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National Association of Mortgage Processors®

HOME
BOOTCAMP
The Official NAMP® Processor Boot Camp™
The Official NAMP® Contract Processor Boot Camp™
The Official NAMU® Underwriter Boot Camp™
CERTIFICATION
Certified Mortgage Processor (NAMP®-CMP)
Certified Master Loan Processor (NAMP®-CMLP)
Certified Ambassador Loan Processor (NAMP®-CALP)
Certified Contract Loan Processor (NAMP®-CCLP)
COURSES
Today's Special Offers
**View All Loan Processor Classes
**View All Mortgage Underwriter Classes
**View All FHA/VA Classes
NMLS Licensure Training
Loan Processing 101 - "The Basics"
Adv. Processing - "Real World Lessons"
FHA/VA Processing - "For Processors"
FHA DE Underwriter (PREP PACKAGE)
FHA 203(k) Special Rehab
Calculating Income, LTV & DTI Workshop
Case File Underwriting Review (FHA/VA Loans)
Contract Processing Launchpad
Underwriter 101 - "The Essentials"
Adv. Underwriter - "Real World Lessons"
USDA Rural Loans
Tax Returns Analysis Workshop
Appraisal Review Workshop
RECRUIT
-Recruiting Services (FOR EMPLOYERS)
-Job Search Resources
Find Loan Processor Jobs
Find Underwriter Jobs
Find FHA/VA Jobs
Find Misc. Mortgage Jobs
Contract Processor Directory
LIBRARY
Free Mortgage Training Videos
Analysis & Opinion
Featured Op-Ed Articles
Forum (For Processors)
Forum (For Work-at-Home Processors)
Forum (Licensing Requirements)
Forum (For Underwriters)
ABOUT
WHO WE ARE
CONTACT US
CERTIFICANT DIRECTORY
Benefits
REFUND POLICY
ADVISORY BOARD
CODE OF ETHICS
PRESS ROOM
CERTIFICATION
COURSES
Contract Processor List
FORUMS
LIBRARY
1-800-865-8550
Officer Manager
February 17, 2015

PRESS RELEASE: NAMP® Launches New Website

Officer Manager
February 17, 2015

By: NAMP Office Manager

On February 20, 2015, the National Association of Mortgage Processors® (NAMP®) revamped its website here: http://www.MortgageProcessor.org offering more tools and resources to aspiring mortgage processors nationwide.

 

Newer PostWhat's New at NAMP® for 2016
Older PostPRESS RELEASE: NAMP Adds New Webinar to Address October FHA Changes
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Today's Special Offers...

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Free Mortgage Training Videos

Featured
FHA Amendatory Clause Requirements
Apr 23, 2018
FHA Amendatory Clause Requirements
Apr 23, 2018

This free mortgage training video discusses Amendatory Clause rule and requirements, discussion of Form HUD-92800.5B and more. Ideal for Loan officers, processors, underwriters, QC & compliance.

Read More →
Apr 23, 2018
FHA: Quick Refresher on HUD Required Disclosures
Apr 23, 2018
FHA: Quick Refresher on HUD Required Disclosures
Apr 23, 2018

This free mortgage training video discusses Informed Consumer Choice Disclosure, Form HUD-92900-B, Important Notice to Homebuyers, Lead-Based Paint, Form HUD-92564-CN, For Your Protection: Get a Home Inspection. Ideal for loan officers, processors, underwriters, QC & compliance.

Read More →
Apr 23, 2018
FNMA: Overview of Uniform and Specific Riders to Security Instruments
Apr 23, 2018
FNMA: Overview of Uniform and Specific Riders to Security Instruments
Apr 23, 2018

This free mortgage training video discusses special condition and instances that require modification of security instrument or note, requirements, uniform riders & Fannie Mae-Specific and more. Ideal for loan processors, underwriters, QC & compliance.

Read More →
Apr 23, 2018
FNMA: Property Inspection Waiver FAQs - Part 1
Apr 9, 2018
FNMA: Property Inspection Waiver FAQs - Part 1
Apr 9, 2018

This free mortgage training video discusses the definition of Property Inspection Waiver (PIW), who can access PIW, eligibility & requirements, list of not eligible for PIW and more. Ideal for loan officers, processors and underwriters. 

Read More →
Apr 9, 2018
FNMA: Property Inspection Waiver FAQs - Part 2
Apr 9, 2018
FNMA: Property Inspection Waiver FAQs - Part 2
Apr 9, 2018

This free mortgage training video discusses PIW process, subsequent submissions, Condo PIW, some important things to remember and more. Ideal for loan officers, processors and underwriters.

Read More →
Apr 9, 2018
FNMA: Property Inspection Waiver FAQs - Part 3
Apr 9, 2018
FNMA: Property Inspection Waiver FAQs - Part 3
Apr 9, 2018

This free mortgage training video discusses PIW for correspondent lenders. refinance submissions, PIW cost, representations and warranties and more. Ideal for loan officers, processors and underwriters.

Read More →
Apr 9, 2018
FHA Accept Risk Classifications: When to Downgrade to Manual Underwriting
Mar 26, 2018
FHA Accept Risk Classifications: When to Downgrade to Manual Underwriting
Mar 26, 2018

This free mortgage training video discusses instances when to downgrade the loan to manual underwriting, in depth discussion for each circumstances, some additional requirements and more. Ideal for mortgage underwriters.

Read More →
Mar 26, 2018
FHA: What's Considered a New Construction Property
Mar 26, 2018
FHA: What's Considered a New Construction Property
Mar 26, 2018

This free mortgage training video discusses FHA's three clasifications for new construction: Proposed Construction, Under Construction, Existing Properties <1 year old and more. Ideal for Loan Processors, Officers and Underwriters.

Read More →
Mar 26, 2018
FNMA Post-Closing Quality Control: Review of Appraisers and Appraisals
Mar 26, 2018
FNMA Post-Closing Quality Control: Review of Appraisers and Appraisals
Mar 26, 2018

This free mortgage training video discusses Post Closing QC requirements, appraiser oversight requirements, appraisal requirements and more. Ideal for Post Closing QC.

Read More →
Mar 26, 2018
USDA Loans: Credit Qualifying the Borrower - Part 1
Mar 12, 2018
USDA Loans: Credit Qualifying the Borrower - Part 1
Mar 12, 2018

This free mortgage training video discusses the general requirements on guaranteed rural housing program, credit qualification, credit requirements, guaranteed underwrting system and more. Ideal for loan officers and underwriters.

Read More →
Mar 12, 2018

Recent Articles.... Analysis & Opinion

Featured
Fannie Mae’s Economic Outlook Remains Firm, but Warn of the Risk of Trade War
Apr 23, 2018
Fannie Mae’s Economic Outlook Remains Firm, but Warn of the Risk of Trade War
Apr 23, 2018

Written By: Joel Palmer, Op-Ed Writer

First-quarter economic growth was slower than anticipated, yet the outlook for the rest of the year remains strong. Economic fundamentals remain strong, yet “downside risks are rising.”

Read More →
Apr 23, 2018
Fannie provides lenders more flexibility to provide closing cost assistance to borrowers
Apr 9, 2018
Fannie provides lenders more flexibility to provide closing cost assistance to borrowers
Apr 9, 2018

Written By: Joel Palmer, Op-Ed Writer

In a move that could help mortgage processors and underwriters assist more first-time homebuyers, Fannie Mae is allowing lenders to fund closing cost and prepaid fees.

Read More →
Apr 9, 2018
Latest Fannie DU version limits risk layering
Mar 26, 2018
Latest Fannie DU version limits risk layering
Mar 26, 2018

Written By: Joel Palmer, Op-Ed Writer

Less than a year after enabling higher debt-to-income (DTI) ratios for certain mortgage borrowers, Fannie Mae is adjusting its underwriting standards to address the risk associated with many of these loans.

Read More →
Mar 26, 2018
Two major mortgage bills move forward in Congress
Mar 12, 2018
Two major mortgage bills move forward in Congress
Mar 12, 2018

Written By: Joel Palmer, Op-Ed Writer

More than a year into the Trump presidency, a rollback of Obama era mortgage lending regulations is gaining momentum. With encouragement from the mortgage and financial services industries, many in Congress are hoping to reduce the impact of regulations meant to combat conditions that lead to the 2008 financial crisis.

Read More →
Mar 12, 2018
GSEs report 2017 financial results
Feb 27, 2018
GSEs report 2017 financial results
Feb 27, 2018

Written By: Joel Palmer, Op-Ed Writer

Freddie Mac and Fannie Mae recently released their 2017 full-year and fourth quarter financial results. Here are some of the highlights: The recently passed Tax Cuts and Jobs Act led to a sizable fourth-quarter net loss for both GSEs.

Read More →
Feb 27, 2018
Will GSE reform finally get done in 2018?
Feb 12, 2018
Will GSE reform finally get done in 2018?
Feb 12, 2018

Written By: Joel Palmer, Op-Ed Writer

Things are heating up in the world of GSE reform. From Congress, to the Federal Housing Finance Agency, to groups representing lenders and consumers, measures are being pushed and debated in hopes of ending federal government control of Fannie Mae and Freddie Mac. 

Read More →
Feb 12, 2018
HUD announces review of manufactured housing rules
Jan 29, 2018
HUD announces review of manufactured housing rules
Jan 29, 2018

Written By: Joel Palmer, Op-Ed Writer

Multiple efforts are underway that could make it easier to purchase and finance manufactured housing. Last week, the U.S. Department of Housing and Urban Development (HUD) announced a “top-to-bottom review” of rules governing manufactured housing.

Read More →
Jan 29, 2018
FHFA requests input on credit score usage
Jan 15, 2018
FHFA requests input on credit score usage
Jan 15, 2018

Written By: Joel Palmer, Op-Ed Writer

Mortgage processors, mortgage underwriters and other industry stakeholders have another month to submit input to the Federal Housing Finance Agency (FHFA) regarding potential changes to Fannie Mae and Freddie Mac’s credit score requirements.

Read More →
Jan 15, 2018
5 developments for mortgage professionals to look for in 2018
Jan 2, 2018
5 developments for mortgage professionals to look for in 2018
Jan 2, 2018

Written By: Joel Palmer, Op-Ed Writer

With a new presidential administration, a number of regulatory developments, and a strong housing market, 2017 was an eventful year for the mortgage industry. A number of these developments will carry over into the new year. Here are five things that could impact mortgage processors, mortgage underwriters and the rest of the industry in 2018. 

Read More →
Jan 2, 2018
FHFA releases latest report on NPL sales
Dec 11, 2017
FHFA releases latest report on NPL sales
Dec 11, 2017

Written By: Joel Palmer, Op-Ed Writer

The Federal Housing Finance Agency (FHFA) recently reported that nearly half of the almost 70,000 non-performing loans (NPLs) sold through last year had been resolved. 

Read More →
Dec 11, 2017
‘Best year in a decade’ will give way to mortgage slowdown
Nov 27, 2017
‘Best year in a decade’ will give way to mortgage slowdown
Nov 27, 2017

Written By: Joel Palmer, Op-Ed Writer

Enjoy it while it lasts.It’s been a better-than-expected year for mortgage processors and underwriters. While there isn’t concern about a repeat of 2007-2008, the mortgage and housing industries are preparing for an eventual slowdown in activity.

