Written By: Joel Palmer, Op-Ed Writer
Mortgage processors and underwriters may notice less overall activity in the next year. Several industry organizations and agencies have revised projections for the remainder of 2018 and 2019, and those new projections tend to be lower than previously thought.
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: Joel Palmer, Op-Ed Writer
Mortgage processors and underwriters who deal with reverse mortgages may have to provide a second property appraisal in certain scenarios. The Federal Housing Administration (FHA) announced the policy recently to reduce what it calls “appraisal inflation” on reverse mortgages, officially known as Home Equity Conversion Mortgages (HECMs).
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: Joel Palmer, Op-Ed Writer
Earlier this month, the Federal Housing Finance Agency (FHFA) issued its proposed rule to require Fannie Mae and Freddie Mac to “align programs, policies, and practices” that affect the prepayment rates in their securities.
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: Joel Palmer, Op-Ed Writer
The Consumer Financial Protection Bureau (CFPB) has issued a ruling to clarify a key provision of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Section 104(a) of the law, signed by President Trump in May, amended the Home Mortgage Disclosure Act (HMDA). This section was designed to decrease the HMDA compliance burden for smaller institutions.
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: Joel Palmer, Op-Ed Writer
Mortgage underwriters are averaging annual salaries between $52,000 and $74,000, while mortgage processors are typically earning average salaries between $36,000 and $46,000.
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: Joel Palmer, Op-Ed Writer
Mortgage underwriters and processors have one less form to manage on Fannie Mae loans. As part of its latest Selling Guide updates, Fannie announced that it is not longer requiring Form 1004MC. This was Fannie’s Marketing Conditions Addendum.
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: Joel Palmer, Op-Ed Writer
After spending months assessing and asking stakeholders for input, the Federal Housing Finance Agency (FHFA) has put on hold an initiative to change credit scoring models used by Fannie Mae and Freddie Mac.
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: Joel Palmer, Op-Ed Writer
The Consumer Financial Protection Bureau (CFPB) announced earlier this month that it is implementing the changes to the Home Mortgage Disclosure Act (HMDA) that were part of the recently passed Economic Growth, Economic Growth, Regulatory Relief, and Consumer Protection Act. The FDIC released a similar statement.
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: Nick Allen, FileInvite Op-Ed Writer
In the current environment of leaks, phishing and hacked passwords, keeping access to your systems secure is paramount. Take the following as a preliminary check 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.
Written By: Joel Palmer, Op-Ed Writer
Freddie Mac is making condominium purchases and refinances available for an automated appraisal waiver, joining fellow GSE Fannie Mae, which started the practice more than a year ago. Freddie Mac made the announcement last week. Its automated collateral evaluation (ACE) will accept eligible condo loans beginning Monday, July 16.
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.