Mortgage Underwriting News in Mortgage Underwriting
Thursday, January 26, 2012 - 7:04pm
In press release 12-010 dated Friday, January 20, 2012 FHA announced their intention to take additional steps to limit risk and strengthen the finances of the agency. These changes, it was stated, would help FHA better manage risk while maintaining support for the housing market and access for qualified borrowers. Included in these changes would be new regulations which strengthen the process by...
Friday, January 13, 2012 - 4:17pm
As if we didn’t already pay enough in the way of taxes, beginning January 16, 2012 we will have another to contend with, that being the G-fee hit ordered by Congress and the FHFA with respect to pricing adjustments. For those of you who are not aware of what this means for you as lenders, begin checking out the rate sheets from your investors next week and you will quickly realize that this...
Friday, December 30, 2011 - 3:59pm
It wasn’t long ago, or at least it doesn’t seem so, that people employed in the mortgage industry were considered mortgage bankers or mortgage professionals who possessed a certain skill set where banking and finance were concerned that labeled these individuals as professionals. During these times, mortgage bankers or professionals wore suits and ties to work, for the ladies it was skirt suits,...
Thursday, December 22, 2011 - 7:35pm
In a new twist to the never ending saga of new things to watch for in the mortgage industry is investor audits of older loans that have now gone into default. That’s right forget reps and warranties, it seems that every investor is now auditing any older loans that have since gone into default and to some degree inventing reasons why the loan should be repurchased my the original lender. Most of...
Friday, December 9, 2011 - 4:46pm
Once upon a time there lived young women who, during a down turn in employment, embarked upon a career adventure that would ultimately become a life changing event. Having limited job skills, she accepted employment as a loan processor for a small Savings & Loan in Maryland. This experience was quite unique as the only job skills she possessed were those that one might acquire working...
Friday, November 11, 2011 - 6:40pm
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...
Friday, October 28, 2011 - 11:22pm
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...
Friday, October 14, 2011 - 6:25pm
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...
Friday, September 16, 2011 - 6:24pm
These days it seems as though the rules never stop changes where the preeminent mortgage programs are concerned, those of course being Conventional, FHA and VA, but it’s always nice when the change is something for the better and today I have the pleasure of delivering the good news. Recent VA circular’s issued on September 8, 2011, more specifically Circular 26-11-12 are indicating a reduction...
Friday, August 19, 2011 - 5:25pm
When we think about government loan programs, most often the FHA and VA programs come to mind however there is another one, that being Rural Development. I know you have all heard of them but for some reason they seem to be a loan type that very few know anything about, so being in good form as I sometimes am, I thought I would share the specifics because these days, any program that a lender can...
Friday, July 15, 2011 - 4:37pm
Pretty recently I was having a conversation regarding homeownership opportunities for low to moderate income borrowers with an employee of a department of housing and community development agency within the city that I live. The conversation had begun during a discussion with respect to city owned properties and the liquidation of the same. During the discussion we had talked about the ways in...
Friday, July 1, 2011 - 3:38pm
Ok, so as I am sure most of you can imagine, I lay awake at night and think about mortgage programs, more particularly government lending programs because, quite simply put, they are the most useful. Of particular fame in my late evening dreams is the 203k, not just because the complexity of construction rehab intrigues me but also because of the sheer utility of the program overall. In realizing...
Friday, June 24, 2011 - 3:57pm
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...
Monday, June 13, 2011 - 2:44am
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).
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
One of those places happens to be the Press Room on the U....
Monday, June 6, 2011 - 12:00pm
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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Fri, February 17th, 2012
Confusion is common when it comes to gift documentation requirements between conventional and government loan types. Below I’ve summarized donor, gift letter and documentation requirements for each...
Fri, February 17th, 2012
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....
Fri, February 17th, 2012
There is no doubt that one of FHA’s most attractive benefits is the FHA Streamline Refinance. These were designed by FHA to be easy, fast and without any tedious underwriting that would threaten or...
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