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FHA WEEKLY UPDATE
HUD’s Final Rule on Model Manufactured Home Installation Standards
According to HUD, a final
rule with an effective date of October 20, 2008 has been made regarding
new Model Manufactured Home Installation Standards. This rule pertains
to the installation of new manufactured homes, and encompasses the
standards for the protocol concerning the joining of sections of
multi-section homes. The National Manufacture Housing Construction and
Safety Standards Act of 1974 gave the Manufacture Housing Consensus
Committee (MHCC) responsibility to develop and submit all proposed
installation standards to HUD, which then develops Model Installation
Standards. The new rule includes revisions on this Act, including
codifying standards, making them applicable to secondary and subsequent
installations of manufactured homes, and assuring consultation between
HUD and MHCC. To review the complete rule, please visit: http://hudclips.org/sub_nonhud/cgi/pdf/5004.pdf
Select AK Boroughs to Experience FHA Mortgage Limit Increase
HUD notes that FHA
mortgage limits will increase in the following areas, effective
November 23, 2007: The Anchorage, AK MSA, affecting the Alaska Boroughs
of Anchorage and Matanuska-Susit
#Units: Current - Pending
1 Unit: $255,050- $263,600
2 Unit: $287,266- $296,900
3 Unit: $349,050- $360,750
4 Unit: $402,750- $416,250
These are subject to change. You can view the new limits on November 23, 2007 by visiting online at: https://entp.hud.gov/idapp/html/hicostlook.cfm Request for increases can also be submitted by any interested party. To learn more about this, please visit http://www.hud.gov/offices/hsg/sfh/lender/sfhmolin.cfm
Ginnie Mae Guarantees First Security Backed by FHA Home Equity Conversion Mortgage Loans
According to HUD, Ginnie
Mae has announced their first Home Equity Conversion Mortgage
Mortgage-Backed Security, which is a $116 million issuance – the
first government-guaranteed mortgage-backed security backed by FHA
insured reverse mortgages ever. An important step in the development of
the reverse mortgage market, this allows homeowners over the age of 62
to cash in on home equity while living in the home, and without making
monthly payments. To read more about this development, please visit www.hud.gov/newsroom
**For more information, visit FHA online: http://www.FHA.gov
THE BLOG CAFE'
Increase Productivity by Structuring Your Time
Written By: John Hoxsey, CMLP
 As
processors, how many times a day do we find ourselves in a position of
juggling 100 different things at once? If your day is anything
like mine you will have a difficult time making forward progress unless
you structure time to work without distractions. If
you are constantly taking phone calls and answering questions you will
never be able to get your work done. I liken it to reading a book while
constantly being interrupted. You get stuck reading the same
sentence over and over. You have to reread what you have read and
are constantly loosing your place. Read Full Blog >>
DISCUSSION BOARD
Are Sub-Prime Lenders Dead?
Posted By: Yanina Garcia, NAMP Member
I just
read that congress is soon to pass a bill wherby it would place
responsibility on the lender to vouch for the borrower's information
and defend the decision to lend in court if fraud was determined.... I
think this willl have a big impact on the existing sub-prime lenders as
none of them are going to want to take on that responsibility.. I
believe this means that more and more brokers will have to turn to FHA
loans.... so contract processors get ready because FHA is here to stay! Read Answers >> (6 comments)
Are Lenders Hiring Contract Processors?
Posted By: Michelle Russel, NAMP Member
Hi everyone, I wanted to put this question out there. I have been
markting like crazy and I have run into lots of brokers that are a mess
to say the least. So I was wondering if it was possible to go out and
try to land a contract with a major lender. What do you guys/gals think
about that? Read Answers >> (4 comments)
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**Post A Job Opening >>
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