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...
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...
20
MAY
2015
FHA-HUD-Online-Handbook

Available On-Line! FHA’s Post-Closing Handbook (4000.1)

On May 18, 2015 the Housing and Urban Development/Federal Housing Agencies announced that a draft version of their Origination Thru Post-Closing/Endorsement Handbook is available on-line via a link from their HUDCLIPS web page. The link will direct them to the Handbook on the...
07
MAY
2015
GSE Requirements for Large Deposits

What is considered a “Large” Deposit?

The wrong answer to this question could prove costly – in the form of a Repurchase or Indemnification Agreement Request if the files you are underwriting are inadequately documented. I recently had the opportunity to review some Fannie Mae MORA Audit Reports, as well as some HUD...
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,...
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...