Read More →
Nov 27, 2017
HUD working to address use of FCA to penalize FHA lenders
Nov 13, 2017
HUD working to address use of FCA to penalize FHA lenders
Nov 13, 2017

Written By: Joel Palmer, Op-Ed Writer

When Donald Trump was elected president of the United States a year ago, the mortgage industry was hopeful his administration would alleviate the regulatory burden that intensified under the Obama Administration.

Read More →
Nov 13, 2017
Rates, inventory, labor, and hurricanes impacting mortgage market
Oct 27, 2017
Rates, inventory, labor, and hurricanes impacting mortgage market
Oct 27, 2017

Written By: Joel Palmer, Op-Ed Writer

The mortgage market was already expected to decline in 2017 because of rising mortgage rates. Then homeowners collectively decided not to put their properties up for sale, tightening inventory.

Read More →
Oct 27, 2017
Mortgage fraud risk on the rise
Oct 16, 2017
Mortgage fraud risk on the rise
Oct 16, 2017

Written By: Joel Palmer, Op-Ed Writer

Mortgage underwriters and processors should be extra vigilant during the lending process due to the increased potential of mortgage fraud. 

Read More →
Oct 16, 2017
Real estate market to remain “favorable” in 2018, according to Freddie Mac
Oct 2, 2017
Real estate market to remain “favorable” in 2018, according to Freddie Mac
Oct 2, 2017

Written By: Joel Palmer, Op-Ed Writer

Mortgage processors and underwriters can expect 2018 to bring a slight increase in purchase loan volume, a considerable reduction in refinance activity, and an influx of home equity loan applications.

Read More →
Oct 2, 2017
NFIP gets short-term extension; needs long-term solution
Sep 18, 2017
NFIP gets short-term extension; needs long-term solution
Sep 18, 2017

Written By: Joel Palmer, Op-Ed Writer

The National Flood Insurance Program (NFIP), set to expire in the coming weeks, was extended by President Trump earlier this month. But its future is as challenging to forecast as the path of an Atlantic hurricane.

Read More →
Sep 18, 2017
FHFA extends HARP, modifies new high LTV refinance program
Sep 5, 2017
FHFA extends HARP, modifies new high LTV refinance program
Sep 5, 2017

Written By: Joel Palmer, Op-Ed Writer

Mortgage refinance activity is expected to drop off considerably this year and next due to rising mortgage rates. But a new program set to launch could create refinance opportunities for certain homeowners.

Read More →
Sep 5, 2017
Despite calls for change, GSEs maintain current credit scoring model
Aug 21, 2017
Despite calls for change, GSEs maintain current credit scoring model
Aug 21, 2017

Written By: Joel Palmer, Op-Ed Writer

Some people buy the latest versions of products and technology the day they launch. Others are content using outdated models. 

Read More →
Aug 21, 2017
TRID’s “Black Hole” remains in place, but new CFPB proposal aims to address it
Aug 7, 2017
TRID’s “Black Hole” remains in place, but new CFPB proposal aims to address it
Aug 7, 2017

Written By: Joel Palmer, Op-Ed Writer

Last month, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the “Know Before You Owe” mortgage disclosure rule. Formally known as the as the TILA-RESPA Integrated Disclosure rule (TRID), the regulation requires mandatory compliance beginning Oct. 1, 2018, about three years after it first took effect.

Read More →
Aug 7, 2017
Is an economic storm brewing for the mortgage industry?
Jul 24, 2017
Is an economic storm brewing for the mortgage industry?
Jul 24, 2017

Written By: Joel Palmer, Op-Ed Writer

The economic atmosphere remains calm…for now.But clouds are forming. The wind is picking up a little bit. A few warning signs have emerged for the mortgage industry to heed.

Read More →
Jul 24, 2017
Provisions of Financial CHOICE Act Inserted in Spending Bill
Jul 10, 2017
Provisions of Financial CHOICE Act Inserted in Spending Bill
Jul 10, 2017

Written By: Joel Palmer, Op-Ed Writer

It passed the House along party lines last month. The likelihood it gets through the Senate is dicey at best.  But key parts of the Financial CHOICE Act may be enacted after they were included in the House Appropriations Committee’s Financial Services Subcommittee’s appropriations bill at the end of June. 

Read More →
Jul 10, 2017
FHFA wants authority to examine GSE third parties
Jun 26, 2017
FHFA wants authority to examine GSE third parties
Jun 26, 2017

Written By: Joel Palmer, Op-Ed Writer

Midway through its 120-page annual Report to Congress, the Federal Housing Finance Agency dedicated one page to making three legislative recommendations. One of those recommendations drew a strong objection from the Mortgage Bankers Association (MBA).

Read More →
Jun 26, 2017
After three years, debate between PHH and CFPB seems far from over
Jun 12, 2017
After three years, debate between PHH and CFPB seems far from over
Jun 12, 2017

Written By: Joel Palmer, Op-Ed Writer

It started three years ago with a hefty, nine-figure fine.The agency that imposed the fine was called unconstitutional by the mortgage giant it sought to punish for an alleged violation.

Read More →
Jun 12, 2017
Fannie, Freddie project steady housing growth in 2017-18
May 30, 2017
Fannie, Freddie project steady housing growth in 2017-18
May 30, 2017

Written By: Joel Palmer, Op-Ed Writer

Economists at both Fannie Mae and Freddie Mac forecast housing market growth in 2017 from last year. But the rate of growth will be slower this year and it will moderate even more in 2018, according to those forecasts.

Read More →
May 30, 2017
Fannie focused on customer-centric initiatives
May 15, 2017
Fannie focused on customer-centric initiatives
May 15, 2017

Written By: Joel Palmer, Op-Ed Writer

While regulators and legislators debate the current and future structure of Fannie Mae, the agency has been spending much of 2017 talking about its focus on customers. In the last month, executives from Executive VP Andrew Bon Salle to Chief Financial Officer David Benson have given interviews on the subject of Fannie’s customer-centric initiatives.

Read More →
May 15, 2017
CFPB to increase its focus on mortgage discrimination
May 1, 2017
CFPB to increase its focus on mortgage discrimination
May 1, 2017

Written By: Joel Palmer, Op-Ed Writer

The Consumer Financial Protection Bureau (CFPB) will be increasing its focus in the next year on ensuring that certain mortgage borrowers don’t face credit discrimination. The CFPB recently released its fifth Fair Lending Report, which summarizes its supervision and enforcement activity in the past year as well as its priorities for the coming year.

Read More →
May 1, 2017
When should GSE recapitalization occur?
Apr 17, 2017
When should GSE recapitalization occur?
Apr 17, 2017

Written By: Joel Palmer, Op-Ed Writer

The future of the two government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac has become the mortgage industry’s version of the classic chicken-and-egg dilemma. 

Read More →
Apr 17, 2017
CFPB proposes amendments to ECOA Regulation B
Apr 3, 2017
CFPB proposes amendments to ECOA Regulation B
Apr 3, 2017

Written By: Joel Palmer, Op-Ed Writer

The Consumer Financial Protection Bureau (CFPB) wants to give mortgage lenders more flexibility in complying with the Equal Credit Opportunity Act (ECOA) while also clarifying their obligations under the law.

Read More →
Apr 3, 2017
Is the mortgage market ripe for increased fraud?
Mar 20, 2017
Is the mortgage market ripe for increased fraud?
Mar 20, 2017

Written By: Joel Palmer, Op-Ed Writer

Mortgage underwriters and processors may have to be more diligent in combatting fraud. A mortgage market that encourages more purchases than refinances and enables higher loan-to-value (LTV) ratios will lead to higher incidence of mortgage fraud, according to industry analysts.

Read More →
Mar 20, 2017
Fannie Mae continues to evolve its credit risk transfer program
Mar 6, 2017
Fannie Mae continues to evolve its credit risk transfer program
Mar 6, 2017

Written By: Joel Palmer, Op-Ed Writer

One of the most significant operational changes of the government-sponsored enterprises of Fannie Mae and Freddie Mac since the federal government assumed ownership is the strategic transfer of credit risk.

A program that started five years ago has quickly evolved into a significant market for credit risk transfer securities. 

Read More →
Mar 6, 2017

From Our Library Archives...

written by: bonnie wilt-hild, fha de underwriter
Jul 10, 2015
In Front of the Eight Ball
Jul 10, 2015

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.

Read More →
Jul 10, 2015
Jul 1, 2015
The Determining Factor
Jul 1, 2015

Written By: Bonnie Wildt, Op-Ed Writer

From a mortgage approval standpoint I still find that most mortgage professionals are  still stuck in the wonderful world of AUS. As in bygone days, they believe that if a case receives an automated underwriting approval then the case will be approved, no questions asked, no additional documentation required. Well, I am here to tell you, that’s just not the case. 

Read More →
Jul 1, 2015
Aug 10, 2012
Meatball Processing
Aug 10, 2012

Written By: Bonnie Wilt-Hild

I know, it doesn’t sound like something that any self respecting processor would engage in but it is happening all around us, it being meatball processing. Defining it is easy enough as well, just think processing on the fly and the end results as you can well imagine is a loan approval or more often, suspense, that resembles the collective works of Shakespeare, at least in page length and as we get busier, the items overlooked during processing continues to grow.

Read More →
Aug 10, 2012
Jul 27, 2012
Further Due Diligence
Jul 27, 2012

Written By: Bonnie Wilt-Hild

As underwriters, many of us spend our days reviewing guidelines, interpreting guidelines, answering questions with regard to guidelines and applying the now never ending overlays from our investors with regard to guidelines. Underwriting guidelines apply to every loan product and differ depending on which type of product you are underwriting however there are many common sense areas that apply to underwriting that are not addressed in handbooks.

Read More →
Jul 27, 2012
Jul 13, 2012
The Truth about Underwriters
Jul 13, 2012

Written By: Bonnie Wilt-Hild

A few days ago a friend and I were laughing over the fact that most people, including mortgage industry professionals, wonder if underwriters really exist. I myself have had staff from various brokers offices (which I do visit from time to time) say to me, “We have heard about underwriters but have never really seen one.

Read More →
Jul 13, 2012
Jun 29, 2012
Total Scorecard, Credit Docs and Appraisal Dates
Jun 29, 2012

Written By: Bonnie Wilt-Hild

Seems there have been a few issues lately with regard to Total Scorecard findings and validity as well as misconceptions with validity periods for both appraisals and credit documents (credit reports) on FHA insured mortgage types so I thought it not a bad idea to clear a couple of things up.

Read More →
Jun 29, 2012
Jun 15, 2012
Streamline Refinance Transactions
Jun 15, 2012

Written By: Bonnie Wilt-Hild

Call it portfolio retention or risk management, but as of Wednesday, I had several of my investors pull out of the market where non-credit qualifying (streamline’s without appraisal) FHA streamline refinance transactions were concerned. Several have said they would only purchase them if they were currently servicing the loan and I now have one other who has changed guidelines on credit qualifying streamline refinance transaction to require a minimum median credit score of 700 for loan amounts less than 417,000 and 720 for loan amounts greater than 417. All of this just as everyone rev’s up for the reduction in UFMIP to .01%.

Read More →
Jun 15, 2012
May 25, 2012
Further Analysis
May 25, 2012

Written By: Bonnie Wilt-Hild

Residential mortgage underwriting is defined as the overall credit and valuation analysis of a particular borrower or borrowers with regard to overall financial health as well as the evaluation of collateral that might be used to secure the mortgage and as underwriters we relate this particular evaluation to calculation of housing to income and debt to income ratio’s, the evaluation of a borrower’s credit history as well as the review of a property appraisal. 

