Do you know Helen Kanovsky? Hopefully not, because if you do, it may be that you ran afoul of HUD rules somewhere along the way. Here’s a recent quote from Attorney Kanovsky, “FHA-approved lenders are obligated to apply our underwriting standards, not only to protect our insurance fund but to make certain families can sustain their mortgages. Lenders who engage in…
I’m getting a little confused about home sales, home buyers, the economic recovery and how all this affects the mortgage market. A couple of weeks ago, I was hearing a rosier outlook for home sales from MBA. In fact, they increased their 2016 mortgage originations projection for 2016 to $885 billion, an increase of about $94 billion. This was on…
HUD/FHA published revisions to its draft 4000.1 Handbook on August 14, 2015 that should benefit lenders! If you have been reading the Blog Posts and Newsletters being generated by LoanLogics in the past few months – you are aware of the many underwriting policy changes being implemented by HUD/FHA when their 4000.1 Handbook becomes effective. Most portions of this Handbook…
Wow, this one has me a little worried, no, a lot worried! Under what is called the “duty to serve” requirements of the Housing and Economic Recovery Act (HERA) of 2008, FHFA, the agency that oversees both Fannie and Freddie, is pushing these agencies to purchase loans made for the purchase of mobile homes (Scary Proposal). Interestingly, the proponents of…
There is serious talk of a potential rate hike coming as soon as September. Hey, that’s less than a month away, and signals the end of the summer. Bummer! Insiders believe the chances of this rate hike are running at just above 50% (Rates). Wait, that also means there’s about a 50% chance that rates won’t rise. What do you…
According to a recent Fitch Ratings report, we should be seeing more buyers in the upcoming months. This due, in part, to a steady easing of credit underwriting standards by banks and independent mortgage lenders, coupled with certain other factors (Buyers). The easing of credit standards, coupled with historically low interest rates, the slowing in the rate of home price…
