Written by: Internal Analysis & Opinion Writers
The Federal Housing Finance Agency (FHFA) has announced that the baseline conforming loan limit (CLL) for one-unit properties will increase to $832,750 in 2026, up from $806,500 in 2025. This adjustment reflects the annual rise in U.S. home prices. The increase is mandated by the Housing and Economic Recovery Act (HERA), which requires that the loan limits be recalculated each year based on the change in the national average home price.
Written by: Internal Analysis & Opinion Writers
The Federal Housing Finance Agency (FHFA) has announced that the loan‑purchase cap for multifamily mortgages for each of its regulated entities — Fannie Mae and Freddie Mac — will be $88 billion in 2026, marking a combined cap of $176 billion for both enterprises. This represents a significant increase from 2025, when the cap for each entity was set at $73 billion (combined $146 billion). The increase is more than 20 percent year‑over‑year.
Written by: Internal Analysis & Opinion Writers
National home price appreciation remained in the slow lane in September, as overall gains barely registered and inflation continued to erode real housing‑wealth growth. The S&P CoreLogic Case‑Shiller U.S. National Home Price Index reported an annual increase of just 1.3% in September—slightly down from 1.4% in August. Meanwhile, monthly figures show outright declines in many metros, underscoring how elevated mortgage rates are weighing on affordability and demand.
Written by: Internal Analysis & Opinion Writers
Fannie Mae has announced a significant change to its underwriting criteria: the removal of the minimum FICO® credit‑score requirement from its Selling Guide for loans submitted to Desktop Underwriter beginning November 15. Previously, Fannie Mae mandated a minimum credit‑score threshold for every loan delivered to the secondary market, with borrowers required to meet specific FICO® ranges as part of eligibility.
Written by: Internal Analysis & Opinion Writers
The administration has floated a proposal to allow 50‑year fixed‑rate mortgages as a tool to help reduce monthly payments for homebuyers, particularly younger households struggling with elevated housing costs. The concept re‑emerged after posts on social media from the Donald Trump and Bill Pulte, Director of the Federal Housing Finance Agency (FHFA), signaling that longer amortization terms are under active consideration.
Written By: Joel Palmer, Op-Ed Writer
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...
Written By: Frankie Lacy
2013 brought major changes to mortgage lending with the introduction of new regulations, the end of the mini-refinance boom, and an intensified focus on quality. As we prepare to conduct business in the new year, we can reflect on how those changes will impact us as mortgage processors and underwriters.
Written By: Daniel Garcia
In order to simplify the disclosures for consumers and encourage more shopping, the CFPB or Consumer Financial Protection Bureau is in the process of changing the GFE. This change should be happening within the next few days, I imagine. So, I wanted to take another moment discuss this and hopefully shed some understanding and remind you of these changes soon to come.
This free mortgage training video discusses how to obtain tax documents, validating Tax Transcripts, retaining the Tax Transcripts and more. Ideal for loan processors and mortgage underwriters.
This free mortgage training video discusses individual steps on completing the 4506-T form prior to submitting to IRS and more. Ideal for loan processors and mortgage underwriters.
This free mortgage training video discusses the request for Tax Transcript of Tax Return (IRS Form 4506-T), requirements to obtain tax transcripts, guidelines on completing the 4506-T and more. Ideal for loan processors and mortgage underwriters.
This free mortgage training video discusses change in the tax law, allowable deductions prior to 2018 tax year, 2017 and 2018 Schedule-A format changes, FHLMC change to commission income, FHLMC results to the tax law change and more. Ideal for loan processors and mortgage underwriters.
This free mortgage training video discusses unreimbursed employee expenses versus business expenses, FHLMC commission income requirements prior to 2018 tax year and more. Ideal for loan processors and mortgage underwriters.
This free mortgage training video discusses what is commission income, unreimbursed employee expenses, who can deduct unreimbursed employee expenses, allowable unreimbursed employee expenses and more. Ideal for loan processors and mortgage underwriters.
This free mortgage training video discusses frequently asked questions that were submitted by various lenders on the closing disclosure & 3 day rule and more. Ideal for loan processors and underwriters.
This free mortgage training video discusses rule responsibilities, new 3 day review, loan types that apply & does not apply to the 3 day rule and more. Ideal for loan processors and underwriters.
This free mortgage training video discusses definition of closing disclosure, closing disclosure requirements, what's inside the closing disclosure form and more. Ideal for loan processors and underwriters.
This free mortgage training video discusses Title Commitment, Title ABC's, Examples of Schedule A & B, Example of Title Policy and more. Ideal for loan processors and underwriters.
Written by: Internal Analysis & Opinion Writers
The Federal Housing Finance Agency (FHFA) has announced that the baseline conforming loan limit (CLL) for one-unit properties will increase to $832,750 in 2026, up from $806,500 in 2025. This adjustment reflects the annual rise in U.S. home prices. The increase is mandated by the Housing and Economic Recovery Act (HERA), which requires that the loan limits be recalculated each year based on the change in the national average home price.
Written by: Internal Analysis & Opinion Writers
The Federal Housing Finance Agency (FHFA) has announced that the loan‑purchase cap for multifamily mortgages for each of its regulated entities — Fannie Mae and Freddie Mac — will be $88 billion in 2026, marking a combined cap of $176 billion for both enterprises. This represents a significant increase from 2025, when the cap for each entity was set at $73 billion (combined $146 billion). The increase is more than 20 percent year‑over‑year.
