What’s an ‘Outlier’? An ‘Outlier’ is considered a person or thing differing from all other members of a particular group. GNMA considers nine major mortgage lenders as ‘outliers’ because Ginnie believes that the activity of these lenders differs from others. Ginnie Mae believes these lenders may be churning VA refinances. Churning is a process whereby the lenders continue to refinance…
The FICO credit score was introduced many years ago and touted as the end-all for determining a prospective borrower’s creditworthiness. The better the score, the more likely the borrower would repay the debt. The lower the score, look out, higher potential for default. Simple, right? No more! Today, we’re told that maybe this revolutionary predictor may be outdated and in…
The other day I mentioned that FHA has declared June as National Homeownership Month with its theme of “Dare to Own the Dream”. Well, come to find out, from my good friend (and now retired) Gerry Glavey, that this is quite common. June has been designated as Homeownership Month for many years – under both Republican and Democratic administrations. The…
It looks as though the spring buying season may be extending into summer. So, mortgage lenders need more people to handle the business. Some still say that 2016 is going to be a breakout year for new home sales with Millennials jumping into home ownership. That’s good news but that also presents some real challenges for mortgage lenders. With improving…
HUD/FHA announced several substantial proposed changes in its Home Equity Conversion Mortgage (HECM) policy & procedures on May 18th. These changes are primarily designed to assure the viability of the HECM program going forward which has become a popular way for seniors to tap the equity in their homes and remain in their property & neighborhood as they grow…
HUD/FHA recently announced that they will be conducting an all-day, instructor-led training seminar for lenders with the primary focus on the Single Family Housing Policy Handbook (4000.1) and recent updates. This is an ideal time for Direct Endorsement underwriters, loan processors and loan originators to obtain training on the 4000.1 Handbook as there still remains some confusion over the revised…
