Normally, my colleague Gerry Glavey covers areas of credit and government underwriting, being an expert in these areas. However, in this case, I’m weighing in on a some important upcoming FHA changes. Don’t look now but with all the attention being given to the upcoming TRID changes, just over the horizon, in plain sight, some very important things are happening…
Shortly after the latest HUD/FHA industry conference call* on April 9th, problems surfaced when the Presenters opened up to questions from participants. Several active 203(k) Consultants voiced their concerns over the “Consultant Fee Schedule” that is published (refer to page #410-411) in the draft Handbook. This Fee schedule is identical to the one published in Mortgagee Letter 95-40. In other…
As it was said to a young Peter Parker (aka Spiderman) by his Uncle Ben. This is now so true when it comes to non-bank lenders increasing their share of FHA loan originations. Did you know it is believed that this quote actually dates back to Voltaire? A variation dates back to Jesus Christ (Luke 12:48), “To those who much…
Are You Prepared? Several months ago, HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website. Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this Handbook are scheduled to be effective as of June 15, 2015 – which is now less than 3 months…
Just a reminder, as if you need it, the new TRID rules become effective with loan apps taken as of August 1, 2015. Besides the two new disclosures that everyone is preparing for, there is another big change. With an application, you need to provide the consumer with a new settlement cost booklet (New Booklet). Like the HUD-1, the current…
It’s spring and a time when a young man’s fancies turns to love, and a Realtor’s and mortgage lender’s fancies turn to the spring buying season. The timing is good. According to study recently released by Nationwide Economics the housing market is the healthiest it’s been since 2001 with less chance of a downturn like we recently experienced (Housing). That’s…