Written by: Internal Analysis & Opinion Writers
National home price appreciation remained in the slow lane in September, as overall gains barely registered and inflation continued to erode real housing‑wealth growth. The S&P CoreLogic Case‑Shiller U.S. National Home Price Index reported an annual increase of just 1.3% in September—slightly down from 1.4% in August. Meanwhile, monthly figures show outright declines in many metros, underscoring how elevated mortgage rates are weighing on affordability and demand.
Written by: Internal Analysis & Opinion Writers
Fannie Mae has announced a significant change to its underwriting criteria: the removal of the minimum FICO® credit‑score requirement from its Selling Guide for loans submitted to Desktop Underwriter beginning November 15. Previously, Fannie Mae mandated a minimum credit‑score threshold for every loan delivered to the secondary market, with borrowers required to meet specific FICO® ranges as part of eligibility.
Written by: Internal Analysis & Opinion Writers
The administration has floated a proposal to allow 50‑year fixed‑rate mortgages as a tool to help reduce monthly payments for homebuyers, particularly younger households struggling with elevated housing costs. The concept re‑emerged after posts on social media from the Donald Trump and Bill Pulte, Director of the Federal Housing Finance Agency (FHFA), signaling that longer amortization terms are under active consideration.
Written by: Internal Analysis & Opinion Writers
Federal Housing Finance Agency (FHFA) Director Bill Pulte has signaled that Fannie Mae and Freddie Mac are exploring major changes to conventional‑mortgage offerings by evaluating assumable and portable loan structures. According to Pulte, the goal is to make these options available “in a safe and sound manner” under the GSEs’ oversight.
Written by: Internal Analysis & Opinion Writers
Russell Vought, Director of the Office of Management and Budget, has revealed plans to completely shut down the Consumer Financial Protection Bureau (CFPB) within the coming months—an announcement that has sent ripples through the financial services industry and consumer advocacy circles. Vought, a longtime critic of the CFPB, previously led efforts to cut nearly 90% of the agency’s staff and freeze its funding. Now, he has laid out a more definitive objective: to bring the bureau’s operations to a close by 2026.
Written by: Internal Analysis & Opinion Writers
The Federal Reserve’s move toward ending quantitative tightening (QT)—its large‑scale reduction of Treasury and mortgage‑backed security holdings—is sparking interest in how the housing finance market might respond. According to commentary in the industry, the conclusion of QT could potentially pave the way for lower mortgage rates, though timing and magnitude remain uncertain.
Written by: Internal Analysis & Opinion Writers
Fannie Mae (FNMA) has captured investor attention with a dramatic stock price surge, climbing over 600% year-over-year. The rally has reignited debate about the company’s true valuation and whether its recent momentum is rooted in fundamentals or speculative optimism.
Written by: Internal Analysis & Opinion Writers
Fannie Mae’s (FNMA) stock has endured a turbulent stretch, falling nearly 15% over the past month after soaring earlier in the year. While year‑to‑date gains still look strong, the recent pullback has captured investor attention and reignited questions about how the company’s equity should be valued going forward.
Written by: Internal Analysis & Opinion Writers
The ongoing U.S. government shutdown is casting a shadow over the housing market, particularly in flood-prone areas where federally backed flood insurance is essential for mortgage approvals. Without legislative action to renew funding, thousands of home sales could stall each day, costing the real estate market billions in lost transactions.
Written by: Internal Analysis & Opinion Writers
Mortgage rates edged lower this week, but the moves were modest, offering only a sliver of relief for would‑be homebuyers and refinance seekers. Analysts warn that meaningful rate declines are still tied to broader economic shifts — not just a few basis points here and there.
Written by: Internal Analysis & Opinion Writers
A little‑publicized policy update could reshape the dynamics of mortgage lending: Fannie Mae and Freddie Mac will now accept VantageScore 4.0 in place of—or alongside—traditional FICO scoring. The change, delivered via social media and internal guidance, finally gives formal approval to a credit model that has long been positioned as an alternative to FICO.
Written by: Internal Analysis & Opinion Writers
The Federal Reserve’s recent decision to lower its benchmark federal funds rate by a quarter point to a range of 4.00%–4.25% marks its first rate cut since December—an effort to stimulate economic activity amid a cooling job market and fading inflationary pressures.
Written by: Internal Analysis & Opinion Writers
Mortgage rates, which began 2025 near 7%, have gradually slid into the 6.25%–6.50% range—a shift that’s slowly loosening the so-called “lock‑in” effect that has kept many homeowners in place. As rates fall, more borrowers with mortgages above 6% are reconsidering whether now is the time to refinance or make a move.
Written by: Internal Analysis & Opinion Writers
The Consumer Financial Protection Bureau has proposed a new rule aiming to create a standardized definition of what it means for a nonbank financial company to pose “risks to consumers.” The goal is to make supervision clearer, more consistent, and limited to significant threats rather than being applied on an ad‑hoc basis.
Written by: Internal Analysis & Opinion Writers
The Federal Housing Administration (FHA) has reduced its national loan limits for the first time in over a decade, reshaping the landscape for prospective homebuyers in expensive markets. The change means many borrowers who expected to qualify under former thresholds may now fall short—and could face fewer options.
Written by: Internal Analysis & Opinion Writers
A 25‑basis‑point cut from the Federal Reserve is widely anticipated, but economists and bond‑market experts caution that the effect on mortgage rates could be limited or even counterintuitive in the near term. Markets are almost certain that the Fed will reduce its short‑term rate target from 4.25‑4.50% by a quarter point.
