The USDA recently announced that they will be conducting webinars on both credit underwriting topics, property requirements for anyone interested in learning more about current USDA policies, and upcoming Handbook (HB) changes. In my opinion, this training opportunity is a MUST for all those participating in the USDA loan programs. It is anticipated that rather substantive policy changes will be…
It is rare these days to have one of the Federal Government’s Housing Agencies (HUD, VA and USDA) offer in-depth technical training geared towards underwriters and loan processors that will result in a better understanding of the rules and regulations in effect for the programs that they administer. One such opportunity is now available to anyone interested in USDA’s Single…
Recently, Fannie Mae announced the implementation of its new “Home Ready” mortgage product. According to Fannie Mae, this mortgage product was designed to support homeownership opportunities among underserved populations. They now recognize the growth of extended-household living arrangements and by allow the existence of non-borrower income to be considered as a compensating factor in Desktop Underwriter. Articles are already being…
We finally experienced the long anticipated short-term interest rate hike by the Fed. Now, what happens? There are all kinds of speculation. Some say it will help while others say it might hurt. When might the fed do it again? Much depends on how the economy reacts. We shall see. The stock market sure liked it, at first, now it’s…
The Veterans Administration (VA) announced that, effective immediately, lenders “may accept a Veteran’s assertion of spousal status when a Veteran is applying for home loan benefits,” in Circular Letter 26-15-29, dated November 5, 2015. In light of the recent Supreme Court decision in Obergefell v. Hodges, the VA will now recognize a marriage between two people of the same-sex when…
Everyone is well aware of the requirements of the new TRID rules and the related challenges in issuing the new forms, accurately and timely. There are some serious concerns in the Secondary Markets that minor issues, like fees not placed in the proper order, decimal places not carried out correctly, and/or misspellings on documents, along with missed timing of disclosure…
