As you know by now, under the new TRID rules there is no longer an allowable tolerance for the fees disclosed for the lender required services for which a consumer cannot shop. This means the lender is bound by what is disclosed for these costs on their initial Loan Estimate unless there is a bona fide change. Lenders are expected…
What will come as welcome news to FHA Roster Appraisers – FHA has decided to rescind its short-lived policy to require appraisers to report the date(s) and sales price(s), that occurred within three years of the effective date of the appraisal, for each comparable sale. In its much-publicized implementation of the 4000.1 Handbook and the accompanying Single Family Appraisal Report…
Although it is said that actions speak louder than words, sometimes when the two come together it can have a powerful effect. Such is the case when it comes to the MBA’s Mortgage Action Alliance (MAA). This is a grass roots effort, supported by member firms and their employees, to help facilitate communication with our elected officials to promote industry…
More calls from the mortgage lending industry for FHA to reduce their annual mortgage insurance premiums. This one comes from the Community Home Lenders Association (CHLA) (MIP Cut). Who is the CHLA and why do they want another FHA premium cut? The CHLA is a national non-profit association of community-based mortgage lenders who, among other things, promote policies to help…
Pressure has been building recently from lawmakers and housing advocates for HUD to trim its condominium rules and regulations in order to assist prospective borrowers in obtaining FHA financing on condominium units. Many feel that there is too much paperwork involved with the current process of obtaining FHA project approval and re-certification and that many of the rules are too…
It is nice, for a change, to get some good news about the housing and related markets. Here’s some. According to HUD Secretary, Julian Castro, the health of the FHA insurance fund has significantly improved over last year (FHA Fund). This is believed to partly be the result of the previous 50 basis point reduction in the annual mortgage insurance…
