The Federal Reserve is widely expected to leave interest rates unchanged at its upcoming policy meeting, as central bank officials assess recent progress on inflation while remaining cautious about easing policy too quickly. With borrowing costs already at restrictive levels and economic signals sending mixed messages, policymakers appear inclined to maintain their wait-and-see approach rather than commit to immediate rate cuts.
Signs of stress in the non-qualified mortgage sector continued to surface toward the end of 2025, as an increase in loan impairments that emerged in November persisted into December. While overall non-QM performance remains far from crisis levels, industry analysts say the trend reflects a market that is adjusting to prolonged higher interest rates, tighter liquidity, and borrower payment sensitivity rather than one experiencing sudden deterioration.
As 2026 gets underway, the U.S. housing market is showing early signs of renewed momentum after several years of disruption marked by elevated interest rates, affordability strain, and constrained inventory. While the market has not returned to the rapid pace seen earlier in the decade, economists and industry professionals say the opening months of the year suggest a gradual shift toward greater stability and modest growth.
U.S. President Donald Trump has instructed his economic advisers and political representatives to prepare for a sweeping plan to purchase as much as $200 billion in mortgage-backed securities in 2026, signaling a renewed willingness to use federal market intervention to support the U.S. housing sector. The directive, confirmed by people familiar with the matter, represents one of the most aggressive housing finance proposals floated in recent years and underscores the growing political focus on affordability and mortgage rate pressures.
A proposed increase to mortgage fees tied to the Department of Veterans Affairs home loan program has been temporarily put on hold after industry groups raised concerns about its potential impact on veteran borrowers. Lawmakers on the House Veterans’ Affairs Committee delayed a planned markup of legislation that would have raised VA loan fees, signaling a willingness to reassess the proposal amid warnings that higher costs could undermine affordability for those the program is designed to serve.
This week’s topic was an easy one because of an ongoing situation I’ve been involved with that I learned a lot about over this past week. And to be honest, I am really frustrated about this one because it has taken up many people’s time, nearly cost a borrower close to $1000 in appraisal fees and put an appraiser in an awkward position to serve as “trainer” on appraisal regulations when in fact the “trainer” should have been HUD in their own instruction and communication.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
As continued from last week’s article, this week we’ll review the numerous Mortgagee Letters HUD has issued recently on topics relating to appraisers and appraisals. Mortgagee Letter 2009-36 dated 9/23/09 simply reiterates the announcements made in Mortgagee Letter 2008-39 that I actually already reviewed and presented in my article on Friday, September 11th.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
I’ve already had questions on this issue come up a number of times in the past 24 hours so I figured would be a great topic of discussion for this week. HUD issued Mortgagee Letter 2008-39 back on December 17th of 2008 covering the subject of Eligibility Requirements for FHA Roster Appraisers effective on and after October 1st of 2008 and on October 1st of 2009.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
With the recent changes to Regulation Z Truth-in-Lending disclosure law, I’ve been questioned on numerous occasions as to why the Truth-in-Lending disclosure must state that if the borrower pays off his or her loan early, he/she may have to pay a penalty.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
FHA offers a number of resources that I utilize on a regular basis to help find answers to questions that often come up on FHA lending. Most often I refer to FAQ sites because in the past, I haven’t been a big fan of calling 1-800-CALLFHA and sitting on hold forever with the depressing background music only to propose my question to a body who could only answer based on searching for something I’d already searched for.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
So many changes happening so far in the New Year I thought it would be helpful to put them down in chronological order to help us all keep track! It’s looking like it will be a very active year for FHA program and guideline changes. Here is what we need to be aware of thus far:
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
It’s been a BIG news week for FHA and is about to get even bigger with the anticipation of a number of Mortgagee Letters to be issued January 21st which will communicate further significant tightening of FHA qualifying calculations and guideline requirements.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Mortgagee Letter 2009-48 which was issued November 18, 2009 communicates the immediate elimination of requirements for second appraisals on high balance loans in declining market areas. Second appraisals are no longer required effective for cases pulled on and after November 19th.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
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.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
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.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.