Written by: Internal Analysis & Opinion Writers
The Consumer Financial Protection Bureau’s decision to swiftly clear nearly all outstanding “matters requiring attention” (MRAs) is raising alarm among mortgage compliance experts, who warn the move could lead to regulatory gaps and unchecked risks. MRAs serve as a critical supervisory tool, flagging compliance issues—ranging from minor documentation oversights to serious lending violations—and giving lenders an opportunity to address them before formal enforcement.
Written by: Internal Analysis & Opinion Writers
In the second quarter of 2025, real estate investors accounted for a historic share of home purchases as traditional buyers struggled with surmounting affordability challenges. Investors snapped up nearly 27% of all homes sold during this period—an all‑time high over the past five years and a sharp rise from the 18.5% average seen between 2020 and 2023.
Written by: Internal Analysis & Opinion Writers
As September unfolds, anticipation is building around the Federal Reserve’s likely decision to implement its first rate cut of 2025. The expected 25-basis-point reduction would bring the federal funds rate down to a target range of 4.00%–4.25%. But despite the headlines, homebuyers shouldn’t expect mortgage rates to fall dramatically in response.
Written by: Internal Analysis & Opinion Writers
The Department of Housing and Urban Development (HUD) has announced a sweeping new policy requiring that all agency business be conducted solely in English. The directive follows an executive order signed by President Trump earlier this year declaring English the official language of the United States.
Written by: Internal Analysis & Opinion Writers
Fannie Mae has scaled back its housing and mortgage market projections, issuing a more conservative outlook in its latest Economic & Housing Forecast. The update reflects a recognition that elevated interest rates, affordability constraints, and slowing economic momentum are likely to weigh on both home sales and price growth through the remainder of 2025 and into 2026.
Written by: Internal Analysis & Opinion Writers
U.S. housing starts surged unexpectedly in July, rising 5.2% to a seasonally adjusted annual rate of 1.428 million units—a five‑month high and 12.9% above the same month last year. The surge was driven primarily by a jump in multifamily construction.
Written by: Internal Analysis & Opinion Writers
President Trump is spearheading a renewed effort to explore a public stock offering for Fannie Mae and Freddie Mac, pushing bank CEOs to present strategic plans for monetizing these government-sponsored enterprises while keeping them under federal conservatorship. Trump has personally invited top banking executives—including Jamie Dimon of JPMorgan, David Solomon of Goldman Sachs, and Brian Moynihan of Bank of America—to the White House to discuss potential IPO structures.
Written by: Internal Analysis & Opinion Writers
Bob Broeksmit, CEO of the Mortgage Bankers Association (MBA), has strongly advocated for Fannie Mae and Freddie Mac to implement VantageScore 4.0 credit scoring "as soon as possible," positioning it as a key step toward modernizing the mortgage credit process and expanding borrower access. In a blog post titled “To the Point with Bob,” Broeksmit praised FHFA Director Bill Pulte for spearheading the effort to update scoring standards at the GSEs.
Written by: Internal Analysis & Opinion Writers
Rising construction of single-family rental homes and increasing vacancies are cooling rent pressure across much of the U.S., pushing rent growth below long-term historical norms. Recent data show single-family rent growth drifting into the low‑to‑mid 1% range—well below the 2–4% typical annual increase and lagging behind broader inflation and wage growth. This marks a clear break from the surging post‑pandemic environment.
Written by: Internal Analysis & Opinion Writers
U.S. housing markets are entering a more balanced phase: active listings are up sharply, but a rising number of pending sales are falling apart, signaling a disconnect between buyers and sellers amid continued affordability pressures. Active listings climbed to approximately 1.36 million in June, marking a double-digit increase from a year earlier and the highest level seen since late 2019.
Written by: Internal Analysis & Opinion Writers
The decades-old rivalry between credit scoring titans FICO and VantageScore has escalated dramatically, especially on the heels of a recent policy shift by the Federal Housing Finance Agency (FHFA). Mortgage lenders can now submit applications to Fannie Mae and Freddie Mac using either VantageScore 4.0 or the tried-and-tested Classic FICO model, triggering heated competition and scrutiny.
Written by: Internal Analysis & Opinion Writers
U.S. housing markets are undergoing a significant shift: inventory levels are climbing, and home sale cancellations are hitting historic highs, pointing to rising tension between buyers and sellers amid persistent affordability challenges. Active listings rose to 1.36 million in June, a 2.3% increase from May and a notable 17.2% jump compared to the same time last year.
Written By: Stacey Sprain
11/29/2012- Fannie Mae Lender Letter 2012-11 Confirmation of Conventional Loan Limits for 2013
The Federal Housing Finance Agency (FHFA) has issued the maximum loan limits that will apply for conventional loans to in 2013. All loan limits for 2013 remain unchanged from 2012.
Written By: Stacey Sprain
If only HUD would give me a job so I could revise their way of updating existing policies it would sure make a lot of our lives a whole lot easier so we could all work more efficiently! I don’t know about all of you but I sure get frustrated trying to sort through things like Mortgagee Letter 2012-18 while trying to compare it to the materials that were issued with Mortgagee Letter 2011-22.
