Those looking for an indication when Fannie Mae and Freddie Mac may exit conservatorship did not receive one during recent Congressional testimony from the director of the Federal Housing Finance Agency (FHFA). Under the Donald Trump administration, the end of conservatorship was a matter of when, not if. That has changed somewhat during the Joe Biden administration.
Potential homebuyers are finding various ways of dealing with the new reality of higher mortgage rates that are closer to historic norms. During the recent pandemic, mortgage rates sank below 3 percent. In January 2021, the average 30-year rate hit an all-time low of 2.65, according to Freddie Mac. By October 2023, however, that rate was nearly at 8 percent.
Anybody who has bought a home, has tried to buy a home, or is involved in selling or financing real estate knows housing affordability has been an issue for some time. Last week, real estate brokerage Redfin released data showing the extent of how challenging it is for some consumers to buy a home.
As the first quarter of 2024 draws to a close, the latest news shows an industry in consolidation that may have expanded opportunities to finance this year while still dealing with the rising costs of homeownership. A recent report from Fitch Ratings shows that the largest U.S. non-bank mortgage lenders are gaining market share. This is largely due to consolidation and the exit of smaller lenders.
The Federal Housing Finance Agency (FHFA) expects to transition to new crediting reporting requirements and new credit score models in the fourth quarter of 2025. “Following extensive stakeholder engagement and input, FHFA is aligning the implementation date of the bi-merge credit reporting requirement with the transition from the Classic FICO credit score model,” the agency said in a statement.
In the age of green technology the mortgage industry is beginning to see more properties with Solar Photovoltaic (SPV) systems, more commonly known as Solar Panels. In this 2-part article we will cover what solar energy is, how it works, the types of financing available and the documentation requirements. What are some of the benefits of using solar energy? It helps conserve our fossil fuel resources and reduces our reliance on imported fuels.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Last week we covered the different types of financing available for solar panels such as a Solar Lease, Power Purchase Agreement (PPA), a Solar Loan and the Property Assessed Clean Energy (PACE) program. With a Solar Lease or Solar Loan, the lease/loan payments are included in the DTI (a solar loan payment is added to the PITI as subordinate financing),while payments for a PPA are excluded from the DTI since the homeowner only pays for the energy that was produced.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
The new Loan Estimate is designed to help consumers make informed decisions when shopping for a mortgage and understanding the key features, costs, and risks of the mortgage loan for which they are applying for.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
The current underwriting manuals HUD 4155.1 and HUD 4155.2 are being replaced by HUD’s Single Family Handbook (SFH) 4000.1. There are approximately 100 changes from the old books to the new book. There are parts of the SFH in effect now and all of the book will be in effect with cases issued on or after September 14, 2015. There are parts of the SFH in effect already with lion share in effect in September 2015.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
What are the different types of mortgage insurance? There are two types of mortgage insurance, Private Mortgage Insurance (PMI) for conventional borrowers that put less than a 20% downpayment and the other program is FHA insurance regardless of the down payment and loan term.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
On October 29, 2012, Hurricane Sandy, also known as Super Storm Sandy hit a major portion of the northeastern coastal areas. These areas had massive damage not so much from the wind that hurricanes are known to bring, but more from the surge of the ocean and bay waters.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Commission income is income that varies and fluctuates. Commission income can vary each month based on the amount of sales the borrower has completed. Tax returns are required on commission income if the commission earnings are > than 25% of total earnings. Variable sources of income are subject to external influences. These types of income sources need to be analyzed carefully.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
If you are employed by a mortgage banking company and the company you are employed by is not owned or operates as a bank that does not take depositors money then you are employed by a “nonbank” mortgage firm.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
This week I would like to talk about our customer service to our managers. There are several layers of management that we have to answer to. In many companies we have our supervisors, ops managers, branch managers, sales managers, and we have our executives in upper management. Of course it’s a given if we want to keep our jobs we must do what they ask of us and perform our job responsibilities as expected.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
All mortgage brokers, and mortgage lenders are not allowed to discriminate when lending money. All mortgage brokers and mortgage lenders have the borrower execute all kinds of documentation stating as a mortgage broker or mortgage lender that we do not discriminate in lending money. How many really look at the documents and what we are supposed to do and not to do.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.