Read More →
May 25, 2012
May 11, 2012
We Used To Call It Home
May 11, 2012

Written By: Bonnie Wilt-Hild

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 it out of greed.

Read More →
May 11, 2012
Apr 27, 2012
How Do You Underwrite That?
Apr 27, 2012

Written By: Bonnie Wilt-Hild

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 imagine where the affordable housing program concerned as it pertains to the rental units, the nonprofits may actually have more than one FHA insured mortgage.

Read More →
Apr 27, 2012
Apr 13, 2012
Mutual Interest Management Style
Apr 13, 2012

Written By: Bonnie Wilt-Hild

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 documentation and if I am speaking with underwriters, they always go in the direction of how management does not support them as underwriters and that they 

Read More →
Apr 13, 2012
Mar 30, 2012
HARP 2.0
Mar 30, 2012

Written By: Bonnie Wilt-Hild

I could be wrong but I don’t think I am when I say this program is a bad idea. To substantiate that statement I will quote one that I read on a LinkedIn post a couple days whereas one blogger posted the question “Is HARP 2.0 real, is anyone really closing them?” just to be answered by another blogger who posted, “yes, laughing all the way to the bank”. The sad truth is that I am sure that he is, unfortunately.

Read More →
Mar 30, 2012
Mar 16, 2012
Why We Underwrite Loans
Mar 16, 2012

Written By: Bonnie Wilt-Hild

I know, it sound pretty elementary, we underwrite to see if the borrower qualifies, it’s that simple right? Actually it’s not that simple nor is the task of underwriting a basic exercise in calculating ratio’s, cash to close and making sure the borrower’s credit score is sufficient to meet investor criteria.

Read More →
Mar 16, 2012
Mar 2, 2012
A Return to Policy
Mar 2, 2012

Written By: Bonnie Wilt-Hild

I know this statement will be relatively unpopular but I am going to say it anyway, thank goodness for the return of the FHA mortgage insurance program” In a HUD Public Affairs publication, No. 12-037, issued on February 27, 2012, HUD announced its intentions of again raising the UFMIP and MMI premiums to not only protect their capital reserves but also to encourage the return of private capital into the residential mortgage market.

Read More →
Mar 2, 2012
Feb 17, 2012
Providing Qualify Service
Feb 17, 2012

Written By: Bonnie Wilt-Hild

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 whole new level of customer complaints. It seems like more and more these days, when I pick up the phone it’s my boss saying to bring some loan officer to her office because again, she had just gotten chewed by another customer or real estate agent and in a time of dwindling business not to mention fees, this is never a good thing.

Read More →
Feb 17, 2012
Feb 3, 2012
Credit Scores
Feb 3, 2012

Written By: Bonnie Wilt-Hild

When I hear those words, they immediately evoke images of a world in which mortgage underwriting decisions are determined by AUS systems that have no capacity to either employ common sense underwriting principals or fairly or adequately assess overall risk. They are simply three more numerical values used by a computer model to “recommend” if a loan should be approved and just like its partner, the AUS, I think credit scoring as rule has outlived its usefulness.

Read More →
Feb 3, 2012
Jan 20, 2012
Credit Qualifying Streamline Refinance Transactions
Jan 20, 2012

Written By: Bonnie Wilt-Hild

I know what you’re thinking already, “Really Bonnie, we know all about them”, but I say untrue, this based on a conversation I had yesterday with an underwriter friend at Philadelphia HOC. It is always nice to talk to her, catching up with friends is always a good thing and as you can image, she will sometimes share with me some of the most common disastrous mistakes lenders make where various loan types are concerned. 

Read More →
Jan 20, 2012
Jan 6, 2012
Closings by Homeownership Counseling
Jan 6, 2012

Written By: Bonnie Wilt-Hild

When we say homeownership counseling, many of think of traditional counseling that a borrower might receive prior to the purchase of a new home, in many instances to receive grant funds, or perhaps homeownership retention counseling that a homeowner might seek should they be facing foreclosure but very seldom do loan originators consider homeownership or “credit counseling” as a means to generate new business.

Read More →
Jan 6, 2012
Nov 18, 2011
Oil and Water
Nov 18, 2011

Written By: Bonnie Wilt-Hild

Oil and water, two things that we all know do not mix well do to incompatible molecular structures, have become the poster child for underwriting with AUS. That’s correct, Oil (AUS) and water (manual underwriting). “How so”, you ask and the answer is a very simple one. We are still required to utilize automated underwriting on all cases that we underwrite however the findings don’t mean a thing where documentation waivers or loan approval is concerned.

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Nov 18, 2011
Nov 4, 2011
Knowing the Guidelines
Nov 4, 2011

Written By: Bonnie Wilt-Hild

Yes, it is important to know the guidelines and I am sure many of you who are underwriters are thinking that you do or you know them at least sufficiently to underwrite a case with the assistance or guidance from your AUS. We I am here to tell you that these days it’s a little trickier than that and I can prove that statement by way of buy backs just last month.

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Nov 4, 2011
Oct 7, 2011
Loss Mitigation
Oct 7, 2011

Written By: Bonnie Wilt-Hild

The use of the FHA and VA mortgage insurance programs has been on the rise since the great implosion of 2007 and most recent us several lenders embracing Rural Housing programs as well. As a mortgage underwriting employed on a full time basis by a bank as well as an industry educator who teaches program guidelines for these products for FHA Online University, I have seen literally thousands of people, industry professionals, government agencies and lender groups sign up for and participate in training for these programs in order to become proficient with the government lending product types.

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Oct 7, 2011
Sep 23, 2011
Employment Opportunities in the Mortgage Industry
Sep 23, 2011

Written By: Bonnie Wilt-Hild

I have been working in the mortgage industry for the past 25 years and have seen a lot of highs and lows. When I began, the GSE’s were just gearing up and the secondary market as we know it today was still in its infancy.

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Sep 23, 2011
Sep 9, 2011
Making Homeownership Possible
Sep 9, 2011

Written By: Bonnie Wilt-Hild

I know everyone has read an article or two in which I have stated the importance of the social aspect of why we underwriters do what we do. Homeownership or the preverbal roof over our heads is one of the most important aspects of human civilization and over the past couple of weeks I learned from a personal standpoint just how much this and a few other things that we often seem to take for granted mean to us as people and to our families.

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Sep 9, 2011
Aug 26, 2011
Streamline Refinance Transactions
Aug 26, 2011

Written By: Bonnie Wilt-Hild

Wow, talk about an increase in volume. With interest rates down there seems to be a renewal of interest in the FHA Streamline refinance program. It actually makes sense really, considering that many mortgages were refinanced into FHA mortgage types during 2008 and 2009 to relieve borrowers who had previously been placed in subprime mortgage types, the burden of excessive interest rates or adjustable rate features.

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Aug 26, 2011
Aug 22, 2011
203k: Make Special Note
Aug 22, 2011

Written By: Bonnie Wilt-Hild

As volume continues to grow where overall originations of the FHA 203k program is concerned, so of course do errors. I realize that many of the lenders currently underwriting the program are proficient where policy and procedure for this program is concerned, however there are those lenders that are still somewhat new to the program and I thought I would share a little insight as to a few things to keep in mind while underwriting and servicing the program which hopefully spare some of you later issues with both HUD and your investors.

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Aug 22, 2011
Aug 11, 2011
Real Estate Owned
Aug 11, 2011

Written By: Bonnie Wilt-Hild

Before I begin, I just want to say that I left my flying monkeys home this morning so for those of you that enjoy my occasional black rant, you will be disappointed. However I will say overall sarcasm is not out of the question because here of lately whenever a discussion takes place that includes the federal government, excluding HUD of course, that relates to the real estate market, well it’s just impossible to not be sarcastic, they make it too easy.

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Aug 11, 2011
Jun 6, 2011
The 203k Underwriting Checklist
Jun 6, 2011

Written By: Bonnie Wilt-Hild

The 203k is a great program for any individual who wants to buy a handy man special or property being sold at foreclosure and fix it up, or a current homeowner who would like to complete some updates to their existing home however many lenders are still unwilling to offer the program.

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Jun 6, 2011
May 30, 2011
The Spirit of Underwriting
May 30, 2011

Written By: Bonnie Wilt-Hild

I was in the kitchen this morning having a conversation with a coworker. We were reminiscing about the good old days of HUD field offices, case number assignment lines and of course processing and underwriting without the benefit of fax machines, AUS or even the internet for that matter. 

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May 30, 2011
May 17, 2011
The 203K for Investors
May 17, 2011

Written By: Bonnie Wilt-Hild

We have been listening to the gossip (most of which I started), since November, 2010 about how HUD has discussed lifting the moratorium on the 203k program designed for investors. Believe it not, the program actually did exist at one point and was quite successful from a utilization standpoint, but do to program abuse which included mass property flip schemes in the 1990’s, HUD was forced to eliminate the program for use in 1996.

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May 17, 2011
May 9, 2011
Grim
May 9, 2011

Written By: Bonnie Wilt-Hild

Yes, it is, grim that is, and I am not referring to Wilhelm & Jacob Grimm. But just as they composed those fairy tales in the 1800’s, representing what might have been described as the capricious and cruel reality of daily life for most Europeans of that time, we to continue to face a housing and mortgage market that can also be described capricious. Unlike the tales of Brothers Grimm however, the ails of the current housing market do not seem to be getting softer or sweeter with time.

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May 9, 2011

From Our Library Archives...

written by: stacey sprain, senior loan processor
Jan 18, 2013
Understanding HUD REO-Part Two: The REO Appraisal
Jan 18, 2013

Written By: Stacey Sprain

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.

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Jan 18, 2013
Nov 23, 2012
Disaster Area Inspection and Repair Requirements for Closing, Endoring/Insuring FHA Loans
Nov 23, 2012

Written By: Stacey Sprain

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.

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Nov 23, 2012
Nov 9, 2012
Private Mortgage Insurance Cancellation-Part Three
Nov 9, 2012

Written By: Stacey Sprain

For the past two weeks, I have offered a series on private mortgage insurance cancellation, have explained the regulations involved and have offered some tips and tools to help consumers understand their rights regarding cancelling private mortgage insurance coverage for conventional loans.

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Nov 9, 2012
Oct 26, 2012
Private Mortgage Insurance Cancellation-Part One
Oct 26, 2012

Written By: Stacey Sprain

I was asked recently to speak about private mortgage insurance cancellation so I thought this would be a good topic to cover this week. Below is part one of a three part series on this topic.

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Oct 26, 2012
Aug 24, 2012
Documenting Disability Earnings as Stable Income
Aug 24, 2012

Written By: Stacey Sprain

You may have noticed in the past several months that the agencies have been updating long-known employment and income documentation requirements. These recent guideline updates and changes are likely in response to a discrimination lawsuit that was waged against Bank of America earlier this year claiming that Bank of America imposed ”unnecessary and burdensome requirements” on borrowers who received income because of a disability.

