It is not a widely known fact that FHA allows (with advance approval) prospective borrowers that are 60 years of age or older to borrow the required funds to close for the purchase of a principal residence. Of course, there are some strings attached but this little-known fact may be history once HUD/FHA implements its updated Origination through Endorsement Handbook…
In the never-ending pursuit of more ways to increase homeownership, we now come to another segment of the population which may be deprived of this opportunity. The “Credit Invisibles”, those without a standard credit score (Credit Invisibles).It seems there are between 30 to 35 million consumers who may fall into this category. That’s quite a large number of people being…
Fannie Mae’s Appraisal Findings Report – Another Compliance Management Tool for Lenders! In an announcement dated March 10, 2015, Fannie Mae has indicated that they will be generating an Appraisal Findings Report designed to capture Collateral Underwriter (CU) feedback beginning sometime in April 2015. As many lenders are now aware, Fannie Mae rolled out its free proprietary CU appraisal risk…
As is usually the case, there are two sides to a story (sometimes three). Yesterday, we heard about a potential increase in home buyers resulting from renters jumping into the market. Today, we get the other side of the story. Builder confidence is at its lowest levels in quite some time as low rates and an improving economy are not…
Here’s some good news for a change. According to Zillow, in 2015 we should see a wave of new homebuyers coming from the ranks of current renters (Renters). As more and more people are renting, for one reason or another, two things have happened. There are fewer affordable rental units and the rents for those units is rising; the rule…
I just attended the 32nd Annual Regional Conference of MBAs in Atlantic City, NJ and it seems things may be looking up for lending in the next few years. The residential conference opened with an uplifting performance by
