HUD/FHA has just announced (refer to Mortgagee Letter (ML) 2015-08) that it will be implementing its long-awaited Electronic Appraisal Delivery (EAD) process effective for all FHA case numbers assigned on or after June 27, 2016. This ML states that the EAD portal will be a web-based platform through which lenders and their third-party service providers will be able to electronically…
Like my high school prom date, I keep getting mixed signals. Is the economy improving or is it not? Will the Fed raise rates this summer or will they hold them at current levels? According to two Fed Chairmen, it still looks as though rates may go a little higher sometime this summer (Rate Hike). Only the Fed knows for…
If you want to capture the Millennial homebuyers, you may need to provide some upfront education. Studies have found that many of this generation, although being tech savvy, know little about the home buying and financing process (Millennial Knowledge). Millennials are now moving into the home buying stage and will be shopping for their homes and related financing. Most will…
Under the new TRID rules, a lender is required to provide an applicant with the new Loan Estimate, along with other application disclosures, when the lender is in receipt of 6 items from the applicant; the name, address, income, estimate of value, SSN & loan amount. The lender may not require anything additional, including but not limited to, verification of…
This is my favorite sports time of the year. I love the World Series, Super Bowl, the NBA and Stanley Cup Finals. But, for me March Madness takes the cake. In the professional sports, the athletes are pampered and overpaid, playing as much for themselves as they do for their team. Don’t get me wrong, I cheer just as hard…
Does your Firm originate USDA loans? If so, you should be aware of the recent enhancement in the past three months in which the USDA’s Lender Loan Closing system was modified to permit the electronic issuance of Loan Note Guarantees. Now, there’s an even larger technological enhancement. Beginning on March 28, 2015, the USDA’s Government Underwriting System (GUS) will be…
