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Mortgage Compliance

FHA Mortgage Limits to Remain the Same – except 188 Counties

HUD/FHA announced that their FHA maximum mortgage limits will remain the same in 2016, in a press release dated December 9, 2015.  There will be no change in the national loan limit “ceiling” of $625,500 or the “floor” of $271,050. This announcement will end all speculation that the FHA ceiling and/or floor would be increasing due to rising home prices…

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Mortgage Loan Quality

Pre-Closing (or Pre-Funding) Reviews Are Now Required on FHA Loans!

Most lenders are aware that Fannie Mae has an established policy that requires the processing of pre-funding (or pre-closing) reviews as part of a lender’s overall written Quality Control Plan.  These documented procedures must include (at a minimum) the timing of the reviews, the loan selection process, verification of data & documents and reporting. However, with the numerous policy &…

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