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…
Over the past few years, the source of home financing has steadily shifted from the big Banks over to non- bank lenders. Lenders like Independent Mortgage Lenders, Credit Unions and smaller Community Banks. In 2007, the Commercial Banks held a 74% share of mortgage loans, 3 of every 4 homes were financed by a large Bank. Lately, things have changed.…
HUD recently announced the specific details of its proposed Fiscal Year 2017 Budget. This is part of the President’s overall Fiscal Year 2017 Budget Plan that was just submitted to Congress. In reviewing HUD’s proposed 2017 Budget, there are some items that will be of particular interest to mortgage lenders. Some examples are as follows: HUD is requesting from Congress…
Some in the housing and lending industries are clamoring for a further reduction in the initial or annual FHA mortgage insurance premiums. The belief is that with the increase in FHA insured loans, helped greatly by the last reduction in the annual premium, FHA has achieved and maybe surpassed the 2% capital reserve requirements. The Community Home Lenders Association (CHLA)…
Recently, I discussed a new security role of “Lender Agent” that was created by USDA Rural Development for participating lenders. Once designated as a “Lender Agent” – a User will be authorized to establish applications, order new and re-issue existing credit reports and request preliminary underwriting recommendations on behalf of an approved lender. Although this is a baby-step in the…
