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 and style. #ProudNovaAlum
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 are Capacity, Credit, Cash and Collateral. Outlined below is a brief description of…
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 reports, CAIVRS, Internet Searches, etc. are used on an ongoing basis by industry personnel in helping to identify possible…
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 programs that they administer. One such opportunity is now available to anyone interested in USDA’s Single…
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 Assistant Secretary for Housing, stated that “FHA is clearly identifying what lenders will be held accountable for –…
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 lenders to assess a late charge on FHA-insured loan transactions if a borrower’s mortgage…
