Freddie Mac, in a recently published Single-Family Update, has reminded everyone that it has now been three years since they implemented the Selling Representation and Warranty Framework which provides lenders (or sellers) with relief from certain selling representations and warranties for loans that demonstrate an acceptable payment history. What does this mean to lenders? It is anticipated that many…
Another new term in the world of home financing opportunities. No, not someone who lost a home to a fire, but rather someone who is just plain sick and tired of trying to refinance their home and reduce their debts. Do they now represent the potential for a new wave of refinances in 2016? I think so. (Burnouts) Freddie Mac…
As the saying goes, “No good deed goes unpunished!” In my blog post, dated February 24, 2016, I discussed a rather significant change in HUD/FHA policy with respect to the financing of HUD REO properties. Effective for transactions obtaining their FHA Case Number on and after March 14, 2016, lenders will be required to obtain a new appraisal if the…
Since the announcement of the new TRID rules, lenders have been working to integrate the use of the two new forms and comply with the requirements for information and fee disclosure. With actual implementation has come a myriad of challenges and problems reported by lenders and closing agents which have been blamed for consumer confusion, increased loan costs, closing delays…
The outlook for housing and mortgage lending in 2016 appears to be somewhat mixed. Home values are stabilizing and increasing in many markets but low inventory makes it difficult for first-time homebuyers to find affordable homes. Interest rates have remained low but refinances have declined and the Fed is still talking about raising interest rates. Fannie and Freddie both project…
HUD/FHA announced a new partnership between FHA and the Department of Energy (DOE) which incorporates the use of DOE’s innovative Home Energy Score into FHA’s current Energy Efficient Homes (EEH) program, in Mortgagee Letter 2015-22, dated September 30, 2015. If you currently work for a mortgage lender that originates FHA insured loans, you may ask what the significance is relative…