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Aug 24, 2012
Jul 27, 2012
FHA Appraisal & Valuation Part 3- New Construction & Cost Approach FAQs
Jul 27, 2012

Written By: Stacey Sprain

This is part 3 of a multi-part series that provides helpful questions and answers about FHA appraisals, properties and valuations. I recently ran across this list as I was actually searching for something on a completely different topic. I found these FAQs so helpful and informative I felt the need to pass them on in hopes they will be useful to you as well!

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Jul 27, 2012
Jul 13, 2012
FHA Appraisal & Valuation FAQs-Part 1
Jul 13, 2012

Written By: Stacey Sprain

I recently ran across a list of FHA appraisal and valuation questions and answers from HUD as I was actually searching for something on a completely different topic. I found these FAQs so helpful and informative I feel the need to pass them on in hopes they will be useful to you as well!

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Jul 13, 2012
May 4, 2012
Underwriters Prefer Cover Letters
May 4, 2012

Written By: Stacey Sprain

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.

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May 4, 2012
Apr 20, 2012
Clarifications for Recently Issued Mortgagee Letter Content
Apr 20, 2012

Written By: Stacey Sprain

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.

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Apr 20, 2012
Mar 23, 2012
Rural Development’s Refinance Pilot Program
Mar 23, 2012

Written By: Stacey Sprain

I don’t know about anyone else but I can honestly say this is the absolute busiest and most overwhelmed I’ve personally felt in the near 25 years I’ve been in this crazy business of ours! I’ve never seen so many products changing and being added, so many differences between lender product overlays, so many crackdowns on compliance or so many major regulatory changes as we’ve been experiencing recently.

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Mar 23, 2012
Mar 9, 2012
Changes to FHA Mortgage Insurance Announced
Mar 9, 2012

Written By: Stacey Sprain

Last week I outlined upcoming changes to FHA’s mortgage insurance premium structure based on preliminary communication from HUD but subject to the release of an official Mortgagee Letter. Since then Mortgagee Letter 2012-4 has been issued which communicates the finalized changes to FHA’s mortgage insurance premium structure.

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Mar 9, 2012
Feb 24, 2012
Fannie Mae Learning Plans for Training Purposes
Feb 24, 2012

Written By: Stacey Sprain

Anyone who is familiar with my article writing over the past several years probably knows I am a huge advocate for training and education in our industry whether it be for those coming in to the lending environment fresh with no prior experience or for the most seasoned veteran such as myself who have been working in the lending environment for well over 20 years or more.

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Feb 24, 2012
Feb 9, 2012
New from FHA- Updated TOTAL Scorecard User Guide!
Feb 9, 2012

Written By: Stacey Sprain

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. 

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Feb 9, 2012
Jan 26, 2012
Part 4 of Annual “Freebies” – FTC Resources
Jan 26, 2012

Written By: Stacey Sprain

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 distribution to homebuyers and homeowners.

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Jan 26, 2012
Jan 13, 2012
Part 2 of Annual “Freebies” - VA Resources
Jan 13, 2012

Written By: Stacey Sprain

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.

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Jan 13, 2012
Nov 11, 2011
The Scoop on MIP Refunds
Nov 11, 2011

Written By: Stacey Sprain

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.

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Nov 11, 2011
Sep 30, 2011
Finally-Major Changes Effective October 1st!
Sep 30, 2011

Written By: Stacey Sprain

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:

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Sep 30, 2011
Sep 16, 2011
The Changes & Updates Keep Coming- This time- VA Funding Fees Changing October 1!
Sep 16, 2011

Written By: Stacey Sprain

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! 

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Sep 16, 2011
Sep 2, 2011
Disaster Declarations & Re-Inspection Policies
Sep 2, 2011

Written By: Stacey Sprain

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.

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Sep 2, 2011
Aug 19, 2011
Important Tips and Reminders for the Refinance Boom
Aug 19, 2011

Written By: Stacey Sprain

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. 

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Aug 19, 2011
Aug 5, 2011
How Credit Inquiries Lead to Competitor Marketing Calls
Aug 5, 2011

Written By: Stacey Sprain

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. 

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Aug 5, 2011
Jul 29, 2011
Repurchase Request
Jul 29, 2011

Written By: Bonnie Wilt-Hild

It is pretty common in my office to hear me say to one of my underwriters, “That is why you should always look for a way to turn it down first, it saves time and you won’t be force to have ridiculous conversations over conditions”, and needless to say I’m generally joking when I throw it out there.

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Jul 29, 2011
Jul 15, 2011
Part 2-FHA Updates to Condominium Approval Qualification Requirements and Process
Jul 15, 2011

Written By: Stacey Sprain

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. 

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Jul 15, 2011
Jul 1, 2011
OFAC Searches for Loan Applicants
Jul 1, 2011

Written By: Stacey Sprain

"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 proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.

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Jul 1, 2011
Jun 24, 2011
Consumer Fraud Alerts
Jun 24, 2011

Written By: Stacey Sprain

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.

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Jun 24, 2011
Jun 13, 2011
Ethics when Consumer Credit is Involved
Jun 13, 2011

Written By: Stacey Sprain

Appraiser regulations keep evolving, RESPA keeps reinventing itself, loan officer compensation is bringing forth major changes, FACTA has added what I consider to be ridiculous new disclosure requirements nobody really seems to fully grasp, licensing requirements continue expanding and evolving, credit rules continue to tighten, … when does it all end? 

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Jun 13, 2011
Jun 6, 2011
Authorized User Credit
Jun 6, 2011

Written By: Stacey Sprain

When a credit account owner permits another person, typically a family member who is managing credit for the first time, to have access to and use of an account, the user is referred to as an authorized user of the account. This practice is intended to assist related individuals in legitimately establishing a credit history and credit score based on the account and payment history of the account owner, even though the authorized user is not the account owner.

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Jun 6, 2011
May 27, 2011
Reading and Answering Consumer Questions about Mortgages
May 27, 2011

Written By: Stacey Sprain

I ran across a blog while I was I was doing some research on a regulatory interpretation this evening and it really got me fired up. It never ceases to amaze me how badly some of the people in our industry answer questions for people who wouldn’t be asking if they truly knew anything about mortgages.

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May 27, 2011
May 23, 2011
Fannie Mae’s Delivery Data Check System
May 23, 2011

Written By: Stacey Sprain

We’re all familiar with many of the components of LQI because most of them have been effective for quite some time now. We’ve become accustomed to checking interested parties against various exclusionary lists, validating each borrower’s social security number, assuring we’re including unit numbers in property addresses for condominium units, rounding the LTV calculations properly, following policies to detect and uncover undisclosed debts etc.

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May 23, 2011
May 23, 2011
FHA Then and Now
May 23, 2011

Written By: Bonnie Wilt-Hild

Very recently, while teaching an FHA Underwriting class for FHA Online University, the history segment of the training made me stop and think. It was unusual really, because I have taught this particular class at least once a month for the past four years and honestly, other than an occasional joke as to how students need to take notes because the historic information pertaining to the agency was on the “big” test, I never really thought much about it.

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May 23, 2011

From Our Library Archives...

written by: Joan Ewing, FHA DE underwriter
Feb 10, 2011
What will 2009 Bring in the Housing Industry?
Feb 10, 2011

Written By: Joan Ewing 

Hello – I hope everyone had a very nice holiday and let us all look forward to the New Year with a positive attitude that it will be a GOOD YEAR!!!! Let’s all Toast to 2009! Before, we can look forward to the New Year; I think we need to look back one more time – then LET IT GO. 

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Feb 10, 2011
Feb 10, 2011
FHA/HUD Engineering Certificates for Manufactured Housing
Feb 10, 2011

Written By: Joan Ewing 

I initially titled this article, “HUD Sues Lenders over Omission of Manufactured Housing Engineering Certificates,” but I decided that it might be a little over the top. But, the facts are this. A letter issued by the HUD Inspector General (MEMORANDUM NO: 2007-KC-0801) dated September 2007 recommended just that.

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Feb 10, 2011
Feb 10, 2011
Who is FHA? When and Why Did They Get Into Mortgage Insurance?
Feb 10, 2011

Written By: Joan Ewing 

Hello Everybody – Another week in the mortgage industry is here and I am sure everyone uses the acronym FHA quite a few times a week. However, do we really know anything about FHA, when they were created, why they were created and what they really do? Who is FHA?

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Feb 10, 2011
Feb 10, 2011
Streamline Modification Program
Feb 10, 2011

Written By: Joan Ewing 

Everyone is getting back to their normal routine – it is important that we work together this year to help homeowners save their home, if possible. Fannie Mae has announced a program, which I feel is exciting and hopefully will help borrowers save their home.

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Feb 10, 2011
Feb 10, 2011
Who Can Certify a Permanent Foundation on Manufactured Homes?
Feb 10, 2011

Written By: Joan Ewing 

There is confusion over just who can certify that a manufactured home foundation is permanent per HUD requirements. The simple answer is this. Only a professional engineer or registered architect can certify permanent foundations on existing manufactured homes whether under the September 1996 Permanent Foundation Guide for Manufactured Homes or the newer HUD Model Installation Rules.

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Feb 10, 2011
Feb 9, 2011
Reforms For American Homeowners and Consumers
Feb 9, 2011

Written By: Joan Ewing 

Hello Everybody – Hope you are keeping busy. With interest rates up and down, depending on the day and hour of the week – refinances have been fluctuating as often. However, there seems to be a trend that home sales are on the rise and many lenders are keeping busy.

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Feb 9, 2011
Feb 9, 2011
Getting the Latest News from HUD
Feb 9, 2011

Written By: Joan Ewing 

Hello Everyone - Are you currently processing loans for a small broker, processing loans on a contract basis, or perhaps working for a direct lender - Do you feel you are always one step behind the latest FHA Updates? While you believe you are processing your loans correctly – only after submission to underwriting you learn that FHA has changed the guidelines and you were not aware.

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Feb 9, 2011
Feb 9, 2011
Home Inspection vs. Appraisal
Feb 9, 2011

Written By: Joan Ewing 

Hello Everybody – I feel the housing market is finally going to take a turn for the better. Although I have no crystal ball – I feel the questions, I have been fielding and the number of underwriting and processing jobs posted on CareerBuilder has soared. 

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Feb 9, 2011
Feb 9, 2011
Underwriting Training : Becoming an Underwriter
Feb 9, 2011

Written By: Joan Ewing 

Hello everybody – hope you are keeping busy. I see business definitely picking up and some processors and underwriters are getting swamped with new job offers. Recently I have received several e-mails from the readers of NAMP Blogs about how to get into underwriting.

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Feb 9, 2011
Feb 9, 2011
FHA Streamline Refinances
Feb 9, 2011

Written By: Joan Ewing 

Hello – There may be a glimmer of light for loan processors and underwriters as FHA rates and conventional rates, as well, continue to drop. The spark of increased could be FHA Streamline Refinances – which is what we will write about today.

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Feb 9, 2011
Feb 9, 2011
How to Try and Avoid Foreclosure
Feb 9, 2011

Written By: Joan Ewing 

Hello everybody – Keeping busy? I feel the market is definitely picking up; however, there are still many people out of work and needing help to avoid foreclosure on their home. So this week, we are going to go through the process of how to try and avoid foreclosure.

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Feb 9, 2011
Feb 9, 2011
Basic Mortgage Application Data
Feb 9, 2011

Written By: Joan Ewing

Hello Everybody – Hope everyone is staying busy. In my hunt for a topic every week, sometimes it is easy and other times, I haven’t a clue what I will write about until the last minute. This week was one of those last minute thoughts – so I hope this blog is helpful.

