It is rare these days to have one of the Federal Government’s Housing Agencies (HUD, VA and USDA) offer in-depth technical training geared towards underwriters and loan processors that will result in a better understanding of the rules and regulations in effect for the programs that they administer. One such opportunity is now available to anyone interested in USDA’s Single…
I’m attending the 33rd Annual Regional Conference of Mortgage Bankers Associations at Harrah’s new convention center in Atlantic City. Nice place. The residential segment opened yesterday with Barry Habib, Chief Market Strategist of Residential Finance Corp., giving his forecast for interest rates, what will happen to affect them and where the lending opportunities may be in 2016. A great start…
It’s that time of year again; St. Patty’s Day, March Madness, and the Annual Regional Conference of MBA’s, held in Atlantic City each year. This will be the 33rd consecutive conference. This year, the meeting will be held from March 13th through the 17th at the new Convention Center in beautiful Harrah’s Marina Casino/Hotel. The conference begins with a Commercial…
Welcome to America; land of opportunity. That includes the opportunity to defraud mortgage lenders and banks when getting a loan. (Chicago Tribune article on Liar Loans) Individuals found guilty of participating in the creation of fraudulent loans say they shouldn’t have to pay any restitution to the BofA for losses because the bank should have known better. After all, the…
If you recall, I recently wrote about the intention of Fannie and Freddie to begin requiring a new expanded credit score model. This new model will take into account a consumer’s credit trends (historical use of credit) plus begin the utilization of heretofore non-traditional credit sources (Credit Scores). It seems the good old FICO credit score ain’t so good no…
It’s just before closing, a new disclosure is due, To allow the consumer, an amble review. The fees need be listed in each Section with care, With loan costs reflected to allow for compare. What had been presented in disclosures sent prior, Now, must be updated for both Seller and Buyer. All terms of the loan made clear and…