Written By: Stacey Sprain
The following is part 2 of a multi-part article covering the upcoming changes that will be applied in DU over the weekend of October 20th when Fannie Mae completed an update. One correction to last week’s article: In the beginning paragraphs I incorrectly referenced DU version 8.3 instead of the correct version DU 8.2.
Written By: Stacey Sprain
For those of you who may not yet be aware, DU is planning a major update for the weekend of October 20th which will bring forth some significant changes. Because of the amount of changes, this is being presented in 2 parts. The following is part 1 of a 2 part series covering the various updates.
Written By: Stacey Sprain
As with any lending product, self-employment is always a topic that involves a lot of questions and uncertainty. The following FAQs represent a lot of the most common questions that FHA receives about self-employed borrowers and how to calculate self-employment income.
Written By: Stacey Sprain
This is part 2 of a multi-part series that provides helpful questions and answers about FHA appraisals, properties and valuations. I recently ran across this list as I was actually searching for something on a completely different topic. I found these FAQs so helpful and informative I felt the need to pass them on in hopes they will be useful to you as well!
Written By: Stacey Sprain
Much has been published lately about FHA streamline refinances particularly because of the recent drop to MIP rates for certain FHA to FHA streamline refinances but there’s one important topic I haven’t seen much if any press about and it’s an important one when we’re talking streamline refinances- important in particular for non-credit qualifying streamline refinances.
Written By: Stacey Sprain
Next Monday, June 11th marks the first day of FHA’s significant MIP/MI rate decrease for certain FHA streamline refinance transactions. The following FAQs are presented in order to provide you with the information you need to make the best of this extraordinary marketing opportunity for existing FHA borrowers.
Written By: Stacey Sprain
DU for government loans is updating during the weekend of July 21st to accommodate a number of messaging changes on topics such as bankruptcy and foreclosure for VA lending, 3-4 unit property reserve calculations for FHA lending. A summary of the changes follows below.
Written By: Stacey Sprain
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.
Written By: Stacey Sprain
If you’re like me, you like to take FHA Mortgagee Letters and dissect them when they are released, put the content info format that makes most sense to you and completely re-create or break down the information that’s given. I often like to look at the information as if I am reading it from the point-of-view of someone who may not have many years of mortgage expertise so that I can take the info provided by FHA and re-present it in ways that prove the most helpful to those who rely on the information in day to day lending.
Written By: Stacey Sprain
Mortgagee Letter 2012-3 announces several key guideline changes on topics of self-employment, disputed credit, outstanding collections and identity of interest definitions. These changes are good from the perspective that they offer much clearer underwriting requirements on several key topics so not as much is left to interpretation or opinion.
Written By: Stacey Sprain
HUD formally announced upcoming changes to the FHA mortgage insurance structure in an email that went out to single family email subscribers on February 27th. A Mortgagee Letter is expected in the near future which will communicate final full details of the upcoming changes to the FHA mortgage insurance structure.
Written By: Stacey Sprain
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 conventional lending.
Written By: Stacey Sprain
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.
Written By: Stacey Sprain
There’s nothing an underwriter hates more than a sloppy, incomplete file that a processor is insisting be rushed through the system. Processors that make a habit of submitting poorly processed files often blow their reputation with underwriters who deserve quality loan files to review so that they can do the best possible job of analyzing the borrower’s credit profile to quickly determine whether or not they are worthy of repaying the loan for which they have applied.
Written By: Stacey Sprain
It all starts with the loan application and quite frankly, if the 1003 isn’t thorough and accurate from the get-go, it can stop your file dead in its tracks once it hits underwriting. From an underwriting standpoint, nothing is as important as a complete and accurate loan application because the 1003 is the window to the file; it’s the “book” that tells the story.
Written By: Stacey Sprain
It all starts with the loan application and quite frankly, if the 1003 isn’t thorough and accurate from the get-go, it can stop your file dead in its tracks once it hits underwriting. From an underwriting standpoint, nothing is as important as a complete and accurate loan application because the 1003 is the window to the file; it’s the “book” that tells the story.
Written By: Stacey Sprain
Something happened this week and it was big enough that I’m sure you’ve heard or read about it unless you’ve been camping out under a rock. Let me say this- Allied Home Mortgage. So you’ve heard?
Written By: Stacey Sprain
As you’re likely aware, USDA Guaranteed Rural Housing is changing guarantee fees from 3.5% to 2.0% for purchase transactions and implementing a new annual fee of .3% effective for all GRH loans that are not committed before October 1, 2011. This news was originally announced in RD AN 4551 which was issued February, 3rd.
Written By: Stacey Sprain
Buckle your seat belts everyone because the next 45 days are going to be bustling with a lot of major agency program changes that are very important for all of us to keep track of and plan ahead for. Because so much is happening so quickly and in such rapid succession, I myself had to start maintaining a chart just to stay on top of it all. I’ve found this to be very helpful so I hope it helps you too!
Written By: Stacey Sprain
Mortgagee Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgagee Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgagee Letter are an attached Condominium Approval Implementation Schedule and 95 page Condominium Project Approval & Processing Guide.
Written By: Stacey Sprain
Mortgagee Letter 2011-22 dated 6/30/2011 clarifies, expands, consolidates, and updates existing condominium approval guidance while also replacing Mortgagee Letters 2009-46b, 2009-46a and 2011-03. Included with the new Mortgagee Letter are an attached Condominium Approval Implementation Schedule and 95 page Condominium Project Approval & Processing Guide.