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Feb 9, 2011
Feb 9, 2011
FHA News : FHA Refunds Are Still Available
Feb 9, 2011

Written By: Joan Ewing 

Hello Everybody – Hope everyone is doing well and staying busy. In my quest to find a topic for this week’s blog and in the interest of the economy and everyone looking for extra money – I have an idea – Look on the FHA Refunds web site.

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Feb 9, 2011
Feb 9, 2011
Who is FHA? When and Why Did They Get Into Mortgage Insurance?
Feb 9, 2011

Written By: Joan Ewing 

Hello Everybody – Another week in the mortgage industry is here and I am sure everyone uses the acronym FHA quite a few times a week. However, do we really know anything about FHA, when they were created, why they were created and what they really do? Who is FHA?

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Feb 9, 2011
Feb 9, 2011
Underwriting Training : Back to Understanding Basics – Part 1 of 3
Feb 9, 2011

Written By: Joan Ewing 

Hello Everybody – I hope everybody is keeping busy these days. The refi market is definitely picking up and I see many more processor and underwriting jobs on CareerBuilder and Monster. In fact, I received calls from four headhunters in the past week asking if I were interested in a FHA Underwriting job; however, since I am currently employed and I am currently happy in my job, I decided to pass; however, I asked they please keep me in mind – because you never know. 

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Feb 9, 2011
Feb 9, 2011
Loan Processor Training :: Self-Employment Made Easy – Part 2 of 2
Feb 9, 2011

Written By: Joan Ewing

Corporate Tax Returns seem to be the most frightening to everyone. I do not know one processor or underwriter who likes Corporate Tax Returns. Many borrowers set up a Corporation to protect their personal assets in case of bankruptcy or lawsuits. A Corporation is a state-chartered business that is owned by the shareholders. The shareholders could be as few as 1 or as many as millions. Compensations to the officers of the corporation are based on the percentage of ownership and are reflected on the shareholder’s personal tax return. If the percentage of ownership of is not shown on the tax returns, this information must be obtained from the corporation’s accountant. After the adjusted business income is obtained, it should be multiplied by the borrower’s percentage of ownership.

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Feb 9, 2011
Feb 9, 2011
FHA Training : FHA’S Reverse Mortgages for Seniors – Part 1 of 2
Feb 9, 2011

Written By: Joan Ewing

Hello All – I am sure that once President Obama has had time to digest all his duties, there will be changes in the mortgage industry; however, until then everything is pretty much status quo.

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Feb 9, 2011
Feb 9, 2011
FHA Training : FHA’S Reverse Mortgages for Seniors – Part 2 of 2
Feb 9, 2011

Written By: Joan Ewing 

Hello All – Last week I covered the basic guidelines for the HECMs (Home Equity Conversion Mortgage). As outlined the guidelines are very basic since there is no credit qualifying; and could make an excellent source of additional income for seniors on fixed income. However, there are many questions that seniors as well as their heirs need answered before deciding to commit to the HECM.

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Feb 9, 2011
Feb 9, 2011
Mortgage Fraud Awareness - Part 1 of 5
Feb 9, 2011

Written By: Joan Ewing 

Hello Readers! I would like to say that I am most anxious to share with you some of my experiences in the real estate industry. As an FHA DE Underwriter for the past 15 years, there has been instances when an initial 1003 and the final 1003 had so many discrepancies, I was not sure it was the same person. As the loan processor, you are the first person after the loan officer to review the 1003. Review the information to verify it makes sense.

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Feb 9, 2011
Feb 9, 2011
Mortgage Fraud Awareness - Part 2 of 5
Feb 9, 2011

Written By: Joan Ewing 

Hello – This is the 2nd part of a series of 5 that will alert all loan processors, as well as loan officers and underwriters to “RED FLAGS” on the original application (1003). This week we will cover the income/employment section of the 1003.

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Feb 9, 2011
Feb 9, 2011
Mortgage Fraud Awareness - Part 3 of 5
Feb 9, 2011

Written By: Joan Ewing 

Hello – I hope everyone is holding on to their job. In this economy it is frightening to say the least with the downturn of the real estate market. As the market gets tighter and banks are again tightening guidelines, it is important that good quality loans be submitted for underwriting and even more important that the borrowers are qualified to purchase and given instructions not to make any changes in their job or credit report prior to closing.

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Feb 9, 2011
Feb 9, 2011
Mortgage Fraud Awareness – Part 4 OF 5
Feb 9, 2011

Written By: Joan Ewing 

to its “slow” time of the year!! In my opinion if this entire year would have been any slower there would virtually be no one left in the industry. As it is – the downturn of the market has caused brokers and lenders to flea in massive numbers. Those remaining are the die hards and they are working hard for their deals; which is all the more reason to do our due diligence prior to sending a package to the investor.

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Feb 9, 2011
Feb 9, 2011
Mortgage Fraud Awareness - Part 5 of 5
Feb 9, 2011

Written By: Joan Ewing

Hello to everybody and sorry for the mix-up of last week’s blog, I missed the deadline because my mind was still on a holiday mode. Well this will be the final blog for this series on Mortgage Fraud and Red Flags.

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Feb 9, 2011
Feb 9, 2011
Underwriter Training : Self-Employment Made Easy – Part 1 of 2
Feb 9, 2011

Written By: Joan Ewing 

Hello- I hope everyone is getting ready for the volcanoes of refinances when the new guidelines are finalized. I am actually looking forward to being busy, busy, busy – I will begin to feel hopeful.

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Feb 9, 2011
Feb 9, 2011
Loan Processor Training : Self-Employment Made Easy – Part 2 of 2
Feb 9, 2011

Written By: Joan Ewing 

Hello All – I hope the blog on Self-Employment is informative and it is helping to answer questions you may have. This week we will discuss Corporate Tax Returns, “S” Corp Tax Returns and Partnerships.

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Feb 9, 2011
Feb 9, 2011
Mortgage Training : Summary of H.R. 1728 - Part 1 of 2
Feb 9, 2011

Written By: Joan Ewing 

Hello Everybody - What is this Blog title you ask - Well it got your attention, now I will explain. The Blog Title is referring to the Summary of House of Representatives Bill Number 1728, which was introduced on March 26, 2009 by House Financial Services Committee Chairman Barney Frank, Rep. Brad Miller (D-NC) and Rep. Mel Watt - (D-NC). This House Bill, if passed, will change the mortgage industry as we know it today.

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Feb 9, 2011
Feb 9, 2011
Mortgage Training : Summary of H.R. 1728 - Part 2 of 2
Feb 9, 2011

Written By: Joan Ewing 

Hello Everybody - I hope everyone found the information contained in Part 1 of HR 1728 as interesting as I did. As I stated I cannot image all the changes in the House Bill actually becoming law; I feel by the time it is chopped up and amended, we probably will not recognize it as it reads today.

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Feb 9, 2011
Feb 9, 2011
Reforms For American Homeowners and Consumers
Feb 9, 2011

Written By: Joan Ewing 

Hello Everybody - Hope you are keeping busy. With interest rates up and down, depending on the day and hour of the week - refinances have been fluctuating as often. However, there seems to be a trend that home sales are on the rise and many lenders are keeping busy.

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Feb 9, 2011
Feb 9, 2011
HOPE for Homeowners
Feb 9, 2011

Written By: Joan Ewing 

Hello All - I understand that most persons who read this blog are loan processors, loan originators and others in the mortgage industry. This blog is not necessarily directed to loan processors or originators but rather to those who might know someone who may be facing foreclosure. The HUD.gov site is just a wealth of information.

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Feb 9, 2011
Feb 9, 2011
Shipping Containers Used for Housing
Feb 9, 2011

Written By: Joan Ewing 

Hello everybody - This week’s blog is going to be a little different, while it is very interesting, it is not exactly relating to FHA financing - although perhaps we will see FHA finance these types of housing someday. I found a very interesting article regarding shipping containers on the USA Today website.

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Feb 9, 2011

From Our Library Archives...

Written By: glenn michaels, fha de underwriter
Aug 5, 2016
FHA Underwriters, Remember the Two Year Rule
Aug 5, 2016

Written By: Glenn Michaels

When underwriting FHA mortgage loans you must first determine what “effective” income is.  FHA requires all borrowers to show a minimum of two years of employment. There are exceptions to the rule.

 

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Aug 5, 2016
Aug 5, 2016
Sandy was a nasty lady (storm)
Aug 5, 2016

Written By: Glenn Michaels

Living on an island, long but still an island, there are still restorations of various types going on. If you lived in the New York Tri – state metropolitan area there is a good chance that you are restoring your property and/or infrastructure near you.

 

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Aug 5, 2016
Jul 15, 2016
Taxes Interpreted Easier
Jul 15, 2016

Written By: Glenn Michaels

Last week I received a file to underwrite where the borrower’s tax return indicated that he earned more than 1.6 million in income. The Mortgage Loan Officer and the mortgage loan processor calculated the ratios based on the same income. The ratios were 2% over 4% and it was a slam dunk deal.as far as they were concerned.

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Jul 15, 2016
Mar 18, 2016
Mortgage Industry Forms Changes – Are You Up with the Changes
Mar 18, 2016

Written By: Glenn Michaels, Op-Ed Writer

Periodically forms utilized by lenders are revised or added for everyday use by mortgage lenders. On March 16, 2016, the United States Department of Housing and Urban Development’s FHA and the United States Veterans Administration (VA) have revised a joint form. The FHA form number is HUD – 92900 – A and the VA uses form number 26 – 1802 – A. All FHA and VA lenders must begin using the revised form beginning August 1, 2016. 

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Mar 18, 2016
Mar 11, 2016
Underwriting and Tax Returns
Mar 11, 2016

Written By: Glenn Michaels

All mortgage loan programs except for Streamline Refinance Programs require the borrower’s Internal Revenue Service (IRS) tax forms that were filed for at least the last or the last two years. If a borrower was self – employed we not only need the borrower’s personal tax returns we also need the most recent two years of business returns.

 

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Mar 11, 2016
Mar 4, 2016
Underwriters make sure you have the allowable repairs for a 203(k) limited.
Mar 4, 2016

Written By: Glenn Michaels, Op-Ed Writer

The Single Family Handbook 4000.1 changed the name of the Streamline 203(k) program to the “limited program. Properties being reviewed for the 203(k) program that have commercial influences as contained in a Mixed-Use property, One unit must be owner occupied primary unit and the non residential portion of the property cannot exceed 49% of the square footage. The health and safety of the residential units and residents must be of primary concern. If there is a question of the health and safety contact HUD as you would be surprised of the properties HUD has rejected for health and safety concerns.

 

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Mar 4, 2016
Feb 26, 2016
Underwriting non-traditional income
Feb 26, 2016

Written By: Glenn Michaels

Borrowers have all kinds of income. Most have traditional income with a periodic pay stub and a W – 2 a long with a IRS form 1040 in order to determine the income and to verify the income. The self – employed borrowers have the appropriate tax documents to determine and verify their income.

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Feb 26, 2016
Feb 19, 2016
Fannie Mae’s Home Ready Program vs. FHA
Feb 19, 2016

Written By: Glenn Michaels

Fannie Mae has announced the launch of their Home Ready Program which is the replacement product of the Community Home Buyer Program.

