28
JUL
2016

MBA Cautions FHA to “PACE” Itself

The other day I posted a blog outlining FHA’s policy on the acceptance of properties encumbered by PACE (Property Assessed Clean Energy) loans for FHA insured financing. If you missed it, (click here). To be fair, here’s the other side of the story. The MBA is concerned that the...
27
JUL
2016
down-payment-assistance-HUD-FHA

HUD Clarifies Statement on DPA Programs

HUD’s Deputy Secretary, Nani Coloretti, issued a statement advising lenders that although HUD allows government-sponsored Down Payment Assistance, it must comply with their rules (DPA Issue). DUH! This was intended to clear up confusion previously created when Principle Deputy...
26
JUL
2016
Reverse.mortgages.Good.news

Good News About Reverse Mortgages

Are you now offering Reverse Mortgages, sometimes known as HECMs (Home Equity Conversion Mortgages)? If not, you may be missing out on another home financing opportunity. With rates remaining low, a reverse loan may be an option for many older homeowners. They can access some of...
25
JUL
2016
private-flood-insurance

Private Flood Insurance Causes Controversy

The House passed HR 2091, the Flood Insurance Market Parity and Modernization Act, which would allow Fannie and Freddie to accept flood insurance placed through private insurance carriers. This is being praised by the insurance and real estate communities and by many lenders as a...
22
JUL
2016
RNC-Housing-issue

Housing Gets a Seat at the RNC

If you’ve been following the events at the Republican National Convention, you’ve heard all the speeches about family, safety, immigration, jobs and the economy, as well as, party unity and broken pledges (or pledge). It has provided some good drama and plenty of fodder for the...
20
JUL
2016
FHA-PACE-program

Keeping PACE with Energy Improvements

We all know how important it is to own an energy efficient home. The less use of heating and cooling, and related energy resources, the more affordable a home can be. HUD is making changes that would allow homes to be insured that carry a lien for such improvements when done...
19
JUL
2016
Refinance-rates-down

Are Refis Just a Big Hassle?

Just in case you missed it, mortgage rates are at all-time lows, again. Brexit, low inflation, a stagnant economy, all contribute to the Fed’s ongoing decision to not increase rates. That’s some good news! Although we’ve seen a spike (again) in refinances, there are still...
18
JUL
2016
perceived-home-values

Perception vs. Reality in Home Values

I’m confused again… According to recent research done by Fannie Mae, many homeowners underestimate the equity they currently have in their home. As a result, these homeowners are less likely to refinance, take out home equity loans, or sell their home (Equity). This is not good...
15
JUL
2016
MISMO-HMDA-HIT-List

MISMO Issues the New HMDA Toolkit

HMDA help is here. MISMO, the Mortgage Industry Standards Maintenance Organization, issued their new HMDA Implementation Toolkit (I’ve dubbed the HIT List) to help lenders prepare for, and report on, the new HMDA requirements (HIT List). These guidelines will make it much easier...
14
JUL
2016
MCAI-mortgage-credit-availability-Index

Mortgage Credit Availability Drops Again

Fannie Mae’s Mortgage Credit Availability Index (MCAI) declined for the fourth straight month in June. The index, which measures the available credit offerings for home financing, fell 1.3%. Is this more bad news for the housing market? The drop is primarily due to decreased...