Beat The Clock HUD FHA Handbook 4000.1
Mortgage Compliance

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 processed within 60 days from the end of the prior one-month period.  This is quite a reduction in processing time from…

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wait-or-not-wait-housing-dilemma
Mortgage Industry Trends

Millennials Finally Getting Off the Fence

Let’s start with a bit of good news. Recently, the MBA increased its estimates for mortgage originations by $71 billion for 2015, and by $94 billion, to $885 Billion, in 2016. As my grandfather might have said, “Wow, thatsa a lottsa moola!”  According to Mike Fratantoni, MBA’s Chief Economist, presently there are more home sales being financed, with more loans…

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Dodd-Frank
Mortgage Compliance

The Pros & Cons of Dodd-Frank

In all the hoopla surrounding CFPB’s birthday and their release of the final rule on TRID, we overlooked the 5th anniversary of the Dodd-Frank Act. Let’s face it, had it not been for Dodd-Frank, there would be no CFPB. Just think of it…okay, now back to reality. Depending on which side of isle one sits, Dodd-Frank is either a boom…

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GSE-Student-Loans-DTI-Fannie-Mae-Freddie-Mac-FHA-HUD
Mortgage Compliance

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 borrowers.  Outlined below is a description of each of these changes: Freddie Mac Effective for mortgages with Settlement Dates…

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FHA DE Underwriter
Mortgage Industry Trends

FHA Approved Lenders & DE Underwriters – Know your Status

To FHA Approved Lenders:  are you hiring or terminating staff Underwriters?  To DE Underwriters:  are you thinking about changing jobs?  What you both need to know! In my prior Blog Post, I discussed the current process by which prospective “Direct Endorsement” (DE) Underwriters obtain their FHA approval & DE number. Once someone has obtained this designation, it is important for…

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