Written By: Stacey Sprain
For those of us who have been in the mortgage business through all of the various booms both positive and negative, one thing’s for certain: None of us have ever seen anything like the past few years of change in the industry.
Written By: Stacey Sprain
Appraiser regulations keep evolving, RESPA keeps reinventing itself, loan officer compensation is bringing forth major changes, FACTA has added what I consider to be ridiculous new disclosure requirements nobody really seems to fully grasp, licensing requirements continue expanding and evolving, credit rules continue to tighten, … when does it all end?
Written By: Stacey Sprain
I ran across a blog while I was I was doing some research on a regulatory interpretation this evening and it really got me fired up. It never ceases to amaze me how badly some of the people in our industry answer questions for people who wouldn’t be asking if they truly knew anything about mortgages.
Written By: Stacey Sprain
If you blinked you might have missed it but HUD recently communicated guidance to lenders on how to evaluate disputed credit accounts for FHA loans. The information was included in an outgoing announcement from Jerrold Mayer to the HUD email subscription list. The following guidance was not in the form of a Mortgagee Letter as one might expect:
Written By: Stacey Sprain
It’s been quite awhile since Desktop Underwriter was updated to coincide with VA program trends and changes but on the weekend of June 18th, a substantial list of updates will be added to create more comprehensive and effective messaging associated with DU for VA loans.
Written By: Stacey Sprain
One thing I continue to remind folks of in today’s world of credit risk is that an AUS approval isn’t always a sure thing. We still have an obligation to manually evaluate the layering of various credit risks in our loan files if we intend to consciously keep our overall risk and defaults to a minimum.
Written By: Op-Ed Writer Glenn Michaels
There are certain situations where the borrower must show that they have reserves after closing. Individuals purchasing or refinancing three and/or four family homes with FHA financing must provide evidence that they will have three (3) months of PITI reserves. The reserve does not include funds received from a gift. The reserves must be the borrower’s own money.
Written By: Glenn Michaels, Op-Ed Ghost Writer
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.
Written By: Glenn Michaels, Opinion Editorial Contributor
As an old time underwriter, more than fourty years of mortgage underwriting I feel we are heading to another housing bubble. Conversations with other seasoned underwriters also feel that we are also going down the road to another housing bubble.
Written By: Glenn Michaels, Op-Ed Writer
For a long time under the Obama Administration mortgagor’s under certain conditions were able to apply for a mortgage loan modification. The HAMP program is actually called the Home Affordable Modification Program.
Written By: Glenn Michaels, Opinion Editorial Contributor
Super Storm Sandy also known as Hurricane Sandy hit the Northeastern United States on October 29, 2012. After the storm hit and the damage was done, all of the news media and politicians came out in mass to report on the storm and what has happened since.
Written By: Glenn Michaels
Revitalization Areas are HUD designated geographic areas authorized by Congress under provisions of the National Housing Act. Revitalization Areas are intended to promote “the revitalization, through expanded homeownership opportunities, of revitalization areas.”
Written By: Glenn Michaels
Today, virtually every FHA loan is put through an AUS underwriting system with TOTAL Scorecard for an automated underwriting decision.
Written By: Glenn Michaels
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.
Written By: Glenn Michaels
As I talk to more and more people it is amazing how much erroneous information is out whereby borrowers must put 20% down in order to buy a home. These people must have read all of the news articles referring to the QM (Qualifying Mortgage) and other press releases referring to the difficulty in obtaining mortgage financing.
Written By: Glenn Michaels
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.
Written By: Glenn Michaels
In 2013 the United States Department of Housing and Urban Development (HUD) put forth several mortgagee letters how to treat borrowers that were out of work and now back to work.
Written By: Glenn Michaels
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.
Written By: Glenn Michaels
The new underwriting bible for FHA has now come out. It has been a long time in the making.
The new underwriting bible is dated September 30, 2014 and effective June 15, 2015.
Written By: Glenn Michaels
When I first began underwriting in 1972 there was no such thing as credit scores. Underwriters used their best judgment when reviewing a credit report and after evaluating the history of the credit they made a decision whether or not to grant credit.
Written By: Glenn Michaels
Everyone knows what a condominium is, but for some reason not everyone knows what a Planned Unit Development is. In this article I will attempt to demystify what is Planned Unit Development (PUD).
Written By: Glenn Michaels
“HAWK”, that stands for Homeowners Armed with Knowledge is a new pilot program that begins October 1, 2014. Borrowers that complete the HAWK program are slated to save on their upfront and annual Mortgage Insurance Premiums (MIP).
Written By: Glenn Michaels
Living on Long Island, New York, which begins geographically in Queens, New York and then to Nassau and Suffolk Counties are prone to flooding due to a full moon. This flooding could be worse if we have a rain storm, wind storm or tropical storm. The National Weather Service has warned most of the East Coast of the United States that they may flood due to the full moon.
Written By: Glenn Michaels
Many senior citizens meaning anyone 62 years young and older want to down size from their current living arrangement. In most cases their children have married and left the home and they no longer desire the dwelling that they presently own.
Written By: Glenn Michaels
Whenever there is disaster somewhere in the United States and the President of the United States declares that area a "Federal Disaster Area”, FHA’s 203(h) program is available to all residents in the areas declared by the President as a federal disaster area.
Written By: Glenn Michaels
Over the years I have been asked by borrowers, loans officers and others how to calculate the amortization of a mortgage. The calculation on a monthly basis is not difficult utilizing a conventional mortgage as long as you know certain variables.
