Should a lender ask an FHA loan applicant the nature of their disability and how long they expect to be receiving any benefits? Be careful. A Michigan lender had to enter into an agreement with HUD to settle alleged discrimination against an applicant with a disability. Under this agreement the lender, Mortgage One, is required to make a monetary settlement…
The 3-year reporting requirement for comp sales had only been in effect for less than 2 months and was the topic of much discussion at the various industry webinars and conferences conducted by HUD/FHA staff prior to the September 14, 2015, implementation date. In my blog post from Nov. 6th, I discussed FHA’s recent decision to rescind its short-lived policy…
Appraisers, Underwriters, and Quality Control staff that are involved with the processing and/or review of Fannie Mae and HUD/FHA loan transactions need to be cognizant of the differences between Fannie Mae & FHA appraisal policies on various topics. Outlined below are five examples of these differences: Using a previous appraisal on a subsequent refinance transaction Fannie Mae will allow a…
Now that it has been a little over a month since the official TILA-RESPA Integrated Disclosure (TRID) implementation date, many loan transactions are now closing which are subject to the new TRID rules and use of the TRID required forms (i.e. Loan Estimate and Closing Disclosure). In this regard, both VA and FHA have provided some guidance to lenders as…
What will come as welcome news to FHA Roster Appraisers – FHA has decided to rescind its short-lived policy to require appraisers to report the date(s) and sales price(s), that occurred within three years of the effective date of the appraisal, for each comparable sale. In its much-publicized implementation of the 4000.1 Handbook and the accompanying Single Family Appraisal Report…
What You Need to Know! In this highly competitive mortgage lending industry, there are times in which a lender will be asked to transfer an FHA appraisal and/or case number by one of their competitors. Maybe a prospective borrower has obtained a better interest rate/points with another lender OR maybe a Loan Officer has resigned his/her position with their current…
