The Federal Housing Finance Agency (FHFA) has proposed a new mortgage product it hopes will give homeowners a way to tap into home equity without surrendering the low rates they locked in the last several years. The agency sent a notice of a proposed new product to the Federal Register, which would enable Freddie Mac to purchase single-family closed-end second mortgages.
The transition from a three credit report requirement to two reports — known as bi-merge credit reporting — for single-family loans acquired by Fannie Mae and Freddie Mac has faced its share of obstacles. Another potential roadblock to this change was introduced last week.
In case you weren’t aware, 2024 is a presidential election year. That means the usual campaigning and debating is ramped up many times beyond the usual rhetoric of non-election years. Though not as prevalent as other political topics, the housing and mortgage industries are not immune from legislators and policymakers trying to score political points.
President Joe Biden made housing and mortgages a key topic in his State of the Union speech last week, proposing a number of tax credits and proposals to help create more supply and improve affordability. While the President’s housing proposals received mostly positive feedback, one idea met with resistance.
Mortgage and housing experts continue to raise their optimism about the industry in 2024. That includes Fannie Mae. The company’s Economic and Strategic Research Group said last week that existing home sales and single-family housing starts are expected to grow modestly in 2024 amid lower mortgage rates and strengthening homebuyer sentiment.
What impact will President Donald Trump have on mortgage processors and underwriters over the next four years or more? The answers may be as unpredictable as his campaign and as surprising as his victory on Election Day...
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Periodically the United States Department of Housing and Urban Development (HUD) and other organizations keep tract of the housing industry. When the numbers are up that is usually an indication that the mortgage industry will increase or decline.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Typically the mortgage industry slows down after we move out of the holiday season and into the first few months of the year. Business may not start to pick up until mid-spring or early summer. We can utilize this time to clean house and sharpen our skills in preparation for the next busy season.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Anyone that has been in the mortgage industry for a long while remembers the “wild west” of mortgage lending. During this time we had all kinds of exotic mortgage programs. Literally, if a prospective borrower had a body pulse he was able to purchase a home.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
When reviewing a credit report for a mortgage loan where you find derogatory credit on the credit report always find out what contributed to the derogatory credit. Loan applicants that can provide evidence that the derogatory credit was due to loss of employment or other extenuating circumstances as defined in Mortgagee Letter 2013 – 26 can obtain mortgage financing sooner than later than other applicants with the same derogatory credit.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
This business has its fair share of setbacks at times and many of us have rolled with the ups and downs. During those down times, many have been laid off because of the market conditions and other varying reasons and then struggle for months trying to find a new job. Many just have to find a whole new career.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
In follow up to the previous article about customer service and who are other customers are other than our borrowers, points were brought out on how we as loan processors can provide better service to our underwriting teams by giving them the story of our borrowers in our notes to them, enabling them to make more informed decisions when assessing the risks of the borrowers.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
This past week there were two (2) hurricanes, one that missed the east coast of the United States and one that hit the State of Hawaii. The Atlantic Ocean’s island of Bermuda was hit with a category III hurricane however this storm turned north and east and did not hit the United States.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Most of us who have been working in this industry have all sat in on trainings related to customer service and how we should be building rapport with our borrowers, being attentive to their needs, and just overall giving them a satisfactory experience.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
The mortgage industry has been through quite a few ups and downs since 2007. We have experienced layoffs, sweeping regulatory changes and fluctuations in business. The press and public opinion on the mortgage industry has largely been negative due to mortgage fraud and the bursting of the housing bubble.
Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.
Written By: Stacey Sprain
As an FHA originator, processor or underwriter, it’s likely that in the ongoing foreclosure market you’ll run across a HUD REO loan at some point. The purpose of this multi-part article is to provide you with some useful information to help in your endeavors.