13
APR
2015
HUD/FHA Conference Call

Sometimes an Increase in Fees is a Good Thing!

Shortly after the latest HUD/FHA industry conference call* on April 9th, problems surfaced when the Presenters opened up to questions from participants.  Several active 203(k) Consultants voiced their concerns over the “Consultant Fee Schedule” that is published (refer to page...
10
APR
2015
Now Required

Pre-Closing Reviews Now Required On FHA loans

Are You Prepared? Several months ago, HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website.  Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this...
07
APR
2015
Time Is Running Out

Three Weeks to HECM Deadline!

HUD’s long-awaited changes to its Home Equity Conversion Mortgage (HECM) underwriting requirements are set to go into effect. This impacts all transactions in which the FHA case number was issued on or after April 27, 2015. These changes were deemed necessary by HUD/FHA due...
06
APR
2015
Fannie Mae Risk Assessment Tools

Fannie Mae’s Tools Seem to be Working

In Fannie Mae’s Lender Letter-2015-03, it is indicated that, as of December 31, 2014, only .33% of the single-family loans acquired in 2013 (based on principal balance) had been subject to a repurchase request by Fannie Mae. This low percentage of repurchase requests is...
03
APR
2015
Time is Running Out

Federal Gov’t: Can we please have more time!

Well, it is finally April and thoughts of many Americans are to seek an extension from the Federal Government regarding the filing of their Tax Returns.  However, the topic of this Blog Post is not income taxes but two widely discussed mortgage industry initiatives that have...
30
MAR
2015
HUD Update

Times – They are a Changin…..

As I have mentioned in previous Blog Posts, several months ago, HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website. Most noteworthy is the fact that the policy & procedural changes that are being implemented by...
27
MAR
2015
Automation

Automation of the Appraisal Review Process

HUD/FHA has just announced (refer to Mortgagee Letter (ML) 2015-08) that it will be implementing its long-awaited Electronic Appraisal Delivery (EAD) process effective for all FHA case numbers assigned on or after June 27, 2016. This ML states that the EAD portal will be a...
20
MAR
2015
The Game has Changed

Additional Tech Advances for the USDA

Does your Firm originate USDA loans?  If so, you should be aware of the recent enhancement in the past three months in which the USDA’s Lender Loan Closing system was modified to permit the electronic issuance of Loan Note Guarantees. Now, there’s an even larger...
19
MAR
2015
HUDCLIPS Housing Handbook 4000.1

New FHA Updates and Handbook Additions

Several months ago HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website.  Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this Handbook are scheduled to...
18
MAR
2015
60+ FHA Borrowers

Secondary Financing for 60+ FHA Borrowers

It is not a widely known fact that FHA allows (with advance approval) prospective borrowers that are 60 years of age or older to borrow the required funds to close for the purchase of a principal residence.  Of course, there are some strings attached but this little-known fact...