HUD/FHA published revisions to its draft 4000.1 Handbook on August 14, 2015 that should benefit lenders! If you have been reading the Blog Posts and Newsletters being generated by LoanLogics in the past few months – you are aware of the many underwriting policy changes being implemented by HUD/FHA when their 4000.1 Handbook becomes effective. Most portions of this Handbook…
Wow, this one has me a little worried, no, a lot worried! Under what is called the “duty to serve” requirements of the Housing and Economic Recovery Act (HERA) of 2008, FHFA, the agency that oversees both Fannie and Freddie, is pushing these agencies to purchase loans made for the purchase of mobile homes (Scary Proposal). Interestingly, the proponents of…
There is serious talk of a potential rate hike coming as soon as September. Hey, that’s less than a month away, and signals the end of the summer. Bummer! Insiders believe the chances of this rate hike are running at just above 50% (Rates). Wait, that also means there’s about a 50% chance that rates won’t rise. What do you…
According to a recent Fitch Ratings report, we should be seeing more buyers in the upcoming months. This due, in part, to a steady easing of credit underwriting standards by banks and independent mortgage lenders, coupled with certain other factors (Buyers). The easing of credit standards, coupled with historically low interest rates, the slowing in the rate of home price…
A recent survey of senior loan officers (are there any others?) shows that credit standards for mortgage loans are loosening up a little. This easing is not in the government or subprime loan markets but rather in the areas of QM jumbo loans (Credit). Many banks shy away from FHA lending and sub-prime loans. Although Independent Mortgage Lenders believe these…
CFPB has made it clear they do not like Marketing Services Agreements (MSAs). Although such agreements have become somewhat commonplace in the mortgage industry, CFPB is taking a new look at them and doesn’t like what it sees. When MSAs first surfaced several years ago, HUD issued some guidance which is used by lenders and service providers to gauge the…
