Mortgage Underwriting News for November 2011

Mortgage Rates: Consistent Low Mortgage Rates Help Increase Purchase Applications

Wednesday, November 23, 2011 - 8:07pm

Consistent low mortgage rates have helped increase purchase applications for the week ending November 18th. According to the Mortgage Banker’s Association, while refinance applications were down, applications for purchases increased. Purchasing a home at this time continues to be a bargain with low home prices and mortgage rates that have remained at all time lows. Today’s 30 year fixed mortgage...

Categories: FHA Weekly Update, FHA News Editor

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Higher Loan Limits Reinstated for FHA Mortgages

Wednesday, November 23, 2011 - 8:06pm

On Friday, November 18th, President Obama signed into law a bill that reinstated higher loan limits for FHA (Federal Housing Administration) mortgages. On October 1st, all loan limits for conforming loans and FHA loans were reduced to $625,500 in high cost areas. The new loan limit for FHA became effective immediately on Friday and will remain in effect through 2013. This same loan limit increase...

Categories: FHA Weekly Update, FHA News Editor

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A Hidden Gem

Friday, November 18, 2011 - 8:19pm

Are you aware that there is a zero down program available? And no, it isn’t VA. The USDA offers the Rural Housing Loan Program that is available to mid and low income persons in rural area. They accomplish this through two programs, the direct program for low income housing options and the guaranteed program which offers home owners Conventional, FHA and VA financing options through many lenders...

Categories: FHA-VA Loans, Theresa Furzland

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The Importance of a Thorough 1003- Part One of Three Part Series

Friday, November 18, 2011 - 8:19pm

It all starts with the loan application and quite frankly, if the 1003 isn’t thorough and accurate from the get-go, it can stop your file dead in its tracks once it hits underwriting. From an underwriting standpoint, nothing is as important as a complete and accurate loan application because the 1003 is the window to the file; it’s the “book” that tells the story. Need FHA Training? CLICK HERE:...

Categories: Loan Processing, Stacey Sprain

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FHA might need a bailout

Friday, November 18, 2011 - 8:17pm

If the housing market doesn’t rebound next year, agency may need as much as $43B. There might yet be another casualty in the real estate market: the Federal Housing Administration. With home prices still seeking their bottom, the federal agency that insures more than $1 trillion in mortgages faces a nearly 50 percent chance that it could need a taxpayer bailout next year, according to a...

Categories: FHA Weekly Update, FHA News Editor

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Personal Responsibility

Friday, November 11, 2011 - 7:40pm

I have had it, really. Yesterday I read the tweet from Chef Mario Batali regarding the banking industry which compared bankers to Hitler and Stalin. As one that would consider themselves a banker, credit officer and underwriter, I take extreme offense to the comment particularly when it comes from someone who during the normal course business, charges $300.00 for a truffle tasting menu at his own...

Categories: Bonnie Wilt-Hild, Mortgage Underwriting

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FHA Modifications See Improvements In Offers For Homeowners In Latest Treasury Information

Friday, November 11, 2011 - 7:38pm

Homeowners who are looking for specific help from the FHA Federal Home Loan Mortgage case and program may find that this particular form of HAMP assistance is beneficial for their situation as, obviously, reduced payments can be greatly helpful when certain forms of financial distress or problems in the lives of homeowners may have arisen as a result of financial setbacks, unemployment, or health...

Categories: FHA Weekly Update, FHA News Editor

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Credit Examinations Are Required For FHA Mortgages

Friday, November 11, 2011 - 7:37pm

Although FHA mortgages have easier credit qualifications, credit examinations are still required for FHA mortgage approval by an FHA underwriter. This is usually the part of the FHA mortgage process that can become frustrating for borrowers since it can often require a lot of communication between them and the lender that may result in further documentation. Considering the benefits that FHA...

Categories: FHA Weekly Update, FHA News Editor

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Something Positive from the Allied Mortgage Debacle

Friday, November 4, 2011 - 7:37pm

Something happened this week and it was big enough that I’m sure you’ve heard or read about it unless you’ve been camping out under a rock. Let me say this- Allied Home Mortgage. So you’ve heard? Need FHA Training? CLICK HERE: http://www.FHA-Classes.org I can only imagine the water cooler conversations that have taken place in the past few days since the announcements were made of federal suits...

Categories: Loan Processing, Stacey Sprain

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Ownership – Occupy

Friday, November 4, 2011 - 7:35pm

In light of the Interagency Review that was released in April of this year, I have been spending a large amount of my time lately researching the foreclosure examination process and refreshing my knowledge of the regulations and laws that we in the mortgage industry live and breathe every day. I am doing this in preparation to teach the Mortgage U Certified Foreclosure Examiner course and as I...

Categories: FHA-VA Loans, Theresa Furzland

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FHA Suspends Allied Mortgage Corp., Cracks Down on Branch Violations

Friday, November 4, 2011 - 7:30pm

The Department of Housing and Urban Development’s Mortgage Review Board has suspended Houston-based Allied Home Mortgage Corporation and its company CEO for violating Federal Housing Administration requirements and concealing those violations. Ginnie Mae has also suspended the company from issuing mortgage-backed securities. “We will not tolerate mortgage lenders who play fast and loose with FHA’...

Categories: FHA Weekly Update, FHA News Editor

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FHA Suspends Allied Mortgage Corp., Cracks Down on Branch Violations

Friday, November 4, 2011 - 7:29pm

Categories: FHA Weekly Update, FHA News Editor

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