtain. FHA goes a step further...

Categories: FHA Weekly Update, FHA News Editor

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FHA Home Affordable Modification Program Sees Improvements In Help Offered To Homeowners

Friday, October 14, 2011 - 7:23pm

Homeowners with an FHA-insured mortgage may find themselves in a position where payments are difficult to meet, and this is the case with a variety of homeowners in different situations, in terms of not only their financial distress but their mortgage servicer. However data that we have seen released here in the month of October has indicated that the FHA’s modification program within the Making...

Categories: FHA Weekly Update, FHA News Editor

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FHA Sweat Equity Making a Comeback

Friday, October 7, 2011 - 7:24pm

I learned about something recently that I’ve never dealt with before in all my years processing FHA loans. I’d heard the term “sweat equity” maybe once or twice over the past 20+ years but never actually had a transaction cross my desk that involved it. However, apparently sweat equity options are making a come back in certain areas of the country so I felt it important I dive in to gain a better...

Categories: Loan Processing, Stacey Sprain

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FHA Applications Perk Up Purchase Mortgages

Friday, October 7, 2011 - 7:22pm

Driven by a wave of FHA loans, applications for mortgages to purchase a home reached their highest level since May last week, but they still trail the 2010 application rate by more than 34 percent. Purchase application rates are good indicators of future sales, and the weekly uptick could indicate an improvement in demand that is still far below 2010 levels. The Mortgage Bankers Association's...

Categories: FHA Weekly Update, FHA News Editor

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