Written By: Glenn Michaels
As a New York State resident that had about $40,000.00 Super Storm Sandy damage you would think obtaining some of the HUD Community Block Grant Money would be easy. New York as well as other states that had significant damage caused by Super Storm Sandy received billions of dollars from The United State Department of Housing and Urban Development as a Community Block Grant.
Written By: Glenn Michaels
Every day more of us are becoming victims of fraud and of Identity Theft. I was once a victim of Identity Theft, the person who did the crime in my case served two and a half years in prison. I know most people who do this crime I seldom caught.
Written By: Glenn Michaels
All mortgage loans whether they fit under the Qualified Mortgage (QM) or fit under the Non – Qualified Mortgage now must fit under the so called “umbrella’ called Ability to Repay (ATR).
Written By: Glenn Michaels
The Federal Register dated December 11, 2013 contained proposed changes to underwriting. The changes really clarify how everyone is to approach FHA loans that mare manually underwritten. The FHA now has seven scenarios where the mortgage loan must be manually underwritten. In the near future a Mortgagee Letter will be written to further clarify this.
Written By: Glenn Michaels
As of January 10, 2014 the Qualified Mortgage (QM) rules become effective and HUD is no different. They too must have QM loans. On December 11, 2013 HUD released their definition of a QM mortgage. All FHA case numbers issued on or after January 10, 2014 will be issued with the understanding that the borrower(s) will fit under the QM rules and regulations.
Written By: Glenn Michaels
Most borrowers and lenders have heard of the acronym APR but most do not know what goes into the calculated APR. So many folks understand that the APR is a cost but most do not know enough about the acronym called APR.
Written By: Glenn Michaels
If you lie on your mortgage application it’s mortgage fraud. Even though some lies and omissions constitute mortgage fraud. Many borrower’s hedge a little there, often because they did not know any better or worse. Sometimes borrowers are counseled by their mortgage loan officer and/or real estate broker to sell and close on that house.
Written By: Glenn Michaels
In the forty (40) years that I have been in the mortgage industry the self – employed borrower has always been the borrower with the most difficulty in obtaining mortgage financing.
Written By: Glenn Michaels
The conventional mortgage market is changing as of November 16, 2013. Federal National Mortgage Association also known as Fannie Mae has announced that as of November 16, 2013 they will no longer purchase any mortgage with a loan to value higher than 95%.
Written By: Glenn Michaels
Over the last few years while rates were historically low, virtually everyone that could refinance their mortgage, did refinance. Now some of the major center banks have announced layoffs due to minimal refinance activity.
Written By: Bonnie Wilt-Hild
What measures should lenders take prior to loan closing or endorsement when a property is located within a FEMA designated disaster area?
Written By: Bonnie Wilt-Hild
I think anyone currently working in the mortgage lending industry will agree that at this particular time in history, we as lenders are more regulated than we have ever been. Further, under Dodd-Frank, more regulations are forth coming that will again determine how we disclose, what we disclose, when we disclose and in the not so far off future, how much a loan officer can actually charge for the origination service.
Written By: Bonnie Wilt-Hild
When I hear those words, they immediately evoke images of a world in which mortgage underwriting decisions are determined by AUS systems that have no capacity to either employ common sense underwriting principals or fairly or adequately assess overall risk.
Written By: Bonnie Wilt-Hild
Like myself, I am sure many underwriters in this fine nation of ours spend a fair amount of their time on conference calls or web based training with new investors that their employers have recently became associated.
Written By: Bonnie Wilt-Hild
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 violate not only the law but also their client’s personal rights.
Written By: Bonnie Wilt-Hild
We all knew it was coming and it looks like it is here and that being the announcement in the Federal Register that HUD intends to reduce the amount a seller can contribute towards borrowers closing costs from the current 6% to 3% as indicated previously in a Federal Register publication in July, 2010.
Written By: Bonnie Wilt-Hild
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. Department of Housing and Urban development for insurance claims pain on mortgages that are found to be deficient where meeting the departments guidelines or contain misrepresentation and fraudulent documentation.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
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 experience or responsibility where the content of their article is concerned and articles relating to the mortgage industry are no exception regardless of the type of media by which they conveyed.
Written By: Bonnie Wilt-Hild
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 establishment Babbo.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
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 in the VA funding fee for loans closed on or after October 1, 2011.
Written By: Bonnie Wilt-Hild
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 offer with a maximum 100% LTV that will allow one to roll in closing costs, is a good one.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
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).
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
I was in the kitchen this morning having a conversation with a coworker. We were reminiscing about the good old days of HUD field offices, case number assignment lines and of course processing and underwriting without the benefit of fax machines, AUS or even the internet for that matter. Those were the days when a final typed 1003 was exactly that, a document that you rolled into the typewriter and typed and carbon paper was an office necessity.
Written By: Bonnie Wilt-Hild
Very recently, while teaching an FHA Underwriting class for FHA Online University, the history segment of the training made me stop and think. It was unusual really, because I have taught this particular class at least once a month for the past four years and honestly, other than an occasional joke as to how students need to take notes because the historic information pertaining to the agency was on the “big” test, I never really thought much about it.
Written By: Bonnie Wilt-Hild
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.
