27
MAY
2016
Gerry-Glavey

Gerry’s Last Blog Post: Going Forward with Reverse Mortgages

  HUD/FHA announced several substantial proposed changes in its Home Equity Conversion Mortgage (HECM) policy & procedures on May 18th.  These changes are primarily designed to assure the viability of the HECM program going forward which has become a popular way for...
26
MAY
2016
Handbook-4000.1-training-hud-fha-june-2016

“Live” Training Opportunity for Lenders

HUD/FHA recently announced that they will be conducting an all-day, instructor-led training seminar for lenders with the primary focus on the Single Family Housing Policy Handbook (4000.1) and recent updates. This is an ideal time for Direct Endorsement underwriters, loan...
23
MAY
2016
HUD-maunfactured-home-dispute-resolution-program

Need to Effectively Resolve Manufactured Housing Disputes?

Last month, the U.S. Dept. of Housing and Urban Development (HUD) announced new tools in resolving disputes of Manufactured Housing units involving consumers, manufacturers, retailers, installers, and others. To help facilitate the dispute resolution process (which could involve...
16
MAY
2016
USDA-fee-changes-Sm

Some Good News for the Lending Industry-USDA’s Changes Fee Structure

The USDA announced that both their upfront guarantee fee as well as their annual fee structure will see rate reductions in Fiscal Year 2017, which begins on October 1, 2016 and ends at the close of business on September 30, 2017. For the USDA’s Single Family Housing...
11
MAY
2016
Ready-New-Stacking-Order-VA-sm

How Do You “Stack-Up” on VA Loans?

The Veterans Administration (VA) has a new mandatory “stacking order” for loan files selected by the VA for a full file loan review.  This new stacking order becomes effective for loan files selected for review on, or after, June 1, 2016. It is important to note that there are...
09
MAY
2016
HUD-Budget-2017-minus-Administrative-support-fee

Will HUD’s FY 2017 budget proposal impose an “Administrative Support Fee” on lenders this year? As they say in New York – “Forget about it!”

In a previous blog post, I discussed HUD’s announcement of some of the specific details of its proposed Fiscal Year 2017 Budget (which is part of the President’s overall Fiscal Year 2017 Budget Plan) that had been just submitted to Congress. In reviewing HUD’s...
02
MAY
2016
6-27-16-FHA-HUD-EAD-deadline

Attention FHA Lenders: Did You Miss HUD/FHA’s EAD Portal On-boarding Registration Deadline? If so – Read On!

On April 8, 2016, I had alerted lenders that there was an important government deadline quickly approaching and advised them not to miss this “last chance” opportunity. NO, I was not referring to the deadline established for filing Income Tax returns with the IRS.  Instead, I...
22
APR
2016
GSE-Student-loan-update

How Student Loans Impact a Borrower’s Ability to Obtain a Mortgage loan!

The USDA recently published some guidance relative to how student loans should be treated with respect to calculating a Borrower’s monthly expenses.  Also, the GSE’s previously changed their policies on how repayments made on student loans are handled in calculating...
14
APR
2016
Student-loans-FHA

FHA Announces Amended Policy for Student Loans

The good news is that FHA has amended their policy, which I outlined in an August 2015 blog post. That post, was about the GSE’s underwriting policy with respect to borrowers with outstanding student loan debt and highlighted the proposed HUD/FHA new policy (upon...
12
APR
2016
USDA-free-training

USDA Training Opportunity

The USDA recently announced that they will be conducting webinars on both credit underwriting topics, property requirements for anyone interested in learning more about current USDA policies, and upcoming Handbook (HB) changes. In my opinion, this training opportunity is a MUST...