 

 

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Feb 19, 2016
Feb 12, 2016
Underwriters, do you know the “Q” codes?
Feb 12, 2016

Written By: Glenn Michaels

Appraiser’s when completing an appraisal report now place on every appraisal report the “Quality Ratings” on every appraisal report. These ratings are numbered after the “Q”. They can be from Q1 through Q6. The underwriter should make notice of the Quality Rating as well as the Condition Rating (C1 – C6)

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Feb 12, 2016
Feb 8, 2016
Do You Know the Codes in the Appraisal Report?
Feb 8, 2016

Written By: Glenn Michaels

All underwriters must review the appraisal report for each and every transaction that is being underwritten. The underwriter’s must take notice of the rating codes found in the Marketing Approach of each appraisal report. Failure to make notice of the code could result in a mortgage loan file not being purchases.

 

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Feb 8, 2016
Feb 1, 2016
You should Not have Any Indemnifications Due To Gift Transactions
Feb 1, 2016

Written By: Glenn Michaels

Over the years many FHA lenders have completed FHA deals with a gift incorrectly resulting in an indemnification. For those not familiar with the term “indemnification” it means that the FHA is removing the FHA insurance for a specific mortgage loan. If that loan defaults the lender would have to make good on the loan or have to buy the loan back since the FHA loan has lost their FHA insurance.  The new Single Family Handbook 4000.1 spells out how to underwrite deals with a gift.

 

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Feb 1, 2016
Jan 22, 2016
The SFH – 4000.1 and Taxes Continues
Jan 22, 2016

Written By: Glenn Michaels

My previous article explained how HUD (FHA) wanted underwriters to review and to come up with an income trend using the borrower’s personal tax returns.  There are many borrowers that self-employed and these borrowers use other forms to demonstrate their income trend.

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Jan 22, 2016
Jan 15, 2016
The Bigger The Tax Return The Easier It IS to Analyze
Jan 15, 2016

Written By: Glenn Michaels

Underwriters from time to time have difficulty in determining the income to use when they receive a complicated or very involved tax return.

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Jan 15, 2016
Jan 8, 2016
If Your Company Accepts Private Savings Club Money, do you know how to handle it?
Jan 8, 2016

Written By: Glenn Michaels

Living and working in the New York Metropolitan area we often come in contact numerous religions, numerous ethnic groups and numerous traditions. In the New York area we have many orthodox Jewish people who do not believe in paying or receive interest from another. This group has GMACH which is one of the largest interest free bank staffed by volunteers. 

 

 

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Jan 8, 2016
Dec 18, 2015
FHA Loans are assumable DO you know how to work with the assumptor?
Dec 18, 2015

Written By: Glenn Michaels

All FHA mortgage loans are assumable.. All underwriters must know the rules to either approve or deny the assumptor of the mortgage loan being assumed.

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Dec 18, 2015
Dec 11, 2015
FHA Underwriters are you up to speed with the exceptions for a Second FHA loan
Dec 11, 2015

Written By: Glenn Michaels

The FHA permits only one FHA mortgage at a time for a borrower except for four (4) exceptions.

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Dec 11, 2015
Dec 4, 2015
If You are New to the FHA 203(K) Program or Experienced
Dec 4, 2015

Written By: Glenn Michaels, Op-Ed Writer

The new Single Family Handbook (SFH) 4000.1 has attempted to simplify the program for everyone. 

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Dec 4, 2015
Nov 20, 2015
Presidentially Declared Federal Disaster Areas
Nov 20, 2015

Written By: Glenn Michaels

Periodically somewhere in the United States a natural disaster occurs that impacts an area of the United States. When the President of the United States declares a county of a state a “federal disaster area” then borrowers may qualify for HUD’s 203(h) program.

 

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Nov 20, 2015
Nov 13, 2015
FHA Announces a Ratio Stretcher Program
Nov 13, 2015

Written By: Glenn Michaels

The FHA has announced new standards for Energy Efficient Homes (EEH) with stretched ratios. This is in conjunction with the Department of Energy’s Home Energy Score. 

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Nov 13, 2015
Nov 6, 2015
Single Family Handbook 4000.1 and the 203(K) Program
Nov 6, 2015

Written By: Glenn Michaels

The more I read the new Single Family Handbook (SFH) 4000.1  versus the old handbook HUD – 4155.1 and previous Mortgagee Letters there are changes made and numerous clarifications made. The changes and clarifications make it an easier program to utilize. The FHA 203(K) program always had a regular program and then the FHA added a Streamline 203(K) program.  Now FHA has changed the names to the program. They are now referred to the “standard” and “limited” 203(K) program.

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Nov 6, 2015
Oct 30, 2015
HUD/FHA Changes HUD REO Underwriting Guidelines Effective September 14, 2015
Oct 30, 2015

Written By: Glenn Michaels

On September 14, 2015 the Single Family Handbook (SFH) 4000.1 becomes effective.
A change that most will not pick up is the underwriting of HUD REO’s. For those that are not familiar, a HUD REO is a property that was foreclosed by HUD approved mortgage servicer and the property is now owned by HUD. The term REO means Real Estate Owned. These properties are usually sold at auction.
 

 

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Oct 30, 2015
Oct 23, 2015
Case Binder Stacking Order Review
Oct 23, 2015

 

Written By: Glenn Michaels

Buried in the new HUD – Single Family Handbook (SFH) – 4000.1 is the requirement for cases on or after September 14, 2015 to contain in each FHA case binder a “Pre – endorsement Review of Uniform Case Binder Stacking Order.”The review cannot be performed by the mortgage loan originator (MLO), the mortgage loan processor and by the Direct Endorsed Underwriter.

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Oct 23, 2015
Oct 16, 2015
Are You Ready to Underwrite Energy Efficient Mortgages (EEM)?
Oct 16, 2015

Written By: Glenn Michaels

In order to underwrite an Energy Efficient Mortgage (EEM) you must make certain the borrower will demonstrate an energy savings and an energy improvement with the mortgage loan under the FHA 203(K) mortgage loan program.

 

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Oct 16, 2015
Oct 9, 2015
New FHA Changes can Work Out Better in Some Cases
Oct 9, 2015


Written By: Glenn Michaels, Op-Ed Writer

Over four weeks I gave everyone the FHA changes effective September 14, 2015 unless HUD delays the implementation of the changes again. These changes were originally set to take place on June 15, 2015 but HUD issued a delay to September 14, 2015. HUD has taken away the discretionary methodology in calculating a borrower’s income for a wage earner and/or hourly wage earner. Under the new guidelines an wage earner that is earning a specific income consistently that is the borrower’s income. The underwriter must use the actual income. Borrowers being paid an hourly wage underwriters can use the income shown as long as it is being is being paid consistently. If not consistent then the income must be averaged over a twenty four month (24) month period.

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Oct 9, 2015
Oct 2, 2015
New Proposed HUD Rule
Oct 2, 2015

Written By: Glenn Michaels

On August 5, 2015, The United States Department of Housing Development (HUD) announced a proposed rule change to amend its existing regulations regarding the equal participation of faith – based (religious) organizations in HUD programs.

 

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Oct 2, 2015
Sep 25, 2015
Some more changes to FHA
Sep 25, 2015

Written By: Glenn Michaels

If there is no delay, the new Single Family Handbook (SFH) – 4000.1 is fully in effect with cases taken on or after September 14, 2015. I have already written three articles full of changes that are effective September 14, 2015. 

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Sep 25, 2015
Sep 18, 2015
Additional FHA Changes effective 9/14/15 Unless HUD delays the implementation of SFH – 4000.1
Sep 18, 2015

Written By: Glenn Michaels

Over the previous three weeks I have written about the numerous changes coming to FHA with the new Single Family Handbook (SFH) 4000.1. Some changes are minimal and some are not. Some changes enhance the program.

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Sep 18, 2015
Sep 15, 2015
More Changes to FHA effective 9/14/15 Unless HUD Delays it again.
Sep 15, 2015

Written by : Glenn Michaels

My previous two articles were about the changes taking place at the FHA with the replacement of HUD – 4155.1 and HUD – 4155.2 and numerous Mortgagee Letters with the Single Family Handbook (SFH) 4000.1 below are additional changes that everyone needs to be aware of.

 

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Sep 15, 2015
Aug 28, 2015
FHA Changes effective 9/14/15
Aug 28, 2015

Written By: Glenn Michaels

Last week’s article was a glimpse of over 100 changes to the underwriting guidelines. In 2002 HUD – 4155.1 was written and now it is being replaced by the Single Family Handbook (SFH) 4000.1. The SFH -4000.1 contains a section pertaining to e – signatures. Tis technology did not exist when HUD – 4155.1 came out. HUD allows e – signatures. This section gives all the rules behind e – signatures such as identification, verifying the individual(s) involved and how to work with e – signatures.

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Aug 28, 2015
Jul 24, 2015
Unless HUD Delays it, the SFH 4000.1 is effective September 14, 2015. Do You Know Any of the Changes?
Jul 24, 2015

Written By: Glenn Michaels

I have spent a lot of time reading the new Single Family Handbook (SFH) 4000.1 over the last several weeks to primarily pick up the changes from the HUD – 4155.1 and HUD – 4155.2 and the many mortgagee letters (ML) in use. In my opinion there are about one hundred (100) changes going to take place and effective September 14, 2015. All Mortgage Loan Originators (MLOS), mortgage processors and Direct Endorsed underwriters need to know the changes.

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Jul 24, 2015

From Our Library Archives...

written by: Carlette Emperator, Senior DE/SAR Underwriter
Jul 15, 2016
Part II: Calculating Student Loan Payments for USDA, FHA & VA
Jul 15, 2016

Written By: NAMP® Staff Writer

2016 has seen numerous changes in guidelines for reviewing student loan qualifying payments. In this two part series, N.A.M.P. and N.A.M.U. will provide tools for processors and underwriters to use when determining which calculation should be used for qualifying student loan payments. Part I reviewed Fannie Mae and Freddie Mac’s guidelines. We continue this series by exploring USDA, FHA and VA rules. 

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Jul 15, 2016
Jul 15, 2016
Part I: Calculating Student Loan Payments for Fannie Mae & Freddie Mac
Jul 15, 2016

Written By: NAMP® Op-Ed Ghost Writer

2016 has seen numerous changes in guidelines for reviewing student loan qualifying payments. In this two part series, N.A.M.P. and N.A.M.U. will provide tools for processors and underwriters to use when determining which calculation should be used for qualifying student loan payments. We will begin with Fannie Mae and Freddie Mac’s rules on this topic. Part II will explore USDA, FHA, and VA rules. 

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Jul 15, 2016
Jun 17, 2016
When Un-reimbursement Expenses are an Issue?
Jun 17, 2016

Written By: Carlette Emperator

There’s been several times that reimbursement from employee business expenses have been used against the borrower for mortgage qualification. This has caused the borrowers monthly income to be reduced based on the information noted in the two most current tax returns on schedule A or form 2106. 

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Jun 17, 2016
Jun 3, 2016
How Student Loans affect Approval Process
Jun 3, 2016

Written By: Carlotta Emperator, Op-Ed Writer

Many borrowers have deferred student loans. A deferment, like forbearance is a temporary suspension of the obligation to repay a federal student or parent education loan. In order to qualify for a home mortgage, these obligations were being “omitted” or calculated incorrectly. Therefore, the borrower’s ratio would be affected based on the mortgage product.

