On April 8, 2016, I had alerted lenders that there was an important government deadline quickly approaching and advised them not to miss this “last chance” opportunity. NO, I was not referring to the deadline established for filing Income Tax returns with the IRS. Instead, I discussed HUD/FHA’s very last onboarding phase (which was held on April 15, 2016) for…
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 debt-to-income ratios. In addition, HUD/FHA implemented major changes in the way student loan debt is handled when calculating monthly obligations…
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 implementation of Handbook 4000.1). The policy in August required lenders to calculate a monthly payment for…
The USDA recently announced that they will be conducting webinars on both credit underwriting topics, property requirements for anyone interested in learning more about current USDA policies, and upcoming Handbook (HB) changes. In my opinion, this training opportunity is a MUST for all those participating in the USDA loan programs. It is anticipated that rather substantive policy changes will be…
HUD/FHA’s Electronic Appraisal Delivery (EAD) Portal Deadline Approaching The HUD/FHA Electronic Appraisal Delivery (EAD) portal will become mandatory for use by all mortgagees on June 27, 2016. In order to prevent huge disruptions in their FHA loan origination pipeline, “lenders are encouraged to get registered for onboarding to the EAD portal before the effective date”, was the word from HUD…
HUD/FHA released the results of their Post-Endorsement Technical Reviews reflecting the status of these reviews as of March 1, 2016. A total of 6,148 PETRs were processed in the 4th Quarter of Fiscal Year 2015 (July 1, 2015, thru Sept. 30, 2015) with the following results: Conforming – 1,126 cases (or 18%) Deficient – 2,151 cases (or 35%)…
