With everything going on surrounding Brexit: low rates, increased refinances and the presidential race you may have missed a deadline. Effective for all FHA case numbers issued/assigned as of June 27, 2016, FHA-approved lenders must deliver appraisal reports through FHA’s new EAD (Electronic Appraisal Delivery) portal. If you missed the deadline, you’re probably okay as you most likely do not…
In case you missed it, on June 8th FHA announced that their TOTAL (Technology Open To Approved Lenders) automated underwriting system will no longer provide the upfront or annual mortgage insurance premium factors required for a loan (FHA Info #16-36). These factors may be found in Appendix I to the new FHA Single Family Housing Policy Handbook 4000.1 (Handbook). This…
Ed Golding, Principal Deputy Assistant Secretary for Housing and Head of the FHA, (that’s what it says on his letterhead), issued an informal letter (The Letter) to all FHA lenders on the acceptance of Housing Finance Agency (HFA) down payment assistance programs. Everybody rejoiced. Seems FHA had put to bed the industry’s concerns resulting from actions taken by DOJ against…
Another day, another DOJ settlement under a False Claims Action brought against a major Bank originating FHA loans. This time, it’s M&T Bank Corp to the tune of $64 million. Not a happy tune. Here we go again. DOJ alleged that M&T did not originate their FHA loans in compliance will all FHA rules and requirements. Rather than fight these…
The USDA announced that both their upfront guarantee fee as well as their annual fee structure will see rate reductions in Fiscal Year 2017, which begins on October 1, 2016 and ends at the close of business on September 30, 2017. For the USDA’s Single Family Housing Guaranteed Loan Program, the upfront guarantee fee will change from 2.75% to 1.0%…
On April 8, 2016, I had alerted lenders that there was an important government deadline quickly approaching and advised them not to miss this “last chance” opportunity. NO, I was not referring to the deadline established for filing Income Tax returns with the IRS. Instead, I discussed HUD/FHA’s very last onboarding phase (which was held on April 15, 2016) for…
