Mortgage Underwriting News from NAMU
Friday, May 18, 2012 - 2:04pm
Thousands of condo unit owners and buyers around the country could soon be in line for some welcome news on mortgage financing: Though officials are mum on specifics, the Federal Housing Administration is readying changes to its controversial condominium rules that have rendered large numbers of units ineligible for low down-payment insured mortgages. The revisions could remove at least some of...
Friday, May 18, 2012 - 2:02pm
FHA mortgage rates have been steadily falling. Unfortunately, the FHA mortgage insurance rates have not. Today's FHA homeowners pay up to 1.50% in annual mortgage insurance premiums -- triple the rates that FHA-backed homeowners paid just 4 years ago. For new FHA homeowners -- the ones using the FHA's low downpayment mortgage program, for example -- the FHA's rising mortgage insurance rates are a...
Friday, May 11, 2012 - 3:26pm
If you’re thinking about applying for a mortgage loan from the Federal Housing Administration – or refinancing your current loan – you may soon have a new roadblock. If you owe more than $1,000 in debt that’s in collection, an FHA loan will be off limits to you starting this summer, due to a controversial new rule that goes into effect July 1. Postponed since original start date of April 1, the...
Friday, May 4, 2012 - 3:56pm
FHA loans are well-known for helping families of modest financial means buy a home. Since the home mortgage crisis, the FHA has tightened up some rules. But for many home buyers, FHA loans are still the most surefire way to finance a purchase. The loan limits for single-family homes range from $417,000 in most parts of the country to as high as $729,750 in high-cost regions such as New York and...
Friday, May 4, 2012 - 3:52pm
Effective April 1, 2012, Federal Housing Administration (FHA) loan credit reports must be free of most credit account disputes. One of the requirements of FHA Mortgagee Letter 2012-03 is that buyers must resolve any outstanding credit disputes of more than $1,000 on their credit report if that dispute is less than two years old. Consequently, paying down balances on disputed accounts and...
Friday, April 27, 2012 - 4:23pm
With FHA announcing streamline refinance opportunities with record low MIP for borrowers whose current FHA loan was endorsed prior to June 1, 2009, we can expect to see a big pickup on FHA streamline refinance loans after the June 11th reduced MIP effective date. This gives us a short window of opportunity to get ourselves re-acquainted with streamline refinance guidelines.
Need FHA Training?...
Friday, April 27, 2012 - 4:22pm
HARP 2.0 and the expanded FHA guidelines have been generating a massive increase in the number of credit inquiries. Titan List & Mailing Services, Inc., discusses how mortgage marketers are using triggers from credit inquiries to target HARP and FHA prospects. The demand for mortgage triggers skyrocketed within the last few weeks due to the buzz created by HARP 2.0 and the expanded FHA...
Friday, April 20, 2012 - 6:58pm
Jeremy Radack, a real estate attorney who works with Texas builders to obtain mortgages for buyers, recently got a glimpse of what a proposed FHA rule change would mean to his business. "We saw about a 30 percent to 35 percent decrease in sales," said Radack. Starting April 1, FHA implemented a new rule that prevented mortgage applicants with $1,000 or more in disputed collections accounts from...
Friday, April 20, 2012 - 6:57pm
In recent years, many borrowers have opted to negotiate a short sale with their lender in lieu of foreclosure of the property. A short sale occurs when the property is sold for less than what is owed on the existing mortgage. At some point after this happens, borrowers are often in a better position to purchase another home. In these cases, know that securing an FHA mortgage after a short sale...
Friday, April 13, 2012 - 7:57pm
My son and I have recently been having a recurring conversation regarding the benefits and down sides of technology. He is a music/computer science major and I find it interesting how it is a natural inclination for him to combine these two subjects.
He asked me today “What was it like before computers?” I at first thought he was being a Smart A but he was genuinely curious. The inquiry has...
Friday, April 13, 2012 - 7:56pm
When it comes to homeownership, FHA mortgages have certain residency requirements for all borrowers, both citizens and immigrants. Immigrants are not excluded from purchasing a home provided they meet the criteria that is established by the Federal Housing Administration. Since citizenship is not required, there are guidelines for FHA insured mortgages for immigrants which help lenders to...
Thursday, April 12, 2012 - 3:14pm
By Andrea Murad
FOXbusiness.com
April 10, 2012
... Be prepared. Lenders generally want to see three to 12 months of a borrower’s paystubs to verify income and employment, one to three years of a borrower’s tax returns and W-2s, and up to 12 months of a borrower’s bank statements to verify assets, says Reed Piano, managing director at the National Association of Mortgage Underwriters.
Self-...
Thursday, April 12, 2012 - 3:07pm
By Fred Lucas
CNSnews.com
March 7, 2012
... Underwriting is generally done for both initial mortgages and refinancing, said Reed Piano, managing director of the National Association of Mortgage Underwriters. He said the normal mortgage underwriting process checks “employment verification, income verification, analysis or thorough examination of a borrower’s creditworthiness based on a lender’s...
Thursday, April 12, 2012 - 3:01pm
By CYNTHIA ANDERSON, Correspondent
HeraldTribune.com
December 16, 2011
Reed Piano wants you to know that mortgage underwriters aren't bogeymen.
As managing director of the National Association of Mortgage Underwriters, Piano contends that underwriters get a bad rap as nit-pickers who look for any reason to turn down a loan package.
"You don't get rogue underwriters who come in with their own...
Friday, April 6, 2012 - 7:50pm
I am going to share a story of very recent origin which involves someone quite close to me and unfortunately is entirely true. I am hoping that by sharing this, it will bring light to some of the seedier business practices occurring today while also making people aware that there is recourse against lenders who consistently leave behind ethical practices in favor for business practices that...
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Fri, May 18th, 2012
Thousands of condo unit owners and buyers around the country could soon be in line for some welcome news on mortgage financing: Though officials are mum on specifics, the Federal Housing...
Fri, May 18th, 2012
FHA mortgage rates have been steadily falling. Unfortunately, the FHA mortgage insurance rates have not. Today's FHA homeowners pay up to 1.50% in annual mortgage insurance premiums -- triple the...
Fri, May 11th, 2012
If you’re thinking about applying for a mortgage loan from the Federal Housing Administration – or refinancing your current loan – you may soon have a new roadblock. If you owe more than $1,000 in...
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