Tips for a Clean Closing

Written By: Frankie Lacy

The mortgage industry is a service industry that relies heavily on customer satisfaction for repeat business and referrals. There is no greater way to tarnish your company’s reputation with a customer than a poorly executed closing experience. From the customer’s perspective, they have been through an intrusive, uncomfortable process of obtaining their loan. Their greatest desire is to wrap up the process as quickly and painlessly as possible. To that end, we on the operations side should strive to make the closing experience smooth and error free.


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.

Presidentially Declared Major Disaster Area Super Storm Sandy for 203(K) Insured Mortgages

Written By: Glenn Michaels

It has always been the rule under the FHA 203(K) that if an existing foundation was removed the property no longer fits under the FHA 2039K0 program and the property would now fit as “new construction’.


Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.

The Consumer Financial Protection Bureau’s New Rules

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.


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.

Title I Home Improvement Loans

Written By: Glenn Michaels

Everyone has heard about FHA loans that are insured by the United States Department of Housing and Urban Development (HUD). However not everyone knows that FHA first mortgages fall under Title II loans.


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.

Employer Gifts/Grants

Written By: Glenn Michaels

Mortgage lenders may see an increase in employer gifts/grants in the coming months if www.homegrants.com has its way.

The agencies, Fannie Mae, Freddie Mac and HUD/FHA all allow employers to give a gift to retain or to attract new employees in buying a home. 


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.

Tips for an Organized Work-Space

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. 


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.

How to increase your credit score easily

Written By: Glenn Michaels

Most lenders use your credit score to determine the rate and if they will lend at all. Some lenders have a minimum credit score in order to extend credit. Some lenders use the credit score to determine the rate that a borrower will pay. The lower the credit score the more a borrower should expect to pay. The higher the credit score more favorable terms are offered.


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.

Subordinate Financing Tips

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.


Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.

The FHA is moving more to Manual Underwriting

Written By: Glenn Michaels

On August 15, 2013 HUD issued three new Mortgagee Letters numbered ML 2013 – 24, 2013 – 25, and 2013 – 26 which moved FHA underwriting back to manual underwriting under certain scenarios.


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.

Who is to blame for the mortgage meltdown!

Written By: Glenn Michaels

As an observer and participant in the mortgage industry since 1972 it Is amazing what took place to get us into the mortgage mess. Who is to blame for the mess, no one in particular, just a combination of things all coming together to cause the mortgage meltdown. The culprits are quite interesting and not limited to one entity.


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.