About The Author

Stacey Sprain - As one of NAMU's® volunteer writers, Stacey Sprain is currently a NAMP member in good standing and is a NAMP Certified Ambassador Loan Processor (CALP). If you would like to become a volunteer writer for NAMU®, please email us at: blog@mortgageprocessor.org.

Though all of today’s technological improvements allow lenders a better opportunity to validate loan application information for loan applicants, such advances have also increased the risk for identity theft with so much personal data moving through so many extra portals and moving through so many extra pairs of hands. Let’s think about it. We take loan applications that contain social security numbers, address information, birthdates and account information.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

FHA News Editor - Here we post articles each week on FHA/VA Government news.

After announcing during his State of the Union address a new government refinance program for, "responsible" but "underwater" borrowers with privately held mortgages, President Obama is expected to detail the plan today. It will go through the government mortgage insurer, the Federal Housing Administration (FHA) and could cost between $5 billion and $10 billion dollars, according to senior administration officials. The cost of the program, officials say, would be covered by a tax on major lenders, which is likely to make it a no-go in Congress.

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SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

Bonnie Wilt-Hild - As an NAMU® staff writer, Bonnie serves as a senior instructor for FHA Online University as well maintains a full-time underwriter job as Senior FHA DE Underwriter for a major banking institution. If you're interested in becoming a writer for NAMU®, please email us at: blog@mortgageprocessor.org.

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 which FHA requires certain lenders to indemnify the U.S.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

FHA News Editor - Here we post articles each week on FHA/VA Government news.

In Honolulu, on the southern coast of the island of Oahu, there’s a four-bedroom home priced at $785,000 that has views of the sun setting over the Pacific Ocean. The beaches of Waikiki are 15 minutes away. Starting this month, the property is available to buyers with a subprime credit score, limited cash reserves and a 3.5 percent down payment using a loan backed by the Federal Housing Administration. Without the agency, a buyer would need a 20 percent down payment and an unblemished financial history for a jumbo mortgage.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

FHA News Editor - Here we post articles each week on FHA/VA Government news.

The Federal Housing Administration (FHA) has issued a final rule regarding its efforts to strengthen the Mutual Mortgage Insurance (MMI) Fund by tightening Lender Insurance requirements. Its plans to enact more stringent lender performance standards were reaffirmed earlier this month, and now the new regulations have been posted on the FHA’s website and will soon be published in the Federal Register.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

Stacey Sprain - As one of NAMU's® volunteer writers, Stacey Sprain is currently a NAMP member in good standing and is a NAMP Certified Ambassador Loan Processor (CALP). If you would like to become a volunteer writer for NAMU®, please email us at: blog@mortgageprocessor.org.

One of the things I like to do at the start of each New Year is provide what I refer to as my lists of “freebies.” These are lists of websites and resources that have helped me over the years in one way or another and that often provide ongoing information that is helpful and informative on an ongoing basis. With USDA 100% financing being such a high demand product in today’s market, this week I offer my list of favorite USDA resources. These are websites and resources that I have saved to my internet favorites list as well as desktop icons that I access frequently.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

FHA News Editor - Here we post articles each week on FHA/VA Government news.

Last week saw mortgage rates set new all-time lows once again, according to Freddie Mac’s Primary Mortgage Market Survey. This is most likely a result of negative news regarding European debt, because recent U.S. economic data has been fairly strong (although last weeks’ initial unemployment figures and retail sales reports bucked this trend). Typically rates fall on bad news, and rise on good news, so the uncertainty surrounding the European debt problems has been a boon for borrowers.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

Bonnie Wilt-Hild - As an NAMU® staff writer, Bonnie serves as a senior instructor for FHA Online University as well maintains a full-time underwriter job as Senior FHA DE Underwriter for a major banking institution. If you're interested in becoming a writer for NAMU®, please email us at: blog@mortgageprocessor.org.

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 equates to an approximate increase in pricing of .50 basis points on most all conforming conventional (including high balance) loans.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

FHA News Editor - Here we post articles each week on FHA/VA Government news.

With several mortgage loan types available, borrowers are often confused as to what type is the best one for them to choose. It is important that the lender be knowledgeable enough to point out the differences of each type in order to show which is best suited for the individual borrower’s circumstances. In many instances, FHA mortgages may be the best choice when considering the benefits that FHA offers to consumers. Many people think that obtaining FHA mortgages is too troublesome because additional paperwork is often required.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)

About The Author

FHA News Editor - Here we post articles each week on FHA/VA Government news.

Annual Federal Housing Administration reverse mortgage premiums could stand to rise following the passage by Congress of the payroll tax cut extension that took place in December. Just in time for Congress’s holiday recess, the tax cut extension passed, providing for anextension of the Social Security tax cut of 4.2% (initially set at 6.2%). The extension will in part be paid for by increasing guarantee fees charged to lenders by Fannie Mae and Freddie Mac. Additionally, under the legislation, FHA is required to hike annual premiums for 10 years, thus strengthening the FHA insurance fund.

SOURCE: Published by NAMU® Publishing Group, a division of the National Association of Mortgage Underwriters (NAMU) (http://www.mortgage-underwriters.org)