Mortgage Underwriting News in FHA-VA Loans
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, February 17, 2012 - 8:28pm
The Consumer Finance Protection Bureau (CFPB) has been busy. The Bureau was created by congress and officially started business in July 2011.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
They have set up a very user friendly website with spots for feedback from consumers and industry professionals.
In relation to the mortgage industry, the CFPB has proposed streamlining...
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...
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...
Friday, July 8, 2011 - 4:28pm
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.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org...
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...
Monday, May 9, 2011 - 8:26am
Yes, it is, grim that is, and I am not referring to Wilhelm & Jacob Grimm. But just as they composed those fairy tales in the 1800’s, representing what might have been described as the capricious and cruel reality of daily life for most Europeans of that time, we to continue to face a housing and mortgage market that can also be described capricious. Unlike the tales of Brothers Grimm however...
Friday, April 29, 2011 - 11:53am
We are a forward looking people, and so I’ve recently asked if we can predict what the mortgage industry is going to look like a year from now. With the multitude of changes we have endured and have yet to look forward to, can we even make a guess? Is there any reason to be optimistic?
Just since the start of 2011 we have adjusted to the revised TILA, new LO compensation rules and another FHA...
Friday, February 11, 2011 - 11:52am
Recently I have been reflecting on my life and have realized that in the 25+ years I have been in this business, I have acquired a very unique set of perspectives and am going to share them with you over the next couple of weeks.
First, I should clarify that when I say 25+ years, I really mean a lifetime. My father’s family has been in the real estate business for generations and both he and his...
Friday, January 14, 2011 - 11:18am
Economic times are difficult. Home sales are down. There are many sellers and few buyers. In fact, when you discuss the opportunities for home ownership, most just shake their heads and say they doubt they’ll qualify. We live in the land of opportunity and the American Dream is becoming a nightmare. There is not just one answer that will bring recovery, we must be diligent on many fronts if we...
Friday, January 7, 2011 - 3:20pm
Strong word revolution and I am seeing it everywhere. The dawning of something new and powerful that has profound effects on certain aspects of our daily lives. Revolution has been with man since the dawn of time and has had both positive and negative effects on perceived acceptable behavior none of which we as individuals unanimously agree upon but often times accept as the norm. Sometimes, it...
Friday, November 19, 2010 - 12:40pm
After spending the last month reviewing guidelines, laws, regulations, acronyms, agencies and rules in preparing for my NMLS testing, I realized something.
We have technology to assist us at every stage of the process, from pre approval automated underwriting systems, to on line manuals, guidelines and high speed transfer of data. We have regulations, new laws and it seems a new form to add to...
Friday, October 22, 2010 - 1:25pm
The recent mess with the foreclosure paperwork (or lack thereof) can serve as a reminder to all of us about the importance of due diligence and complete and accurate loan files and not to let automation make us complacent.
The word of the day is data integrity. While many want to point blame at the Mers system for the confusion and lack of documentation that is currently making lenders worst...
Thursday, October 14, 2010 - 11:19am
When the FEDERAL Housing Administration (FHA) changes its multifamily programs—some of which have remained untouched for 40 years—the agency doesn’t fool around. As expected, in July, the FHA tweaked underwriting standards for its new construction and refinancing programs, making it tougher for market-rate deals to pencil out.
To read the entire article, please visit : http://www.housingfinance....
Friday, September 24, 2010 - 1:44pm
I don’t know about you but it just seems to go from bad to worse. May home sales statistics were the slowest ever and June doesn’t seem much better. I have seller’s listing their homes hoping that low interest rates will give pop to the market and buyers are just taking their time. We haven’t recovered from the loss of the tax credit and now FHA is changing the closing costs parameters for...
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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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