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Jun 3, 2016
May 25, 2016
Reverse / HECM Financial Assessment
May 25, 2016

Written By: Carlotta Emperator, Op-Ed Writer

In recent year, FHA has published updates to the rules that affect how to process a FHA Reverse Mortgage or Home Equity Conversation Mortgage.  This process is completed through what is a “Financial Assessment” that was added to the Reverse Mortgage effective date April 27, 2015.   FHA required each lender to process a prospective mortgagor on all HECM transaction type.

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May 25, 2016
May 25, 2016
Fannie Mae’s DU 10.0 Update on Multiple Financed Properties Explained
May 25, 2016

Written By: Angelique Jackson, Op-Ed Ghost Writer

On March 29, 2016 Fannie Mae issued an updated regarding DU 10.0 and Multiple Financed Properties. Previously, we lenders had to manually calculate the reserve requirements because DU did not provide that information. Well, that will all change the weekend of June 25, 2016. DU will now calculate the number of financed properties the borrower has and calculate the reserves for both the subject property and the “Other financed properties.” But before we get into the calculations for the total number of financed properties and reserves, let’s talk about the multiple finance property rule and when it applies.

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May 25, 2016
May 6, 2016
Back to Basics: Utilizing Underwriting Guidelines
May 6, 2016

Written By: NAMP® Op-Ed Ghost Writer

Although the automated underwriting system provides guidance on loan analysis, it is critical to hone your guideline reviewing skills. Underwriting guidelines contain critical definitions, clarifications, and rules that must be applied on all loans. In some cases, the AUS will refer to the guidelines for the full list of requirements to address a particular loan characteristic. As a result, let’s review some best practices for using guidelines. 

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May 6, 2016
May 2, 2016
Solar Panels Requirements -- Part I
May 2, 2016

Written By: NAMP® Op-Ed Writer

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. 

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May 2, 2016
May 2, 2016
Solar Panel Requirements –- Part II
May 2, 2016

Written By: Angelique Jackson, Op-Ed Writer

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.

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May 2, 2016
Apr 29, 2016
Loan Packaging Techniques
Apr 29, 2016

Written By: NAMP® SOp-Ed Ghost Writer

Underwriters and processors that work for non-delegated lenders must submit loan packages for review. Those packages are subsequently reviewed by the MI or investor underwriting team. These packages may also be reviewed by management, sales professionals, and auditors. As a result, it is important to put your best foot forward and present as clean and transparent a package as possible.

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Apr 29, 2016
Apr 22, 2016
Calculating Student Loan Payments
Apr 22, 2016

Written By: NAMP® Op-Ed Ghost Writer

We have seen frequent changes in the requirements for including student loans over the last year. There was a time where student loans could be excluded from the qualifying ratios if the borrower was able to verify certain terms of deferment. In addition, income-based repayment plans and other temporary reduction plans were permitted. However, the agencies have recently released lender updates that are changing the student loan game.

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Apr 22, 2016
Apr 15, 2016
Tips for Underwriting USDA Files with GUS
Apr 15, 2016

SOURCE: Mortgage News Feed

GUS, or Guaranteed Underwriting System, is USDA’s automated underwriting engine. GUS can take some getting used to if you are most familiar with Desktop Underwriter or Loan Prospector. Here are some tips to help you navigate GUS and get the most accurate findings for submission to USDA.

 

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Apr 15, 2016
Apr 8, 2016
Validating the Final AUS
Apr 8, 2016

Written By: NAMP® Op-Ed Ghost Writer

As the weather warms and the housing market gains steam, volume will increase. Production standards will be revisited by management and rush requests will become the new normal. The pressure to get loans out of the underwriting queue will increase. As a result, we must tighten up our process flow and put some best practices in place. One of the most fundamentally important best practices is the validation of the findings. 

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Apr 8, 2016
Apr 1, 2016
USDA 3555 Handbook Updates
Apr 1, 2016

Written By: Angelique Jackson

On March 9, 2016 the final rule published in the Federal Register in February is now in effect. We have been working under the interim final rule since December 1, 2014.  There are a few new items in the handbook along with the restructuring of the handbook similar to FHA’s 4000.1 where all information is gathered in one single source and divided in sections for Manual Underwriting and GUS Accept.  Chapters 5-16 were updated with new guidance and/or clarifications to old guidance. I am not going to go over all of the changes but I will talk about some of the more pertinent changes and clarifications that were done. 

 

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Apr 1, 2016
Mar 25, 2016
USDA Final 3555 Rules and Handbook Updates
Mar 25, 2016

Written By: NAMP® Op-Ed Ghost Writer

USDA introduced several changes on December 1, 2014. These were the interim rules that became effective with the introduction of the new guaranteed loan program regulations 7 CFR Part 3555. Since then, USDA has finalized these rules. Those final changes became effective March 9, 2016.The first highly anticipated change is that discount points may now be financed for all applicants. 

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Mar 25, 2016
Mar 18, 2016
Fannie Mae Updates
Mar 18, 2016

Written By: NAMP® Op-Ed Ghost Writer

Recently Fannie Mae has issued communication regarding some upcoming changes with Desktop Underwriter (DU), the Single Family Selling Guide, and Collateral Underwriter (CU). 

 

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Mar 18, 2016
Mar 11, 2016
Time Management Tips
Mar 11, 2016

Written By: NAMP® Op-Ed Ghost Writer

The busy season in the mortgage industry is fast approaching! Soon, the weather will break and homebuyers will come out of hibernation to begin searching for their next home. As a result, this is a good time to think about some best practices for maximizing productivity and efficiency. Time management is one of the most critical of these practices. 

 

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Mar 11, 2016
Mar 4, 2016
The Benefits of Using an Income Calculation Worksheet
Mar 4, 2016

Written By: NAMP® Op-Ed Ghost Writer

Most underwriters and processors have the basics of calculating income down to a science. The hourly, bi-weekly, semi-monthly, and annual calculations are second nature to those of us who calculate income every day. As a result, many processors and underwriters will manually execute their calculations on an underwriting or processing worksheet. Many underwriters will also type their calculation on their underwriting transmittal. However, there are some drawbacks to manual calculations that an income calculation worksheet can overcome. 

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Mar 4, 2016
Nov 20, 2015
Integrating Industry Changes into Your Process Flow
Nov 20, 2015

Written By: NAMP® Op-Ed Ghost Writer

The past year has seen sweeping changes in almost every area of loan origination, underwriting guidelines, and loan disclosures. USDA and FHA have both created new handbooks that came with completely new guidelines. The CFPB introduced the Loan Estimate and Closing Disclosures which replaced the Good Faith Estimate, TIL, and HUD-1. Fannie Mae and Freddie Mac introduced new guidelines for many topics including review of Schedule-A Unreimbursed Expenses and required reserves for borrowers retaining their home as a secondary or rental property.

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Nov 20, 2015

From Our Library Archives...

Written by: Frankie Lacy, FHA DE Underwriter
Mar 17, 2015
Commission Income Examined
Mar 17, 2015

Written By: Frankie Lacy

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.

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Mar 17, 2015
Dec 19, 2014
USDA: Understanding the New 7 CFR Part 3555 Guidelines
Dec 19, 2014

Written By: Frankie Lacy

USDA’s new 7 CFR Part 3555 program became effective December 1, 2014. As a result, all lenders have begun to “re-learn” USDA loan origination and processing. There is a new guideline hand book, along with fillable pdf documents posted on the USDA LINC website: https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do

https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do

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Dec 19, 2014
Oct 24, 2014
Hidden Income Sources
Oct 24, 2014

Written By: Frankie Lacy

In the days of CFPB debt ratio thresholds and tighter lending restrictions, every underwriter needs to have a few tricks up their sleeve for saving debt ratios. Usually we try to use the more conservative income calculation to avoid investor push-back. However, there are a few perfectly provable income sources that we can use to support a lower debt ratio and return an approve/eligible or accept finding

.

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Oct 24, 2014
Oct 13, 2014
Underwriting Rental Income
Oct 13, 2014

Written By: Frankie Lacy

Calculating qualifying rental income is one of the more complex income calculations an underwriter can perform. This is particularly true when the borrower owns multiple investment properties. The challenge is determining when rental income can be used to qualify and, once income is calculated, reconciling the total debt ratio.

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Oct 13, 2014
Sep 26, 2014
Property Condition Considerations
Sep 26, 2014

Written By: Frankie Lacy

As many of us around the country desperately cling to the hope that spring will come sometime this year, we can also stop to think how the long, harsh winter may affect property conditions. Roof, gutter, and foundation damage from prolonged snow pile up, ice damming, and flooding is a very real possibility for homeowners in 2014. As a result, we may have some underwriting considerations to address as we prepare for spring and summer business.

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Sep 26, 2014
Sep 12, 2014
Credit Documentation
Sep 12, 2014

Written By: Frankie Lacy

There are several forms of credit documentation that underwriters examine to determine creditworthiness of the applicant. The most frequently discussed is the credit report. However, supplementary documentation can be just as illuminating as the primary report when reviewing the borrower’s credit profile.

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Sep 12, 2014
Sep 2, 2014
Underwriting to the Findings
Sep 2, 2014

Written By: Frankie Lacy

Fannie Mae, Freddie Mac, and USDA Rural Housing have all made extensive strides in 2014 to update and strengthen their automated underwriting engines. Much of this was in response to the finalized Ability to Repay and Qualified Mortgage rules from the CFPB (Consumer Financial Protection Bureau). 

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Sep 2, 2014
Aug 15, 2014
DU Version 9.1 Updates
Aug 15, 2014

Written By: Frankie Lacy

Effective August 16, 2014 Fannie Mae will make several changes to Desktop Underwriter version 9.1. The changes are applicable to all loans submitted or resubmitted on or after August 16th. The changes are as follows:

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Aug 15, 2014
Aug 1, 2014
Quality Vs. Production
Aug 1, 2014

Written By: Frankie Lacy

Most lenders are in full swing of the busy summer season. Many of us have seen an uptick in submissions as families purchase new homes and few seek to refinance their existing home. With this increase in business comes an increased demand on underwriters to decision loans as quickly as possible. 

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Aug 1, 2014
Jun 20, 2014
Packaging a Loan for Non-Delegated PMI Review
Jun 20, 2014

Written By: Frankie Lacy

Underwriters that work for mortgage shops that are non-delegated with private mortgage insurance (PMI) vendors must submit loan packages for review. Those packages are subsequently reviewed by the PMI company’s underwriting team. These packages may also be reviewed by PMI management, sales professionals, and auditors. 

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Jun 20, 2014
Jun 6, 2014
Using Non-Taxable Income to Qualify
Jun 6, 2014

Written By: Frankie Lacy

There are many income types that may be non-taxable income earned by the borrower. Some examples are:

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Jun 6, 2014
May 23, 2014
Appraisal Rebuttals
May 23, 2014

Written By: Frankie Lacy

Appraisal rebuttals occur when the appraised value comes in lower than expected. The low appraised value has a negative impact on the LTV causing the loan to require mortgage insurance, or the loan becomes a decline. In an effort to avoid this, loan originators will often seek out additional comparable sales data from realtors and the Multiple Listing Service (MLS). 

