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…
If you weren’t sure, you now know who wasn’t responsible for the financial crisis of 2008. According to Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), it wasn’t the Credit Unions. I guess it was those unscrupulous Independent Mortgage Bankers, the Mortgage Brokers and the Banks (of all sizes), along with their affiliates, that all contributed to the…
No, it’s not a new undersea adventure to raise the Titanic or find some long lost sunken treasures, it’s the movement by the Agencies and FHA to provide low down payment financing to first-time and low-to-moderate income home buyers. About a year ago, both Fannie and Freddie announced the reinstatement of their 3% down payment loan programs. This was done…
It’s that time of year. Pitchers and catchers are reporting for spring training and a new baseball season is about ready to get underway. Each team is preparing for what is to come and looking forward to competing for an appearance in the playoffs with the ultimate goal of winning the World Series. Spring training is here and with it…
Lenders need to be aware of policy & procedural changes are being implemented by HUD/FHA on March 14, 2016. One of these changes involves a requirement to obtain a new appraisal when processing an FHA loan transaction on a HUD Real Estate Owned (REO) property. Under current guidelines, which have been in effect for many years, an “AS-IS” appraisal of…
