Today's Mortgage View in Utah: 2010

Tuesday, May 25, 2010

Final Post

Dear Lending Partners,

I want to let you know that I am making a career change! I am excited and really pleased to be staying with the Bank of Utah. They are a great company who is strongly weathering this recent financial storm. I have resigned as your account rep and will be taking a position at the bank as a retail loan originator.

Candice will be notifying you regarding who your new account rep will be. You can email her at cjorgensen@bankofutah.com

I want to thank you for your business and friendship over the past several years. I have made many friends!

The Bank of Utah does some originating on programs that are not offered on the wholesale side. For example, if you need a source for FHA 203K loans or construction loans and find that you have no outlets, I would love to help. Unfortunately, because of RESPA, I can neither pay nor can you receive a fee for the referral of a loan. However, I can promise you superior service for your clients. If you find you need my services, my email address is snault@bankofutah.com and phone number 801-635-8797 will remain the same.

I wish you the best and hope our paths cross in the near future.

Sincerely,

Shirley Nault

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Friday, April 23, 2010

FHA issues Mortgagee Letter 10-13 and 10-15

FHA just issued mortgagee letter 10-15 and 10-13 both are to do with the appraisal and appraisers. Besure you review these two mortgagee leteers

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Monday, April 19, 2010

FNMA releases 8.0 over the weekend

As a reminder, Fannie Mae will implement the Desktop Underwriter® (DU® ) Version 8.0 April Update the weekend of April 17, 2010. This release will include enhancements to DU Refi Plus™, support of new verifications requirements that are part of the Loan Quality Initiative, and implementation of the HFA Affordable Advantage™ community lending product in DU.

Highlights
• DU Refi Plus™ Enhancements: Updates that relate to borrower eligibility and verification requirements, and that provide added information.
• Updates to Social Security Number and Occupancy Verification Requirements: Some DU Potential Red Flag Messages will change to Verification messages that must be fulfilled before delivering the loan.
• Implementation of HFA Affordable Advantage: DU will now be able to underwrite this community lending product, and will issue a message on all HFA Affordable Advantage loan casefiles reminding lenders that they must have approval to deliver the loans to Fannie Mae. Note: Lenders should contact their state Housing Finance Agency to determine if they are offering HFA Affordable Advantage and to learn more about the product; mortgage brokers should contact their DO sponsoring wholesale lender.
• Miscellaneous Updates and Modified Messages
The Desktop Originator® (DO®)/DU Version 8.0 April Update Release Notes were issued in February 2010. For details, please refer to the DU Release Notes page or DO Release Notes page on eFannieMae.com.

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Tuesday, April 6, 2010

FNMA Conducts National Housing Survey

FNMA conducts a national housing survey to gage the attitude of borrowers. You may find this interesting

Friday, March 26, 2010

Rural Housing Funds

What is National Mortgage News Online saying about Rural Housing funds

Utah Housing Rate annoucement

The following Utah Housing interest rate for 1st Mortgage is effective immediately through the next rate annoucment on Friday april 2, 2010 for all Mortgage Purcahse Agreement requsts recieved:

First Home and Equity Now not to exceed 5.09

Tip of the week: In spite of rumors to the contrary, Utah Housing is not running out of money and will have ample funds to assit Utahns with the purcahse of their homes through out not only this year , but in the coming years as well

Friday, March 19, 2010

FHA Says Higher Down Payments Risks Double-Dip Price Decline

To read this aricle in full go here

Friday, March 12, 2010

Q&A for FHA Condo Guidelines

Just posted an entry on the FHA blog. Click FHA Menu for details

Thursday, March 4, 2010

FHA Changes UFMIP

Don’t forget April 5th all case numbers order on or after this date the new upfront mip will be 2.25 for purchases and refinances this is for stream line loans also. The monthly mi will be .55 for loans with a LTV greater than 95%. You can view the mortgage letter.

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Thursday, January 21, 2010

Two new Mortgage Letters issued from HUD

Two new mortgagee letters came out today Mortgagee Letter 2010-02 (Increased FHA insurance) and Mortgagee Letter 2010-03 (Mortgage Approval for Single Family Programs - Extended Procedures for Terminating Underwriting Authority)

Wednesday, January 20, 2010

FHA Changes

1) Upfront MIP will go from 1.75 to 2.25

2) If FICO is below 580, max LTV is 90% (oh really, is anyone doing FHA with FICO below 620?)

3) Max Seller contribution is droppimg from 6% to 3% (this will be an issue from our builders- please make sure we dont't have any in process construction loans that need 6% concession)

To read this inforamtion in it's entirety go to

FHA Announces Policy Changes to Address Risk and Strengthen Finances

Friday, January 15, 2010

Need to know for your GFE

If the borrower is taking out two loans to finance the purchase, each loan must have a separate GFE and a separate HUD-1. However, the principal amount of the second loan must be listed outside the borrower’s column with a brief explanation on Line 204-209 of the HUD-1 for the primary loan. If the net proceeds of the second loan are less than the principal amount, the net proceeds may be listed on the same line in the borrower’s column of the first loan. This would apply to Utah Housing First Home Plus; i.e., two GFEs and two HUDs. (Stay tune for more detail as to what costs should be listed on the Utah Housing second GFE.) 

Also, hopefully you all remembered that Monday, January 18 (Martin Luther King Jr.) is a legal public holiday and does NOT count as one of the 10 business days. If you counted it, you have only given the borrower 9 business days and your GFE would not be RESPA compliant!

Some title companies need to know how many pages before they will quote you a price. I thought this would help you
TYPE Pages
Conventional 13
FHA 8
Utah Housing 10
(includes Tax Exempt Rider)
Utah Housing Sub. 3
VA 13
Construction 8
Construction A of C 5

Riders 2

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Wednesday, January 13, 2010

Consumer and New RESPA

How to you explain the new RESPA changes to the consumer? Here is an article that was in the Wall street Journal that could help
Rules to Clarify Cost of Mortgages

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Today's Mortgage View in Utah