The results are in and the report is that the FHA insurance fund has made a fantastic comeback raising its capital requirement ratio to 2.07%. This is just north of the required reserves of 2%. Hats off to the FHA! Nice work. So, where do we go from here? The recent surge in the reserves was mainly due to two…
TRID: Much Ado About Nothing?
According to the National Association of Realtors (NAR), there have been very few, if any, problems with home settlements as a result of the new TRID regulations. Karen Crowson, Chair of the Realtor’s Regulatory Issues Forum stated that most loans are closing with very little disruption (No Problems). Could it be those who decried the major problems that would result…
Quicken Loans Quickens the Pace
Quicken Loans, the nation’s third largest mortgage lender, has leapfrogged the competition. While many lenders are still working to offer consumers an online application, Quicken’s new Rocket Mortgage offers not just the online app but online loan options, selection and loan approval (Rocket Mortgage). Everything, from soup to nuts, on the front end. No mention of an eClosing…yet. This is…
FHA Condominium Policy Changes – Some Good News & Some Bad News!
In Mortgagee Letter 2015-27, dated November 13, 2015, HUD/FHA announced some subtle changes in its condominium project approval and recertification policies and procedures. Although it is stated that HUD expects to “increase the pool of condominium projects eligible for FHA approval” by implementing these changes, it’s difficult to comprehend how these changes will contribute to any major increase in loan…
Down Payment Costs Keep Renters From Buying
I came across this brief article which caught my attention. You may have seen the headline: “Down Payment Costs Prevent Renters from Buying Homes: Zillow” (Down Payment). I’m a little perplexed (which frankly is not all that uncommon). According to Zillow, many renters say they cannot buy a home because of the large down payment required. The article gives examples…
FHA’s Rule Change of a Three Year Sales History on Comps – What about the recent past?
The 3-year reporting requirement for comp sales had only been in effect for less than 2 months and was the topic of much discussion at the various industry webinars and conferences conducted by HUD/FHA staff prior to the September 14, 2015, implementation date. In my blog post from Nov. 6th, I discussed FHA’s recent decision to rescind its short-lived policy…