Underwriters & Appraisers Doing FHA Business Take Note – Rare Live Training Opportunity in Detroit This Week. HUD’s Office of Single Family Housing and the City of Detroit, Michigan Land Bank are conducting a live Training Forum for Thursday, May 7, 2015 at HUD’s Detroit Field Office – McNamara Federal Building, 477 Michigan Avenue, 17th Floor. This all day, FREE…
Big League for LOs
A bill has been introduced in the House which would give existing Bank mortgage loan originators a temporary reprieve from licensing when moving from a bank to an Independent Mortgage Lender (LO Licensing). If passed this would make it much easier for originators to jump from a Bank, where they need not be licensed, to work for a Lender, where…
The Rules of Unintended Consequences
Here’s a little twist on the QM rules. Congress is considering a slight modification to the QM rules which would treat some loans held in portfolio by a Bank as a QM loan (New QM). My understanding of the law is that any loan held in portfolio by a Bank, like any other loan, would be considered a QM when…
Extension Granted for FHA’s New Underwriting Policies
In an official notice to all FHA-Approved Mortgagees, FHA announced on April 30, 2015 that it has extended the effective date for the policies contained within its new Single Family Policy 4000.1 Handbook from June 15, 2015 until September 14, 2015. These new underwriting, appraisal and Quality Control policies have been the focus of several of my previous Blogs and…
Dazed and Confused
Yesterday, I wrote about a Gallup Poll that indicated people were not optimistic about homeownership. Well, today we hear that banks are excited about a resurgence on home purchases (Home Purchases). What does it all mean? Who do you believe? Take a minute and read this article and you may get more confused. Refinances were good in January and February,…
Is This a “Reasonable” Policy – You Decide!
You are an underwriter processing a FHA loan transaction and the appraiser has reported that the subject property has a private well & septic system yet public utilities may be available. Should you require evidence of hook-up to the public system as a condition of your approval? HUD’s draft 4000.1 Handbook (which is scheduled to go into effect for loan…