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May 23, 2014
Apr 27, 2014
What’s in a Signature?
Apr 27, 2014

Written By: Frankie Lacy

When reviewing loan documentation, we often focus on the big things; making sure the debt ratio and LTV are correct, validating loan terms, and matching up names and addresses. Signatures are an equally important and often overlooked area in documentation review. They are required on a variety of documents from borrowers, loan originators, and third parties.

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Apr 27, 2014
Apr 11, 2014
An Introduction to Rural Housing Development’s Guaranteed Rural Housing Program
Apr 11, 2014

Written By: Frankie Lacy

The Rural Housing Development’s (RHD) Guaranteed Rural Housing Program (GRH) is designed to assist borrowers in obtaining safe, sanitary, and adequate housing in rural areas. RHD applies income limitations to designated counties in each state to determine eligibility. The GRH program is similar to a mortgage insurance program. The borrower may purchase a home at 100% LTV based on the appraised value on a 30 year fixed rate loan.

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Apr 11, 2014
Mar 22, 2014
Making the Most of Underwriting Guidelines
Mar 22, 2014

Written By: Frankie Lacy

Automated Underwriting System (AUS) findings have become more sophisticated as the mortgage industry has turned its focus to lending quality, transparency, and regulatory compliance. As a result, some are left wondering, do I still need to look things up in my guidelines? The answer is, YES!

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Mar 22, 2014
Feb 22, 2014
Interviewing Techniques for Mortgage Professionals
Feb 22, 2014

Written By: Frankie Lacy

We all know that the mortgage industry is an ever-evolving, constantly changing business. Many mortgage lenders adjusted and restructured in 2013 as the refi boom wound down and volume was low. As a result, there is a bounty of mortgage talent available on the market. How can you prepare to be competitive in this employers’ market?

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Feb 22, 2014
Jan 24, 2014
Show Your Work!
Jan 24, 2014

Written By: Frankie Lacy

In response to the CFPB’s Ability to Repay (ATR) and Qualified Mortgage (QM) rules, leading investors have instituted a Debt, Income, and Asset Verification Worksheet. This worksheet was created to provide consistency and uniformity in the reporting of underwriter rationale in determining the borrower’s ability to repay. Some lenders are adding this form (or a screen) into their loan origination system.

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Jan 24, 2014
Jan 17, 2014
Distressed Asset Stabilization Program
Jan 17, 2014

Written By: Glenn Michaels

The United States Department of Housing and Urban Development (HUD) has and is addressing the housing market’s “shadow inventory” and to target relief to communities experiencing high foreclosure activity. HUD announced that in the first quarter of 2013 10,000 to 15,000 distressed homes were sold by HUD through the DASP.

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Jan 17, 2014
Jan 10, 2014
Re-defining the Underwriting Role
Jan 10, 2014

Written By: Frankie Lacy

What are some things that come to mind when we think about the underwriting role? Do you think of the mysterious department in the back where everyone speaks in hushed tones? Do you picture a big, red denial stamp and a person with a maniacal gleam in their eye? If you do, then it’s time to examine the underwriting role more closely.

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Jan 10, 2014
Dec 13, 2013
The Consumer Financial Protection Bureau’s New Rules
Dec 13, 2013

Written By: Frankie Lacy

One of the hottest topics in the mortgage industry today is the Consumer Protection Financial Bureau’s (CFPB) sweeping regulatory reforms. Many are questioning how the new rules will impact the industry and whether the reforms are positive or negative. Some have concerns for our ability to remain productive and profitable with so many new restrictions.

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Dec 13, 2013
Nov 1, 2013
Tips for an Organized Work-Space
Nov 1, 2013

Written By: Frankie Lacy

Maintaining an organized workspace is essential for loan processing and underwriting efficiency. Underwriters and processors may encounter a wide variety of loan scenarios in their day to day work life, some of which are unfamiliar. When we keep tools, resources, and contact information on hand, we can cut down on the time it takes to look up guidelines and find the answers we need. 

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Nov 1, 2013
Oct 18, 2013
Subordinate Financing Tips
Oct 18, 2013

Written By: Frankie Lacy

Subordinate financing refers to liens that are secondary to a first lien or mortgage. They are often used in purchase transactions to assist a customer whose purchase price exceeds conforming loan amounts ($417,000) and wish to avoid jumbo pricing. Subordinate liens may also be obtained independently of a purchase transaction for a variety of purposes including home improvements, cash out, and debt consolidation.

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Oct 18, 2013
Sep 20, 2013
Calculating Wage-Earner Income - Part 2
Sep 20, 2013

Written By: Frankie Lacy

In the first part of this series we discussed the calculations for hourly wage-earners. Now let’s review salaried borrowers and the correct calculations for the various pay periods. Salaried borrowers have an annual salary that is disbursed throughout the year in structured pay periods. The most common pay periods are bi-weekly and semi-monthly. However, it is important to recognize all the pay-period types and know the correct calculations.

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Sep 20, 2013
Aug 30, 2013
Calculating Wage-Earner Income - Part 1
Aug 30, 2013

Written By: Frankie Lacy

Wage-earner income can be complicated when trying to determine the correct income calculation method. There are so many terms we hear in conjunction with income calculation such as: bi-weekly, semi-monthly, wage earner, base salary, and hourly wage. But what do these terms really mean and how do we apply them when calculating income?

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Aug 30, 2013
Aug 16, 2013
Credit Review Helpful Hints
Aug 16, 2013

Written By: Frankie Lacy

Most loan processors and underwriters are familiar with the general rules of credit report review. We double check for mortgage lates and we compare our liabilities to the information disclosed on the 1003. However, there are more details to consider within the credit report.

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Aug 16, 2013
Jul 19, 2013
Best Practices: Written Verifications of Employment
Jul 19, 2013

Written By: Frankie Lacy

The Written Verification of Employment (WVOE) is a tool commonly used to verify income. It provides critical information for borrowers who have multiple sources of income. Overtime, bonus, and commission can be broken out from the base salary to help the underwriter accurately calculate the qualifying monthly income. However, WVOE’s should not be taken at face value. A proper analysis of these forms can help you correctly calculate income and mititgate risk on the loan.

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Jul 19, 2013
Jul 5, 2013
Best Practices: Data Integrity & AUS Findings
Jul 5, 2013

Written By: Frankie Lacy

When underwriting and processing a loan file, we look to the AUS (automated underwriting system) findings to determine what documentation is required. The recommendations on the report help us package a strong loan that will perform profitably. Although DU, LP, GUS, and Total Scorecard findings are strong tools in risk management, their one weak spot is data integrity.

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Jul 5, 2013
Jun 24, 2013
Best Practices: Reviewing Guidelines
Jun 24, 2013

Written By: Frankie Lacy

In the correspondent/broker world, where we do not have the benefit of servicing our own loans, it is critical to hone your guideline reviewing skills. Correspondent and broker lenders have up to three sets of guidelines that should be reviewed when underwriting and processing a loan: Agency, Investor, and Insurer / Guarantor. As a result, when underwriting a file, I take the following steps:

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Jun 24, 2013

From Our Library Archives...

written by: Theresa Furzland, mortgage specialist
Jan 26, 2012
Harping on Harp, among other things
Jan 26, 2012

Written By: Theresa Furzland

In December I promised to be giving updates on the new HARP refinance programs as details emerge, and so being good to my word I am returning to the subject. Unfortunately there are not many details to talk about, and what there is to say is almost guaranteed to give you a headache.

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Jan 26, 2012
Jan 13, 2012
So here we are, 2012
Jan 13, 2012

Written By: Theresa Furzland

So here we are, 2012 is underway. Speculation about what this year is going to bring is of course a popular subject these days and the doomsday crowd is getting ready for a party. I hope they are all around to suffer the “hangover” in 2013 since that would mean they are wrong again.

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Jan 13, 2012
Dec 30, 2011
Are you ready for the New Year?
Dec 30, 2011

Written By: Theresa Furzland

2012 is here. A year of promises to be made and a year of prophecies. Promises of positive change and prophecies of imminent doom. Whichever it may be I think we can be assured that it is going to be yet another year of change in our industry. So in other words…the same old thing.

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Dec 30, 2011
Nov 11, 2011
I am one of the 99%, therefore I am the 1%
Nov 11, 2011

Written By: Theresa Furzland

It would feel redundant right now to talk about the mortgage crisis, the financial meltdown, the homeless or really any subject that deals with the issues being discussed by the “Occupy” movements that highlight the controversy of the 99% versus the 1%. We need to talk about solutions.

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Nov 11, 2011
Oct 29, 2011
Is it working
Oct 29, 2011

 

Written By: Theresa Furzland

With the interagency review requiring reform, review of loan files and now the media attention brought by the Occupancy protests are all putting pressure on the large servicers to “clean up their acts”. It seems we may be seeing some positive progress in the form or realistic reform.

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Oct 29, 2011
Sep 2, 2011
The Underwriting Scales of Justice
Sep 2, 2011

Written By: Theresa Furzland

As I was going through some of my old paperwork the other day, getting ready to move my office, I came across this old gem. Dating before credit scores, these Scales of Justice are just as important today and so I thought I’d share them with you.

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Sep 2, 2011
Jul 15, 2011
Complete 1003
Jul 15, 2011

Written By: Theresa Furzland

The completion of the loan application form can make the loan process smooth or a nightmare. A complete application with the proper supporting documentation versus an inaccurate application can make all the difference in the world. We all know this, it is mortgage 101, however to this date it is one of the biggest concerns/problems in the system. The problem I think is that often times the completion of the loan application is looked at as a “starting point...to be completed later”. 

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Jul 15, 2011
Jul 1, 2011
Are You Tired Of Hearing The Word Change?
Jul 1, 2011

Written By: Theresa Furzland

Well...I’m going to start with a short background of my career and a hint about the future subject matter you are likely to see from me. I have worked in the mortgage industry for 25 years now and you could really say I’m a “lifer” as my father’s family was also in the industry as realtors, lenders and appraisers.

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Jul 1, 2011
Jun 13, 2011
Shortcuts
Jun 13, 2011

Written By: Theresa Furzland

I sat down at my computer tonight and thought I’d see how many acronyms I could rattle off the top of my head. Here is my 10 minute effort: (and if you know what they all stand for – you’ve been in this business too long!)

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Jun 13, 2011
May 27, 2011
Foreclosure Fiasco – Let it serve as a reminder to us all
May 27, 2011

Written By: Theresa Furzland

The recent mess with the foreclosure paperwork (or lack thereof) can serve as a reminder to all of us about the importance of due diligence and complete and accurate loan files and not to let automation make us complacent.

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May 27, 2011
May 23, 2011
Refi whys?
May 23, 2011

Written By: Theresa Furzland

Yes, I’m still receiving the rare refinance inquiry from my loyal past clients and referrals. These calls generally start like this – Hi Theresa, I’ve been seeing ads everywhere that interest rates are at record lows and I should refinance my mortgage now...or...I got a phone call saying I could get a great refinance deal and it won’t cost me anything and will lower my rate as low as 3.5%.

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May 23, 2011
May 9, 2011
Perspectives – Origination
May 9, 2011

Written By: Theresa Furzland

This week I’m looking through my originator eyes. I tend to think of myself more as a Mortgage Loan Advisor than a Loan Officer. As I have already mentioned, probably more than once, I never set out to be a loan originator and I am the first to admit that I am not a “salesman”. I do love this part of the process however and for one reason. 

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May 9, 2011

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