08
APR
2016
HUD-EAD-Deadline

Last Chance for Lenders to Register and get Onboarded

HUD/FHA’s Electronic Appraisal Delivery (EAD) Portal Deadline Approaching The HUD/FHA Electronic Appraisal Delivery (EAD) portal will become mandatory for use by all mortgagees on June 27, 2016.  In order to prevent huge disruptions in their FHA loan origination pipelin...
06
APR
2016
What-is-your-PETR-score

HUD’s Most Recent PETR Results Are In!

  HUD/FHA released the results of their Post-Endorsement Technical Reviews reflecting the status of these reviews as of March 1, 2016. A total of 6,148 PETRs were processed in the 4th Quarter of Fiscal Year 2015 (July 1, 2015, thru Sept. 30, 2015) with the following results:...
05
APR
2016
Villanova-Wildcats-National-Champions

Congratulations Villanova!

I would just like to send my congratulations to my Alma Mater, Villanova, who won the Men’s Basketball National Championship. Last night may have been the greatest playoff game ending of all time. Most importantly, the young men on the team played and won with both class...
30
MAR
2016
Villanova-basketball-march-madness

The Final Four – Capacity, Credit, Cash and Collateral

In honor of college basketball’s annual “Big Dance” held in March in which approximately 68 men’s teams compete for the NCAA Championship and ultimately boils down to the “Final Four.” It is a good time to reflect on the Four C’s of Single Family loan underwriting.  They...
29
MAR
2016
Fraud-mortgage-lending

Fraud Prevention – an Ongoing Process

There are quite a number of tools available to lenders and Quality Control firms these days to help identify and prevent fraud in the processing, underwriting and closing of mortgage loan transactions. Automated risk assessment reports, AVMs, Collateral Underwriter, backup credit...
21
MAR
2016
Free-Training-USDA

FREE USDA Training Opportunity

It is rare these days to have one of the Federal Government’s Housing Agencies (HUD, VA and USDA) offer in-depth technical training geared towards underwriters and loan processors that will result in a better understanding of the rules and regulations in effect for the...
16
MAR
2016
What-you-need-to-know

FHA’s Revised Loan Level Certification – What Lenders Need to Know

Yesterday, HUD has officially rolled out their revised 92900-A Form which will be effective for loan transactions that obtain their FHA case numbers on or after August 1, 2016 (Mortgagee Letter 2016-06). In comments accompanying this Mortgagee Letter, Ed Golding, Principal Deputy...
15
MAR
2016
HUD-FHA-Handbook-4000.1-policy-changes

Servicing Lenders Beware! More 4000.1 Handbook Changes

If your firm services FHA insured loan transactions, you need to be aware of a substantive change in FHA policy being implemented, for loans that obtain their FHA case number on & after March 14, 2016, that involves the assessment of Late Charges. HUD/FHA allows servicing...
09
MAR
2016
3-Years-Reps-Warrants-Freddie-Mac

Three Years and “Counting” – How Do You Spell Relief?

  Freddie Mac, in a recently published Single-Family Update, has reminded everyone that it has now been three years since they implemented the Selling Representation and Warranty Framework which provides lenders (or sellers) with relief from certain selling representations...
07
MAR
2016
unintended-consequences-reo-hud-fha

HUD REO Sales – Some Unintended Consequences

As the saying goes, “No good deed goes unpunished!” In my blog post, dated February 24, 2016, I discussed a rather significant change in HUD/FHA policy with respect to the financing of HUD REO properties. Effective for transactions obtaining their FHA Case Number on and after...