What is happening today in mortgage lending:
Here are a few articles I found interesting in my morning reading. Please always feel free to post your comments.
How Bernanke's Policy of 'Credit Easing' Works
Cramdowns and Refinancings Won't Need Appraisals
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or http://www.dutips.blogspot.com/
Friday, January 30, 2009
Thursday, January 29, 2009
FHA has revied their loan calculation worksheets
What is happening today in mortgage lending:
FHA has revised their loan amount calculation worksheets. You can go to my blog and print off the Work Sheet 1 Rate and Term, Work Sheet 2 Cash out , Work Sheet 3 Streamline without an appraisal , Work sheet 4 Stream line with an appraisal as well as the Purchase work sheet
You can always find these work sheets in my FHA menu on my blog on the left hand side under forms.
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
FHA has revised their loan amount calculation worksheets. You can go to my blog and print off the Work Sheet 1 Rate and Term, Work Sheet 2 Cash out , Work Sheet 3 Streamline without an appraisal , Work sheet 4 Stream line with an appraisal as well as the Purchase work sheet
You can always find these work sheets in my FHA menu on my blog on the left hand side under forms.
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, January 27, 2009
Utah's Economic Forecast for 2009
What is happening today in mortgage lending:
We are now looking at the end of the first month of the year. We all have a lot of questions regarding what the future has in store. I thought you might be interested in looking at the Economic Forecast for 2009 I think there is some valuable information here.
Please if you have not sent in your Credit Authorization make sure you get it in today. If you do not have this signed by Friday you will no longer be able to do business with Met Life. You may email or fax to me.
Remember to check out my blog. I house all the information I send out in emails on this blog. I noticed that my FHA blog is getting a lot of hits a day. Check it out and see if it will help you close more loans. Notice our Conventional pricing!
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
We are now looking at the end of the first month of the year. We all have a lot of questions regarding what the future has in store. I thought you might be interested in looking at the Economic Forecast for 2009 I think there is some valuable information here.
Please if you have not sent in your Credit Authorization make sure you get it in today. If you do not have this signed by Friday you will no longer be able to do business with Met Life. You may email or fax to me.
Remember to check out my blog. I house all the information I send out in emails on this blog. I noticed that my FHA blog is getting a lot of hits a day. Check it out and see if it will help you close more loans. Notice our Conventional pricing!
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, January 26, 2009
Brokers need to complete Credit Authorization to continue doing business with MET
What is happening today in mortgage lending:
ALL BROKERS NEED TO COMPLETE THE CREDIT AUTHORIZATION FORM IN ORDER TO CONTINUE DOING BUSINESS WITH US. PLEASE GET THIS BACK TO ME COMPLETED ASAP.
IF WE DO NOT HAVE THESE TURNED INTO CORP BY THE END OF THE MONTH THEY WILL BE CUTTING BROKERS OFF.
ALSO, ANY LOAN LOCKED AND NOT DELIVERED WITHIN 15 DAYS OF LOCK WILL BE CANCELED. IF YOU HAVE A LOAN THAT YOU NEED TO KEEP IN THE SYSTEM BEYOND THE 15 DAY WE NEED TO BE NOTIFIED. THIS IS IMPORTANT THAT WE STAY ON TOP OF THIS.
THANK YOU FOR YOUR HELP IN THESE MATTERS.
IF YOU HAVE ANY QUESTIONS PLEASE FEEL FREE TO CALL
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
ALL BROKERS NEED TO COMPLETE THE CREDIT AUTHORIZATION FORM IN ORDER TO CONTINUE DOING BUSINESS WITH US. PLEASE GET THIS BACK TO ME COMPLETED ASAP.
IF WE DO NOT HAVE THESE TURNED INTO CORP BY THE END OF THE MONTH THEY WILL BE CUTTING BROKERS OFF.
ALSO, ANY LOAN LOCKED AND NOT DELIVERED WITHIN 15 DAYS OF LOCK WILL BE CANCELED. IF YOU HAVE A LOAN THAT YOU NEED TO KEEP IN THE SYSTEM BEYOND THE 15 DAY WE NEED TO BE NOTIFIED. THIS IS IMPORTANT THAT WE STAY ON TOP OF THIS.
THANK YOU FOR YOUR HELP IN THESE MATTERS.