Written By: Bonnie Wilt-Hild
As if there are not enough acronyms in the mortgage industry, the federal government has moved forward in coining a new one, QRM, this being the acronym for the newly defined Qualified Residential Mortgage. Ok, I know that everyone is thinking that all mortgages are QRM’s if they meet guidelines but in this case, the guidelines or standards which will eventually define what a QRM or “Safe” mortgage is, will differ vastly from what defined a qualifying mortgage of the past.
Written By: Bonnie Wilt-Hild
The most recent past has seen the mortgage industry struggle with developing sound underwriting practices that serve to not only protect lenders against default, but to also promote affordable home ownership for all types of borrowers.
Written By: Bonnie Wilt-Hild
Earlier this week, someone asked my opinion as to if I thought there was any benefit in privatizing the GSE’s. Unfortunately, I was a little short on time and couldn’t go into a great length as to if I thought it desirable or not and honestly up until the conversation occurred, I hadn’t really given it a lot of thought.
Written By: Bonnie Wilt-Hild
These days, underwriters constantly stress the importance of collecting the appropriate documentation in order to complete acceptable due diligence on the cases intended for underwriting. Often times, these requests appear to be the result of ultra conservative underwriting practices and the documentation required nothing less than excessive particularly if the request for additional items is being made a few days prior to closing.
Written By: Bonnie Wilt-Hild
In today’s real estate environment, Purchase transactions that involve bank owned properties are pretty common. Often these cases are originated under the FHA 203k mortgage insurance program due to the overall condition of the property and the need for the completion of certain repairs which are required for the property to meet HUD minimum property standards.
Written By: Bonnie Wilt-Hild
HUD has recently announced new lender requirements where quality control is concerned. These requirements have been set forth in ML2011-02 and outlines for lenders what new provisions need to be added to their current QC plan.
Written By: Frankie Lacy
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.
Written By: Frankie Lacy
There are many reasons each borrower’s identity must be verified. First, lenders must verify data integrity on the loan application, disclosures, credit, and automated underwriting findings.
Written By: Frankie Lacy
Often, asset review is a straightforward piece of the loan analysis process. Borrowers submit recent checking and savings account statements to verify funds to close. The underwriter will review the statements for large deposits and insure the most recent balance is used to qualify.
Written By: Frankie Lacy
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.
Written By: Frankie Lacy
When underwriting a file, there are several ways to make loan notations:
-The comments section on the underwriting transmittal (1008)
-The loan origination system (LOS) notes
-A separate underwriter rationale write up
Written By: Frankie Lacy
Effective September 1, 2014, USDA will replace the 7 CFR 1980-D regulations with the 7 CFR 3555 regulations for its guaranteed rural housing program. The new handbook will house all previous administrative notices (AN’s) and the existing rules in one comprehensive document. The new handbook will also include all rule changes based on regulation 7 CFR 3555.
Written By: Frankie Lacy
Employing remote underwriters is a cost effective measure for many mortgage lenders that is also beneficial for the underwriter. Many correspondent lenders have slowly expanded their licensed territory to include multiple states in various time zones. Employing remote underwriters in these states creates a seamless interface with underwriting regardless of branch location.
Written By: Frankie Lacy
Before an underwriter can determine the correct calculation for computing income, she/he must determine if there is sufficient data within the documentation submitted. The first place to reference when trying to determine whether you have the correct documents is your AUS findings. However, some findings reports give vague messages such as “refer to Fannie Mae Selling Guide”.
Written By: Frankie Lacy
Underwriters are required to juggle new production, condition review, emails, and phone inquiries each day. In addition, managers, processors, and sales professionals may approach underwriters throughout the work day for assistance on a variety of issues. As a result, underwriters must streamline their process flow as much as possible.
Written By: Frankie Lacy
When underwriting a file, there are several ways to make loan notations:
-The comments section on the underwriting transmittal (1008)
-The loan origination system (LOS) notes
-A separate underwriter rationale write up
Written By: Frankie Lacy
So you've taken classes, shown initiative, and communicated your desire to progress into higher positions. You want to expand your knowledge levels within your company’s organization. However, it seems like you have waited forever to get the green light and your manager keeps giving you the brush-off. What should you do next?
Written By: Frankie Lacy
By now, many of us already know the basic formulas for calculating income. We also know that, in addition to executing formulas, underwriters are called to perform an analysis of the stability and continuance of qualifying income. This can be a daunting task when analyzing multiple business structures over two years.
Written By: Frankie Lacy
Calculating qualifying rental income is one of the more complex income calculations an underwriter can perform. This is particularly true when the borrower owns multiple investment properties. The challenge is determining when rental income can be used to qualify and, once income is calculated, reconciling the total debt ratio.
Written By: Frankie Lacy
As many of us around the country desperately cling to the hope that spring will come sometime this year, we can also stop to think how the long, harsh winter may affect property conditions. Roof, gutter, and foundation damage from prolonged snow pile up, ice damming, and flooding is a very real possibility for homeowners in 2014.
Written By: Frankie Lacy
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.
Written By: Frankie Lacy
As of January 12, 2014 Freddie Mac Loan Prospector will issue new recommendations in response to the final CFPB’s Ability to Repay and Qualified Mortgage rules. The feedback messages will address the following loan types:
Written By: Frankie Lacy
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.
Written By: Frankie Lacy
2013 brought major changes to mortgage lending with the introduction of new regulations, the end of the mini-refinance boom, and an intensified focus on quality. As we prepare to conduct business in the new year, we can reflect on how those changes will impact us as mortgage processors and underwriters.
