Mortgage Processing News from NAMP
Friday, May 11, 2012 - 4:01pm
Over the past 5 years I have had many conversations with people regarding the housing market which invariably becomes a discussion as to who is at fault for the collapse in 2007. Depending on who you are talking too, the blame is laid at the feet of big banks or mortgage brokers, Wall Street, FNMA or FHLMC and of course the diagnosis is generally that one or all of the aforementioned groups did...
Friday, May 11, 2012 - 3:31pm
"There is an exception," said Ray Brousseau, executive vice president with Carrington Mortgage Services. "FHA's 203(k) program lets you buy the house you want now and then provides the money you need to make repairs. With 203(k) financing you can buy an older home and fix it up, or you can purchase a short sale or foreclosure in need of repair with the 203(k). You can also buy a property which is...
Friday, May 11, 2012 - 3:31pm
"There is an exception," said Ray Brousseau, executive vice president with Carrington Mortgage Services. "FHA's 203(k) program lets you buy the house you want now and then provides the money you need to make repairs. With 203(k) financing you can buy an older home and fix it up, or you can purchase a short sale or foreclosure in need of repair with the 203(k). You can also buy a property which is...
Friday, May 11, 2012 - 3:28pm
The number of Federal Housing Administration-insured home loans entering foreclosure jumped in March after half the mortgages it modified to ease repayment terms were in default again a year or more later. The FHA’s role in lending to first-time buyers with poor credit and limited cash expanded after the 2008 collapse of the mortgage market put it at the center of government efforts to revive...
Friday, May 4, 2012 - 4:16pm
This week I asked a few underwriters what their top gripes are lately with the files they receive for underwriting. Based on the underwriter responses, I was able to establish a few items worth mentioning.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
One thing was very clear based on the responses. If you want your underwriter to adore you and your loan files, I highly recommend you...
Friday, May 4, 2012 - 3:58pm
Applications for mortgage loans insured by the Federal Housing Administration (FHA) surged in March as purchase applications soared by almost 60 percent and refinance applications jumped by ten percent according to the agency’s Single-Family Outlook report for March. A total of 205,778 FHA loan applications were submitted in March, 32.5 percent higher than the 155,248 applications submitted in...
Friday, April 27, 2012 - 4:26pm
FHA issued a bulletin on April 18, 2012 informing the industry about HUD approved nonprofit participation in FHA loan financing. Basically HUD allows approved nonprofit agencies to act as a mortgagor utilizing FHA insured financing to purchase homes which will be designated for resale to low to moderate income families or in some instances rented to low moderate income families and as you can...
Friday, April 27, 2012 - 4:25pm
Income for any mortgage loan is an important part of the ratios that are required for loan approval. FHA mortgage guidelines for commission income are very specific as to what is required when an underwriter performs an income analysis. For any borrower who has commission income, it is worthwhile to know these rules in order to avoid being surprised by the lender. To be considered a commissioned...
Friday, April 27, 2012 - 4:24pm
As part of the mortgage approval process, mortgage lenders will often verify the value of the your home via an appraisal. This is true for conforming mortgages, FHA mortgages, USDA mortgages and all others. One notable exception is the FHA Streamline Refinance which typically does not require an appraisal. HARP mortgages often waive appraisal requirements, too. An appraisal is an official home...
Friday, April 20, 2012 - 7:05pm
There seems to be confusion out there in regards to a few of the recent changes announced by FHA in Mortgagee Letters 2012-3 and Mortgagee Letter 2012-4. The purpose of this week’s article is to provide you with further clarity on a few of the recent changes here.
As you may recall, Mortgagee Letter 2012-3 included several major changes to underwriting guidelines effective for cases assigned on...
Friday, April 20, 2012 - 7:04pm
FHA has been offering a streamline refinance program for some time. You can contact your lender for details and pricing. Here is the information from the HUD.gov Web site: FHA has permitted streamline refinances on insured mortgages since the early 1980s. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there...
Friday, April 13, 2012 - 8:03pm
Every lender operation is different. Some are operations friendly and others sales friendly and fortunately some are in between. As an industry educator as well as underwriter, I have many opportunities to talk to be originators and underwriters and as you can well imagine, many of those conversations end up being discussions about unreasonable underwriters asking for unnecessary file...
Friday, April 13, 2012 - 8:02pm
The FHA says it will no longer approve applications for home financing when the borrowers have outstanding collections or disputed accounts with an aggregate of $1,000 or more of unpaid bills. In a reversal of its previous policy, the Federal Housing Administration says it will no longer approve applications when the borrowers have outstanding collections or disputed accounts with an aggregate of...
Friday, April 13, 2012 - 8:00pm
Oak Grove Capital, a leading national provider of commercial real estate lending services, today announced that Brian T. Kelleher has joined the St. Paul-based firm and will open a Columbus, Ohio office. Kelleher will be responsible for the firm’s FHA Platform and will lead its growth by establishing new offices and adding experienced team members nationwide. Kelleher joins Oak Grove Capital at...
Friday, April 6, 2012 - 7:47pm
For FHA streamline refinance borrowers (whose current loans were endorsed prior to 6/01/09) with loans in process who wish to wait for the upcoming 6/11/2012 decreases to FHA MIP/MI rates announced in Mortgagee Letter 2012-4, HUD has issued the following instructions:
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
• Lenders may submit case number cancellation requests starting...
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Recent Mortgage News
Too much agreement means more entitlementsWashington Post... a counterproductive federal intrusion in primary and secondary...
The Fiscal TimesForeclosed Americans find way back to homeownershipReutersThe number of FHA-insured home loans has soared in...
eNewsChannelsCan you refinance an underwater home without HARP?KFVSA lot of homeowners with underwater mortgages would like...
Back from foreclosure to homeownershipmsnbc.comThe number of FHA-insured home loans has soared in recent years as subprime...
Future of Housing Finance Will Be Top Issue for Next PresidentMarketWatch (press release)FHFA assumed conservatorship of the...
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Fri, May 11th, 2012
Over the past 5 years I have had many conversations with people regarding the housing market which invariably becomes a discussion as to who is at fault for the collapse in 2007. Depending on who you...
Fri, May 11th, 2012
"There is an exception," said Ray Brousseau, executive vice president with Carrington Mortgage Services. "FHA's 203(k) program lets you buy the house you want now and then provides the money you need...
Fri, May 11th, 2012
"There is an exception," said Ray Brousseau, executive vice president with Carrington Mortgage Services. "FHA's 203(k) program lets you buy the house you want now and then provides the money you need...
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