IF YOU HAVE ANY QUESTIONS PLEASE FEEL FREE TO CALL
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 21, 2009
U.S. Yields Flattened: Fed Seeks Lower Mortgage Rate
What is happening today in mortgage lending:
Headlines you maybe interested in
U.S. Yields Flattened; Fed Seeks Lower Mortgage Rates
Rate Probability: Sideways to Volatile
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
Headlines you maybe interested in
U.S. Yields Flattened; Fed Seeks Lower Mortgage Rates
Rate Probability: Sideways to Volatile
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, January 20, 2009
A Message from HUD
What is happening today in mortgage lending:
Four Messages for FHA Lenders:
1. FHA Industry Call: Maximum Mortgage Calculation:
Wednesday, January 28th at 2 pm, FHA will provide a comprehensive review of the maximum mortgage calculation for all mortgage products, including purchase loans, all types of refinances, and 203(k). Materials will be provided the week of the call. The call-in number is 202-866-207-0413 and the ID number is 81608101.
2. 203(k) and Streamlined (k) Maximum Mortgage Calculation Clarification:
The new cash investment requirements for all FHA case numbers assigned on or after January 1, 2009 also applies to the calculation of the loan amount for Section 203(k) and Streamlined (k) loans. Until the new 203(k) Maximum Mortgage Worksheet, form HUD-92700 is posted, please use the following guidance to modify the existing worksheet. As stated in Mortgagee Letter 2008-23, the Loan-to-Value (LTV) for 203(k) loans may exceed 100% of the appraised value. Modifications have been made to the existing worksheet and will be posted upon completion of the clearance process.
“Form HUD-92700 203(k) and Streamlined (k) Maximum Mortgage Worksheet:
Mortgage Calculations for Purchase Transactions (Section C)
Line C1 stays the same
Line C2 stays the same
Line C3 stays the same
Line C4:
Mortgage Amount = Sum of C3 +(-) Required Adjustments (Note 4) ($__________)
LTV Factor (96.5%) (Owner-Occupant) or Less Allowable Down Payment/HUD Owned Property ($__________) (Note 5)
Line C5:
Statutory Investment Required (C3 x 3.5%)
Line C6:
Actual Cash Investment Required (C3 + A5 minus C4 ($__________) (This figure must be equal to or greater than C5; if less, an adjustment must be made to C4 to ensure a 3.5% investment
Mortgage Calculations for Refinance Transactions (Section D)
Line D1 stays the same
Line D2 stays the same
Line D3: D2 ($__________) x LTV Factor (97.75%) (Owner-Occupant)
Line D4: Maximum Mortgage Amount is the Lesser of D1 or D3 (Note 5)
Line D5 stays the same”
3. Clarification to Requirements of Mortgagee Letter 2008-40: Cash-Out Refinance Transactions:
On page 5, all of the requirements listed under the heading “Additional underwriting and eligibility criteria” are applicable to all cash-out refinance transactions where the LTV exceeds 85%.
4. Streamlined Refinance Transactions at 2008 Economic Stimulus Loan Limits:
FHA will permit loans originated under the 2008 loan limits to be refi-ed at mortgage amounts that exceed the current 2009 (and future) geographic loan limits. For streamlines with appraisals or full refinances, the mortgage amount may exceed the current geographic limit so long as:
the new loan amount (without MIP) does not exceed the prior case loan amount and
the new appraised value supports the loan amount and the LTV is not greater than 97.75%.
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
Four Messages for FHA Lenders:
1. FHA Industry Call: Maximum Mortgage Calculation:
Wednesday, January 28th at 2 pm, FHA will provide a comprehensive review of the maximum mortgage calculation for all mortgage products, including purchase loans, all types of refinances, and 203(k). Materials will be provided the week of the call. The call-in number is 202-866-207-0413 and the ID number is 81608101.
2. 203(k) and Streamlined (k) Maximum Mortgage Calculation Clarification:
The new cash investment requirements for all FHA case numbers assigned on or after January 1, 2009 also applies to the calculation of the loan amount for Section 203(k) and Streamlined (k) loans. Until the new 203(k) Maximum Mortgage Worksheet, form HUD-92700 is posted, please use the following guidance to modify the existing worksheet. As stated in Mortgagee Letter 2008-23, the Loan-to-Value (LTV) for 203(k) loans may exceed 100% of the appraised value. Modifications have been made to the existing worksheet and will be posted upon completion of the clearance process.
