05
MAY
2015
Underwriters Appraisers FHA Training

Doing FHA business? Rare Live Training

Underwriters & Appraisers Doing FHA Business Take Note – Rare Live Training Opportunity in Detroit This Week. HUD’s Office of Single Family Housing and the City of Detroit, Michigan Land Bank are conducting a live Training Forum for Thursday, May 7, 2015 at HUD’s...
01
MAY
2015
Breaking News FHA 4000.1 Extension

Extension Granted for FHA’s New Underwriting Policies

In an official notice to all FHA-Approved Mortgagees, FHA announced on April 30, 2015 that it has extended the effective date for the policies contained within its new Single Family Policy 4000.1 Handbook from June 15, 2015 until September 14, 2015. These new underwriting,...
30
APR
2015
Reverse Mortgage HECM

Looking “Forward” Processing & Underwriting “Reverse” Mortgages

Obtaining a Reverse Mortgage just got a little more complex – but that is a good thing! HUD’s long-awaited changes to its Home Equity Conversion Mortgage (HECM) underwriting requirements have officially been implemented with FHA Case Number Assignments issued on and after...
29
APR
2015
HUD 4000.1 Handbook

Is This a “Reasonable” Policy – You Decide!

You are an underwriter processing a FHA loan transaction and the appraiser has reported that the subject property has a private well & septic system yet public utilities may be available.  Should you require evidence of hook-up to the public system as a condition of your...
24
APR
2015
Store Home FHA Section 203(b)

Does Anyone Live Here? Let’s Hope So!

Looking to buy a property in which you can both live in and operate a business?  Your financing options are about to greatly expand if one of HUD/FHA’s proposed Rule changes goes into effect on June 15, 2015 as planned! At the present time, a prospective borrower may...
23
APR
2015
HUD FHA Handbook - Now What

Observe, Analyze and Report – Then What?

On HUD’s latest conference call (see NOTE below), it was stated that the primary role of an FHA Roster appraiser is to “Observe, Analyze and Report” what he/she encounters during their on-site visit to a property. There were a number of specific examples cited in which the HUD...
22
APR
2015
Baby Steps

FHA’s “eFindings Letters” – Baby Step in the Right Direction

In a recent Blog Post, I discussed HUD/FHA’s plans to begin issuing eFindings Letters on April 27, 2015 in lieu of hard copy letters sent via the US Postal Service on all Post-Endorsement Technical Review cases rated “Unacceptable”. In this regard, HUD Headquarters staff...
21
APR
2015
HUD FHA Guidelines

New FHA Appraisal Requirements? Or Not!

On April 16, 2015, HUD/FHA Headquarters staff conducted an industry conference call to discuss the recently published new Section of the draft “Origination Through Post-Closing/Endorsement” Handbook (4000.1) dealing with Appraiser and Property Requirements. This Handbook will...
17
APR
2015
Better Way To Communicate

A Better Way to Communicate

FHA Will Soon Be Sending Out “eFindings Letters” HUD/FHA processes Post-Endorsement Technical Reviews (PETRs) on a certain percentage of loans that they insure. In this regard, whenever serious underwriting and/or appraisal deficiencies are observed and a case is rat...
15
APR
2015
It is now Mandated

HUD/FHA QC Changes-Are You Prepared?

The policy & procedural changes being implemented by HUD/FHA are scheduled to be effective as of June 15, 2015 – which is now only 2 months from now. The good news – upon implementation of the new HUD Handbook in June 2015, the requirement for mortgagees to conduct...