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…
We all have heard the old saying, “If it looks like a duck, walks like a duck and quacks like a duck; it must be a duck”. Well, this also holds true for mortgage marketing service agreements (MSA). CFPB is taking a long hard look at entities with such agreements and a tough stand on enforcement for what they determine…
Several months ago HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website. Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this Handbook are scheduled to be effective as of June 15, 2015 – which is now less than 3 months away. Also, on…
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…