“Form HUD-92700 203(k) and Streamlined (k) Maximum Mortgage Worksheet:
Mortgage Calculations for Purchase Transactions (Section C)
Line C1 stays the same
Line C2 stays the same
Line C3 stays the same
Line C4:
Mortgage Amount = Sum of C3 +(-) Required Adjustments (Note 4) ($__________)
LTV Factor (96.5%) (Owner-Occupant) or Less Allowable Down Payment/HUD Owned Property ($__________) (Note 5)
Line C5:
Statutory Investment Required (C3 x 3.5%)
Line C6:
Actual Cash Investment Required (C3 + A5 minus C4 ($__________) (This figure must be equal to or greater than C5; if less, an adjustment must be made to C4 to ensure a 3.5% investment
Mortgage Calculations for Refinance Transactions (Section D)
Line D1 stays the same
Line D2 stays the same
Line D3: D2 ($__________) x LTV Factor (97.75%) (Owner-Occupant)
Line D4: Maximum Mortgage Amount is the Lesser of D1 or D3 (Note 5)
Line D5 stays the same”
3. Clarification to Requirements of Mortgagee Letter 2008-40: Cash-Out Refinance Transactions:
On page 5, all of the requirements listed under the heading “Additional underwriting and eligibility criteria” are applicable to all cash-out refinance transactions where the LTV exceeds 85%.
4. Streamlined Refinance Transactions at 2008 Economic Stimulus Loan Limits:
FHA will permit loans originated under the 2008 loan limits to be refi-ed at mortgage amounts that exceed the current 2009 (and future) geographic loan limits. For streamlines with appraisals or full refinances, the mortgage amount may exceed the current geographic limit so long as:
the new loan amount (without MIP) does not exceed the prior case loan amount and
the new appraised value supports the loan amount and the LTV is not greater than 97.75%.
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, January 16, 2009
Things you may want to know before submitting a package
What is happening today in mortgage lending:
As of Jan 24th Du will be updated. The up date will now show the correct county limits. The update will also make it so a VA cash outloan with loan amounts over the $144,000 will not get an ineligible just because the loan amount is exceeded.
Non Traditional credit will now require that the credit bureau provide Names and address of the trade line being verified. As of Jan 1, 2009 credit reports are only good for 60 days up to final approval. If a loan was final approved with in the 60 days the loan must close and fund within 120 days of the credit report.
If the mortgage rate is lower on a transaction after the approval is issued and there is no other issues on the loan it does not have to go back through underwriting.
FHA loan with and without a DU or LP approval must have compensating factors if the DTI is over 43%
FHA transactions that require two appraisals one appraisal can be a 2055 exterior. We do allow a 5% variance between the two appraisals.
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
As of Jan 24th Du will be updated. The up date will now show the correct county limits. The update will also make it so a VA cash outloan with loan amounts over the $144,000 will not get an ineligible just because the loan amount is exceeded.
Non Traditional credit will now require that the credit bureau provide Names and address of the trade line being verified. As of Jan 1, 2009 credit reports are only good for 60 days up to final approval. If a loan was final approved with in the 60 days the loan must close and fund within 120 days of the credit report.
If the mortgage rate is lower on a transaction after the approval is issued and there is no other issues on the loan it does not have to go back through underwriting.
FHA loan with and without a DU or LP approval must have compensating factors if the DTI is over 43%
FHA transactions that require two appraisals one appraisal can be a 2055 exterior. We do allow a 5% variance between the two appraisals.
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 15, 2009
Appraisal changes May 1 2009
What is happening today in mortgage lending:
We have been waiting for the appraisal changes here they are. Freddie Mac HVCC Bulletin and FAQ:
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
We have been waiting for the appraisal changes here they are. Freddie Mac HVCC Bulletin and FAQ:
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 14, 2009
Bond Report; Chase Exits wholesale; and more
What is happening today in mortgage lending:
Here are articles that I found interesting this morning during my morning reading and thought you might be interested
BOND REPORT: Treasurys Down After Bernanke Says Fed May Buy U.S. Debt
Chase Stops Funding Mortgages Through Brokers - Articles - On Wall Street
US FED: Rosengren Supports Expanded FHA Mortgage Lending - Forbes.com
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.
Here are articles that I found interesting this morning during my morning reading and thought you might be interested
BOND REPORT: Treasurys Down After Bernanke Says Fed May Buy U.S. Debt
Chase Stops Funding Mortgages Through Brokers - Articles - On Wall Street
US FED: Rosengren Supports Expanded FHA Mortgage Lending - Forbes.com
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.
Thursday, January 8, 2009
SAFE Mortgage Licensing Act
What is happening today in mortgage lending: Three New Federal Register Notices:. I thought you would be particularly interested in this one.
DEPARTMENT OF HOUSING & URBAN DEVELOPMENT
[Docket No. FR-5271-N-01] [Federal Register: January 5, 2009 (Volume 74, Number 2)][Notices] [Page 312-313]
TITLE: S.A.F.E. (SAFE) Mortgage Licensing Act; Notification of Availability of Model Legislation
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing Commissioner, HUD.
ACTION: Notice.
