Mortgage Processing News in Loan Processing
Thursday, February 9, 2012 - 7:28pm
At the end of 2011, HUD finally released a long-awaited current version of the TOTAL Scorecard User Guide. The prior version had not been updated since 2004. FHA requires that all loans be scored through TOTAL except for those transactions involving borrower’s with no traditional credit scores and streamline refinance transactions. It’s important to be aware that TOTAL does not
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Thursday, January 26, 2012 - 6:59pm
The Federal Trade Commission website is a resource I refer people to fairly often because of the informative and educational materials available for consumer distribution. The FTC offers a lot of great information available in web format, PDF format and some materials are even available to order in bulk quantities for free which makes this a great resource for seminar materials and overall...
Friday, January 13, 2012 - 4:21pm
One of the things I like to do at the start of each New Year is provide what I refer to as my lists of “freebies.” These are lists of websites and resources that have helped me over the years in one way or another and that often provide ongoing information that is helpful and informative on an ongoing basis. This week I offer my list of favorite VA resources. These are websites and resources that...
Thursday, December 22, 2011 - 7:32pm
This week, as we approach the end of yet another crazy year in our industry, I thought I’d mix things up a bit and provide some lighter reading but reading that nonetheless, might just provide you the motivation you need to turn a negative attitude and stressful time of year into a positive and joyful experience that will motivate you to prepare for a wonderful new year!
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Friday, December 9, 2011 - 4:51pm
After much anticipation, all of our major agencies have now released their respective communications regarding 2012 loan limits for conventional, FHA and VA lending.
Fannie Mae & Freddie Mac- Conventional Loan Limits
Resources:
• Fannie Mae Lender Letter 2011-08: Confirmation of Conventional Loan Limits for 2012
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/ll1108.pdf
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Wednesday, November 23, 2011 - 7:11pm
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.
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Friday, November 11, 2011 - 6:45pm
I had a loan officer ask me this week “how does a borrower check the status on her MIP refund?” I informed the loan that HUD no longer automatically issues a refund check to borrowers whose FHA loans are paid off with non-FHA refinances. I was actually quite surprised the loan officer wasn’t aware that HUD’s prior stance regarding MIP refunds had gone by the wayside years ago. But I figure she...
Friday, September 30, 2011 - 6:19pm
If you’re like me, you can’t wait to be done with September and into October so that we can implement all of the major changes we’ve known have been coming for quite some time. In case you’ve forgotten or misplaced your list, here are some reminders:
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
• October 1- Temporary High Balance Loan Limits are replaced by permanent high balance...
Friday, September 16, 2011 - 6:17pm
As anticipated for quite some time, VA finally formally announced changes to VA funding fee structure that will be effective for VA loans not closed on and after 10/01/2011-See VA Circular 26-11-12. On the positive side is that the funding fees are decreasing which is great news for our U.S. veterans! Lower funding fees may give a boost to VA home loan financing products and allow them to be more...
Friday, September 2, 2011 - 4:42pm
For those of us in the upper Midwest, we are fortunate not to deal much with Mother Nature’s unpredictable hiccups. We get occasional tornado outbreaks, some nasty thunderstorms, we deal with wind damage, hail damage and occasional flooding in low lying areas but for the most part, aside from our sometimes unbearable winters, we’re pretty fortunate up in these parts. We don’t feel earthquakes,...
Friday, August 19, 2011 - 5:19pm
Right now we all have much to be grateful for. Record low interest rates have brought us record numbers of refinances which are boosting business for all of us in the industry. But while business is plentiful, so also can be the frustrations that come along with it. When times are as busy as they are right now, it’s important we all think ahead and do our part to make the processes as smooth as...
Friday, August 5, 2011 - 5:59pm
This week I thought I’d take a break from the ongoing condominium articles that summarize HUD’s recently issued 95 page condominium processing guide and cover another topic that came up this week. I had a situation come up this week from a loan officer that I feel is relevant for many in out industry because it’s something that can commonly occur. By providing a bit of information, it will help...
Friday, July 15, 2011 - 4:28pm
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. The revisions listed in this newest...
Friday, July 1, 2011 - 3:30pm
"OFAC" is the abbreviation for Office of Foreign Assets Control. It is the specific branch of the United States Department of the Treasury that administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the...
Friday, June 24, 2011 - 4:31pm
With so many credit-related businesses springing up everywhere, consumers are becoming more educated about the importance of maintaining good credit. They’re also becoming more educated about their rights as consumers. For these reasons, we’re starting to see more fraud alert messages on consumer credit reports we utilize for the extension of mortgage financing.
It’s important that originators,...
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Fri, February 17th, 2012
The past few weeks have been quite interesting around the office for me, not because I have had opportunity to learn new things or underwriting interesting cases, but because I have had to endure a...
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