26
MAY
2016
Handbook-4000.1-training-hud-fha-june-2016

“Live” Training Opportunity for Lenders

HUD/FHA recently announced that they will be conducting an all-day, instructor-led training seminar for lenders with the primary focus on the Single Family Housing Policy Handbook (4000.1) and recent updates. This is an ideal time for Direct Endorsement underwriters, loan...
22
APR
2016
GSE-Student-loan-update

How Student Loans Impact a Borrower’s Ability to Obtain a Mortgage loan!

The USDA recently published some guidance relative to how student loans should be treated with respect to calculating a Borrower’s monthly expenses.  Also, the GSE’s previously changed their policies on how repayments made on student loans are handled in calculating...
14
APR
2016
Student-loans-FHA

FHA Announces Amended Policy for Student Loans

The good news is that FHA has amended their policy, which I outlined in an August 2015 blog post. That post, was about the GSE’s underwriting policy with respect to borrowers with outstanding student loan debt and highlighted the proposed HUD/FHA new policy (upon...
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...
18
JAN
2016
FHA-mixed-use-financing

Financing a Mixed-Use Property is now Easier – Is that a Good Thing?

Financing options for mixed-use properties have greatly expanded thanks to a change in a long-standing FHA rule limiting FHA Section 203(b) mortgage insurance to properties that have non-residential portions exceeding 25% of the total floor area. Up until September 14, 2015, a...
14
OCT
2015
4000.1-Handbook-Transfers

Transferring FHA Appraisals & Case Numbers to other Lenders

What You Need to Know! In this highly competitive mortgage lending industry, there are times in which a lender will be asked to transfer an FHA appraisal and/or case number by one of their competitors. Maybe a prospective borrower has obtained a better interest rate/points with...
02
OCT
2015
Freddie-Mac-Policy-Changes

Freddie Mac Underwriting Policy Changes

September & October 2015 will go down as an important period of time for the implementation of many substantial credit and compliance policy & procedural changes for the mortgage lending industry. Many of our past LoanLogics Blogs have focused on the roll-out of...
23
SEP
2015
4000.1-Handbook-Live

Impact of FHA Handbook Policy Changes

If you have been reading our LoanLogics Blogs and Newsletters as well as other industry publications, you are aware of the fact that the policies outlined in FHA’s 4000.1 Handbook (for the most part) became effective on September 14, 2015. This 800+ page Handbook will...
10
SEP
2015
4000.1-Handbook-Changes

The Times – They are a Changing!

In August, HUD has announced even more policy & procedural changes that will be established upon implementation of their 4000.1 Handbook.  The good news is that most of the proposed changes outlined in this Notice will have an effective date of March 14, 2016 instead of the...
17
AUG
2015
4000.1 Handbook Revisions

Important Revisions to HUD Handbook that should benefit Lenders!

HUD/FHA published revisions to its draft 4000.1 Handbook on August 14, 2015 that should benefit lenders! If you have been reading the Blog Posts and Newsletters being generated by LoanLogics in the past few months – you are aware of the many underwriting policy changes being...