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…
With the passage of the Affordable Health Care Act (an oxymoron), the health care industry has come even closer to being run by the federal government. Is Banking headed down that same path? (Dodd-Frank Costs). You’re probably wondering where I’m going with this one. Under the Affordable Care Act, everyone is forced to carry health insurance coverage. The coverage required…
The current Administration seems to have a soft spot when it comes to those who have violated the rules. In a speech at the current NAACP Conference in Philadelphia, President Obama mentioned that, among other things, employers should not be allowed to ask an applicant if they had been previously convicted of a crime. Also, he said that once they…
Here’s one that might have you scratching your head. According to a recent FHFA report, mortgages made to first-time homebuyers tend to perform worse than those made to repeat buyers. That would seem to indicate that first-time homebuyers are riskier than established homebuyers. Fannie Mae doesn’t agree (FHFA View). Fannie says it’s like comparing apples to oranges. Although they’re both…
I know all the talk surrounds the CFPB announcement to postpone TRID implementation until October. That’s a good thing as it will allow many lenders and service providers more opportunity to finalize and hone their systems. Some good news for a change! More good news is that a new organization, created as an advocate for better housing policy, the J.…
A recent ABA survey found that most mortgage lenders believe the new TRID rules will further restrict mortgage lending. Many say lending was already restricted resulting from last year’s ATR and QM rules. Now, TRID may continue such restrictions and possibly make it worse. The same survey revealed that banks reported the highest number of mortgages made to first-time homebuyers…