Written By: Frankie Lacy
2013 saw the end of the mini-refinance boom as interest rates increased in late summer to early fall. As a result, it is important for mortgage processors and underwriters to reacclimatize themselves with executing purchase transactions. For those who have been underwriting and processing refinances for some time, there are some key differences to identify.
Written By: Frankie Lacy
Once a file has been fully underwritten and all conditions are satisfactorily met, it is ready to be cleared to close (CTC). Underwriting and processing must perform a final quality control check prior to releasing the loan to the closing department. This process will prevent errors at the closing table and delays in the post-closing process of selling the loan.
Written By: Frankie Lacy
The mortgage industry is faced-paced, constantly changing, and sometimes uncertain. There are cycles of “feast or famine” where we experience excessive loan volume, followed by a sudden and steep drop in loan volume.
Written By: Frankie Lacy
In response to policy changes relating to the Ability to Repay and Qualified Mortgage regulations, Freddie Mac (LP) and Fannie Mae (DU) have made updates to their AUS systems. LP’s changes were made effective October 27, 2013 and DU’s changes will be effective November 16, 2013.
Written By: Frankie Lacy
A thorough review of the purchase agreement (P/A) or sales contract is critical to the accuracy of your loan package. Some of the initial points of review are the property description, parcel identification numbers, and the seller and buyer names. The property description and parcel ID numbers on the contract should match the title report and the appraisal report.
Written By: Frankie Lacy
Recently several mortgage lenders across the U.S. have laid off staff or restructured in response to the end of the “mini-refi boom”. As a result, many of us are left wondering what we can do to create opportunities for ourselves despite a job market that is flooded with talent.
Written By: Frankie Lacy
There are two debt-to-income (DTI) ratios on every loan: housing or front-end ratio and total or back-end ratio. The housing ratio tells us what percentage of the borrower’s monthly gross income is allocated toward the monthly principal, interest, tax, and insurance (PITI) payment. The total ratio includes the monthly PITI and all other monthly debts including auto loans, credit cards, child support expenses, student loans and more.
Written By: Frankie Lacy
I am often asked this question by processors or other mortgage professionals that are looking to transition into underwriting. Underwriting can seem mysterious and out of reach to some as they try to understand the duties and responsibilities associated with the title.
Written By: Frankie Lacy
Mortgage education has become a vital tool for residential and commercial lending professionals in the current environment. Right now, there is a heightened emphasis on compliance with lending regulations and underwriting guidelines.
Written By: Frankie Lacy
Are you ever tempted to place a loan back into the underwriting queue before all conditions are in? Do you believe that submitting a “deal breaker” condition for underwriting review without all the other conditions will speed up the approval process? If so, this article is for you!
Written By: Frankie Lacy
Letters of Explanation (sometimes abbreviated to LOX or LOE) are a common condition on loan files. Underwriters request them to explain large deposits, residence histories, derogatory credit, credit inquiries, and much more. However, it is important to understand that in most cases, the LOX is just the beginning.
Written By: Theresa Furzland
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.
Written By: Theresa Furzland
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.
Written By: Theresa Furzland
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.
Written By: Theresa Furzland
I sat down at my computer tonight and thought I’d see how many acronyms I could rattle off the top of my head. Here is my 10 minute effort: (and if you know what they all stand for – you’ve been in this business too long!)
Written By: Theresa Furzland
I’ve been writing about the different perspectives of the mortgage industry and it has really been an interesting mental activity for me. Not only did I get the opportunity to appreciate the wide variety of experience I have had the fortune to acquire over the years, it also makes me feel old.
Written By: Theresa Furzland
Yes, I’m still receiving the rare refinance inquiry from my loyal past clients and referrals. These calls generally start like this – Hi Theresa, I’ve been seeing ads everywhere that interest rates are at record lows and I should refinance my mortgage now...or...I got a phone call saying I could get a great refinance deal and it won’t cost me anything and will lower my rate as low as 3.5%.
Written By: Theresa Furzland
This week I’m looking through my originator eyes. I tend to think of myself more as a Mortgage Loan Advisor than a Loan Officer. As I have already mentioned, probably more than once, I never set out to be a loan originator and I am the first to admit that I am not a “salesman”. I do love this part of the process however and for one reason.
Written By: Theresa Furzland
I really thought this would be the easiest of these views to write, and as I get down to it I realize that it is actually the hardest. Maybe this is because it is really impossible for me to separate myself from my lifetime in this business. I have been a mortgage professional longer than I’ve been a homeowner.
Written By: Theresa Furzland
It’s the time of year when we all start watching for those long awaited signs of spring, especially here in Northern Minnesota, where I live. It almost seems to be a sport, or at least a lively competition. We are currently enjoying my favorite...the maple sap is flowing. It means more work for us, and busy days and some late nights for the next few weeks as we will be making two trips into the woods daily to gather, then the process of “boiling” down.
Written By: Theresa Furzland
The New Year brings new challenges to our industry. Good, bad or just plain frustrating we all know that to work in this business is to continually adjust to changes and 2011 looks to be no different in this aspect.
Written By: Theresa Furzland
With the additional demands and ever changing rules and regulations that we are dealing with these days it is more important than ever to be as knowledgeable as possible in all aspects of our industry.
Written By: Theresa Furzland
I know I’ve brought this subject up before, but as we come to the end of another year and look back over the fiascos of 2010, it just seems to me that now more than ever we need to revisit the basics.
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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.