10
AUG
2015
FHA-VA-USDA-Fees

The Up’s and Down’s of Agency Mortgage Insurance Fees, Guarantee Fees and Funding Fees

There has been much publicity recently regarding the unexpected surge in FHA loan activity subsequent to their lowering of the FHA annual Mortgage Insurance Premiums (MIPs) in January 2015. For example, FHA’s May 2015 Production Report indicates that there were 102,795 FHA...
07
AUG
2015
Beat The Clock HUD FHA Handbook 4000.1

Are you prepared to significantly reduce your Post Closing QC reviews processing time?

HUD/FHA’s draft “Origination Through Post-Closing/Endorsement Handbook”, states that loan transactions must be selected for post-closing reviews on a monthly basis with the selection comprising loans closed in the prior month. The loans that are selected for review must be...
03
AUG
2015
GSE-Student-Loans-DTI-Fannie-Mae-Freddie-Mac-FHA-HUD

Will your Student Loan interfere with getting a mortgage?

The GSEs have recently changed their policies on how repayments made on student loans are handled in calculating debt-to-income ratios. In addition, HUD/FHA is proposing major changes in the way student loan debt is handled when calculating monthly obligations for prospective...
30
JUL
2015
FHA DE Underwriter

FHA Approved Lenders & DE Underwriters – Know your Status

To FHA Approved Lenders:  are you hiring or terminating staff Underwriters?  To DE Underwriters:  are you thinking about changing jobs?  What you both need to know! In my prior Blog Post, I discussed the current process by which prospective “Direct Endorsement” (DE) Underwriters...
28
JUL
2015
TRID Extension CFPB

TRID Update – An extension to the extension!

My colleague ,Mike Vitali, discussed in his blog post on July 21st the CFPB’s action to extend the implementation date for TRID from August 1, 2015 to October 3, 2015. Today comes word that the House Financial Services Committee is expected to take up H.R. 3192 on July 28,...
20
JUL
2015
DE-Direct-Endorsement-Underwriter

What you need to know to become a “DE Underwriter”

At some point in your career − maybe even during a job interview − many in the mortgage lending industry have been asked:  Are you a DE underwriter?  Do you have a CHUMS number? What is your DE number? Essentially, these are all variations of the same question. In 1996, HUD/FHA...
14
JUL
2015
4000.1 Handbook Revisions

Looking for the Positives! – HUD/FHA’s Handbook (4000.1)

HUD/FHA’s Origination Through Post-Closing Handbook (4000.1) consolidates & supersedes numerous Mortgagee Letters, Notices, etc. that have been issued in past years and provides users with one, updated & consolidated document containing the current FHA underwriting...
08
JUL
2015
Fannie Mae Borrowers Assets SEL-2015-07

Question: Can Stocks, Bonds and Mutual Funds be counted towards a borrower’s available assets when obtaining a mortgage?

Answer: Fannie Mae recently announced several underwriting policy & procedural changes in their Selling Guide Announcement SEL-2015-07, dated June 30, 2015.  One noteworthy change involves the topic of using vested stocks, bonds and mutual funds (including retirement...
26
JUN
2015
Good News from the Harris Report

More Good News from the GSE’s!

As previously reported, in an Announcement dated May 29, 2015, Freddie Mac has stated that beginning June 1, 2015 the use of Loan Prospector will be free for all new loan submissions.  Loan Prospector is Freddie Mac’s automated underwriting system which provides feedback to...
23
JUN
2015
HUD FHA No Defects

FHA to Implement a New Loan Quality Assessment Methodology

What this means to Mortgage Lenders! In a June 18, 2015 News Release, HUD/FHA announced that it has further refined its risk management processes and has created a new “Defect Taxonomy”.  The framework for this revised taxonomy centers on three core concepts: Identifying a defect...