Fannie Mae is re-evaluating a Selling Guide update related to property insurance that is scheduled to take effect June 1. In February, Fannie announced a clarification to its Selling Guide related to monitoring and verifying property insurance coverage. Fannie said these were long-standing policies “intended to ensure the borrower has sufficient property insurance coverage in the event of a loss.”
Those looking for an indication when Fannie Mae and Freddie Mac may exit conservatorship did not receive one during recent Congressional testimony from the director of the Federal Housing Finance Agency (FHFA). Under the Donald Trump administration, the end of conservatorship was a matter of when, not if. That has changed somewhat during the Joe Biden administration.
Potential homebuyers are finding various ways of dealing with the new reality of higher mortgage rates that are closer to historic norms. During the recent pandemic, mortgage rates sank below 3 percent. In January 2021, the average 30-year rate hit an all-time low of 2.65, according to Freddie Mac. By October 2023, however, that rate was nearly at 8 percent.
Anybody who has bought a home, has tried to buy a home, or is involved in selling or financing real estate knows housing affordability has been an issue for some time. Last week, real estate brokerage Redfin released data showing the extent of how challenging it is for some consumers to buy a home.
As the first quarter of 2024 draws to a close, the latest news shows an industry in consolidation that may have expanded opportunities to finance this year while still dealing with the rising costs of homeownership. A recent report from Fitch Ratings shows that the largest U.S. non-bank mortgage lenders are gaining market share. This is largely due to consolidation and the exit of smaller lenders.
Subordination agreement a written contract in which a lender who has secured a loan by a mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff). The agreement must be acknowledged by a notary so it can be recorded in the official county records.)
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.
Mortgage industry after a long period of downfall started picking up again in the last few years, hence bringing stability for lot of people still loyal and attached to the Mortgage industry.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Last week we discussed several key items to look for when reviewing an appraisal for accuracy before submitting it your underwriter. This week we will leave you with several things to look for when reviewing the comparables for accuracy.
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 our ever-changing industry, as processors we need to stay ahead of the curve. So over the next couple weeks, we will bring you a total of 10 tips that will help you become a better processor, resulting in faster and more efficient closings.
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 near mid-month. You’re preparing for the second half “push” to month end. It’s “o’dark thirty” o’clock in the morning. You grab your morning coffee – add a shot of espresso. Greet everyone with smiles. Get comfy in your ergonomically enhanced chair. Log into your desktop. Check your office voicemail. Scan through your emails – scan your desk for the batch of files you got back from underwriting – then it begins.
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.
Every self-help guru has a strategy on improving productivity by turning important tasks into routines. The idea is that you are more likely to do something rote and habitual with effectiveness when it’s part of a regular routine, just like you do, for example, every morning when you get ready for work.
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.
When I entered the mortgage industry back in February 2001, I had no clue that this business model for corporate America even existed.
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.
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%.
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.
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
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 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.
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.