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...
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...
13
APR
2015
Read HUD handbook In Bed

Everybody Wants to Get Into the Act

Normally, my colleague Gerry Glavey covers areas of credit and government underwriting, being an expert in these areas.  However, in this case, I’m weighing in on a some important upcoming FHA changes. Don’t look now but with all the attention being given to the upcoming TRID...
13
APR
2015
HUD/FHA Conference Call

Sometimes an Increase in Fees is a Good Thing!

Shortly after the latest HUD/FHA industry conference call* on April 9th, problems surfaced when the Presenters opened up to questions from participants.  Several active 203(k) Consultants voiced their concerns over the “Consultant Fee Schedule” that is published (refer to page...
10
APR
2015
Now Required

Pre-Closing Reviews Now Required On FHA loans

Are You Prepared? Several months ago, HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website.  Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this...
03
APR
2015
Time is Running Out

Federal Gov’t: Can we please have more time!

Well, it is finally April and thoughts of many Americans are to seek an extension from the Federal Government regarding the filing of their Tax Returns.  However, the topic of this Blog Post is not income taxes but two widely discussed mortgage industry initiatives that have...
30
MAR
2015
HUD Update

Times – They are a Changin…..

As I have mentioned in previous Blog Posts, several months ago, HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website. Most noteworthy is the fact that the policy & procedural changes that are being implemented by...
19
MAR
2015
HUDCLIPS Housing Handbook 4000.1

New FHA Updates and Handbook Additions

Several months ago HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website.  Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this Handbook are scheduled to...
18
MAR
2015
60+ FHA Borrowers

Secondary Financing for 60+ FHA Borrowers

It is not a widely known fact that FHA allows (with advance approval) prospective borrowers that are 60 years of age or older to borrow the required funds to close for the purchase of a principal residence.  Of course, there are some strings attached but this little-known fact...
04
FEB
2015
Single Family Origination through Post-Closing/Endorsement Handbook (4000.1)

FHA Proposed Changes for Direct Endorsement Underwriters and 203(k) Consultants

HUD/FHA recently posted two new draft sections of its new Single Family Origination through Post-Closing/Endorsement Handbook (4000.1) to its website.  Outlined below are the more significant proposed changes to the existing policies: Direct Endorsement Underwriters Since 1996,...