Mortgage Processing News in Loan Processing
Friday, April 19, 2013 - 3:34pm
Are your borrowers/buyers lacking funds to close the loan? Did you know that borrowers can receive “concessions” from the seller to help with the purchase of their home. FHA will allow up to 6% of the sales price while conventional lenders permit 3% for seller concessions. This is an essential part of closing your deal and makes the home sale flow smoothly to closing.
Need FHA Training? CLICK...
Friday, February 8, 2013 - 9:33pm
This week and next, I would like to touch base on a few reminders that will help you manage your files and your partnerships a little better.
1. Give regular loan status updates to the LO, realtor, or borrower BEFORE you are asked. This is just good customer service. In my shop, we have Tuesday Status Updates. That means every borrower and their realtor in our pipeline will receive a call,...
Friday, January 25, 2013 - 10:27pm
FHA backed loans are facing delinquencies that could lead to a big loss for the government. Reasons for this is due to less amount of down payments and low credit score requirements in the past. These previous requirements made this possible for every average employed citizen to buy a house with affordable down payment and 100% gift funds. There were no credit score requirements and if a borrower...
Friday, January 18, 2013 - 6:42pm
Understanding HUD REO- Part One: Overview of the REO Process
Last week, I presented Part One in a series of articles to help expand your knowledge and understanding of HUD REO (Real Estate Owned) Sales for purposes of FHA lending. This week, in part two of the series, you’ll find further explanation of the appraiser’s responsibilities in regards to the HUD REO appraisal requirements.
Need FHA...
Friday, January 18, 2013 - 6:41pm
The long-awaited "qualified mortgage" rules were released last week by the Consumer Financial Protection Bureau. The new QM rules have set forth guidelines to protect borrowers from predatory lending while shielding lenders who follow the rules from litigation.
Many types of high-risk loans that were implicated in the collapse of the housing bubble, such as interest-only mortgages, stated income...
Friday, January 11, 2013 - 8:50pm
Assets are one of the essential conditions of underwriting. There are two major types of assets, liquid assets and non-liquid assets. Both are equally important when a file is underwritten, comparing with old times, where underwriters had to make final determination for the required assets, it is more easier nowadays when automated system makes all the determinations.
Need FHA Training? CLICK...
Friday, January 4, 2013 - 9:27pm
With the New Year started, no doubt we have all made our resolutions and are already working on keeping them. Here are some things to keep in mind that will help make this year a successful one when it comes to our jobs.
• Complete 1003 – Make sure that every section of the loan application is fully and accurately completed.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
• Review...
Friday, December 28, 2012 - 8:33pm
Once a borrower gets behind on their mortgage payments, they come to a delinquent borrower category. This happens only if a borrower looses his/her ability to pay their mortgage payment on time. At this point now a borrower has to go for other options if he/she thinks that it is hard for him/her to afford monthly payment in future.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
Before...
Friday, December 21, 2012 - 5:01pm
I recently was asked by one of my students if condo assessments were ever included in the mortgage payment. I thought this was a good question. Simply because the answer is two-fold.
First, if you don’t already know what condo assessments are, here is the definition: Condo assessments, sometimes called association fees, are the payments made by condominium owners to cover the common expenses of...
Friday, December 14, 2012 - 7:57pm
In the mortgage business borrower is a primary focus for everyone working in the industry. Without making a borrower happy no one can succeed. This sounds very easy, to make borrower happy, but this is one of the difficult task for every mortgage personal dealing with the borrower. This is the situation where extra effort customer service is required.
Need FHA Training? CLICK HERE: http://www.FHA...
Friday, December 7, 2012 - 9:35pm
The holiday season is upon us. Many are now taking their vacations yet at the same time, mortgage applications have increased. The end of the year is approaching and those wanting to purchase are either pushing to have Christmas in their new homes or even bring in the New Year there. That usually means more pressure on all of us to make a deal happen. Here are a few things to remember when it...
Friday, November 30, 2012 - 6:42pm
Subordination agreement a written contract in which a lender who has secured a loan by a mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff). The agreement must be acknowledged by a notary so it can be recorded in the official county records.)
Need FHA Training? CLICK HERE: http://...
Friday, November 23, 2012 - 2:25pm
FHA recently released Mortgagee Letter 2012-13 which clarifies disaster area inspection requirements for determining whether or not the loan is eligible to close as well as if the loan qualifies for endorsement/insuring. Be sure to read these requirements if you lend in East Coast areas recently affected by Hurricane Sandy.
FHA Loan is in Process but has not yet Closed
Inspection of the interior...
Friday, November 23, 2012 - 2:24pm
No doubt, our biggest frustration when it comes to processing our files, are the little things that we miss and ultimately causes delays. Below are some common mistakes that often occur and if we catch them beforehand, we can save ourselves a lot of time and stress.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
• Incomplete 1003 – Make sure that every section of the loan application...
Friday, November 16, 2012 - 3:40pm
The extensive power failure paralyzed the region in the wake of Hurricane Sandy, delaying closings in the mortgage deals. In order to proceed with these closings lenders are requiring inspections from the certified contractors, to make sure if there are any damages. Lenders are also very closely monitoring flood insurance coverage in those areas. This incident will also have trigger down affect...
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Recent Articles
Fri, May 17th, 2013
Over the years I am often asked by borrowers if the points they pay at closing are tax deductible. When I am asked I always say, “Consult your tax advisor” as I am not an accountant or a tax advisor...
Fri, May 17th, 2013
It’s impossible to mention mortgages and the Federal government in the same sentence without provoking emotions. So when the FHA announced major changes to it’s MIP cancellation policy, reaction was...
Fri, May 10th, 2013
Georgia’s biggest lender, said it’s in talks with U.S. authorities to settle claims over its handling of loans backed by the Federal Housing Administration. The U.S. Department of Justice and the...
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