SUMMARY: This notice announces that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators have developed model legislation to assist states in meeting the minimum requirements of the SAFE Mortgage Licensing Act. HUD has reviewed this model legislation and finds that it meets the minimum requirements of the SAFE Mortgage Licensing Act. The model legislation is available on HUD's Web site at: http://www.hud.gov/offices/hsg/sfh/reguprog.cfm, along with HUD commentary on certain provisions of the statute, and the model legislation…
to read this notice in its entirety please visit: http://edocket.access.gpo.gov/2009/E8-31389.htm
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
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\
DEPARTMENT OF HOUSING & URBAN DEVELOPMENT
[Docket No. FR-5271-N-01] [Federal Register: January 5, 2009 (Volume 74, Number 2)][Notices] [Page 312-313]
TITLE: S.A.F.E. (SAFE) Mortgage Licensing Act; Notification of Availability of Model Legislation
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing Commissioner, HUD.
ACTION: Notice.
SUMMARY: This notice announces that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators have developed model legislation to assist states in meeting the minimum requirements of the SAFE Mortgage Licensing Act. HUD has reviewed this model legislation and finds that it meets the minimum requirements of the SAFE Mortgage Licensing Act. The model legislation is available on HUD's Web site at: http://www.hud.gov/offices/hsg/sfh/reguprog.cfm, along with HUD commentary on certain provisions of the statute, and the model legislation…
to read this notice in its entirety please visit: http://edocket.access.gpo.gov/2009/E8-31389.htm
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
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, January 5, 2009
Don't forget changes in place as of Jan 1 2009
What is happening today in mortgage lending:
I was reviewing articles this morning and decided there are a few things that you should know that are not in any recent article.
1-All FHA loans that case number is ordered on or after Jan 1, 2009 the down payment requirement is now 3.5 for purchase transactions.
2-FHA Cash out refinances will now require two apprisals if ltv is over 85%
3-Rate and Term Refiances can now be 97.75% LTV plus the upfront MIP
4-Mtg Letter 08-40 now requires a borrower doing a cash out refinancing must have occupied the home for 12 months or more.
5-Mtg Leter 08-40 now requies a borrower doing a cash out refinancing must not have any lates in the last 12 months
4-Remember when doing a streamline refinance without an apprisal YOUR BASE LOAN AMOUNT CAN NOT EXCEED YOUR PREVIOUS LOAN AMOUNT (example if your old loan amount including MI was 101,500 your new base loan amount is 101,500 )
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
I was reviewing articles this morning and decided there are a few things that you should know that are not in any recent article.
1-All FHA loans that case number is ordered on or after Jan 1, 2009 the down payment requirement is now 3.5 for purchase transactions.
2-FHA Cash out refinances will now require two apprisals if ltv is over 85%
3-Rate and Term Refiances can now be 97.75% LTV plus the upfront MIP
4-Mtg Letter 08-40 now requires a borrower doing a cash out refinancing must have occupied the home for 12 months or more.
5-Mtg Leter 08-40 now requies a borrower doing a cash out refinancing must not have any lates in the last 12 months
4-Remember when doing a streamline refinance without an apprisal YOUR BASE LOAN AMOUNT CAN NOT EXCEED YOUR PREVIOUS LOAN AMOUNT (example if your old loan amount including MI was 101,500 your new base loan amount is 101,500 )
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, December 31, 2008
Happy New Year
What is happening today in mortgage lending:
I t has been quit a year. I think when we look back on 2008 and recall all the news breaking stories in the mortgage industry it would be hard to come up with a year that was so full of events. It has been a hard year for most of us, but hopefully we are all a little wiser from the experience.
2009 what will it bring? It is looking like lower interest rates. The Fed will start buying mortgage backed securities in the early part of January. This could have even more impact on pushing rates lower. Once we all get used to the new mortgage guidelines (ever changing) I think we can make it a good year. I like to look to 2009 with hope and optimism.
Thank you for all your business in 2008 and here is to a much better year. Happy New Year!
2008: Now that was a year for the books
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
I t has been quit a year. I think when we look back on 2008 and recall all the news breaking stories in the mortgage industry it would be hard to come up with a year that was so full of events. It has been a hard year for most of us, but hopefully we are all a little wiser from the experience.
2009 what will it bring? It is looking like lower interest rates. The Fed will start buying mortgage backed securities in the early part of January. This could have even more impact on pushing rates lower. Once we all get used to the new mortgage guidelines (ever changing) I think we can make it a good year. I like to look to 2009 with hope and optimism.
Thank you for all your business in 2008 and here is to a much better year. Happy New Year!
2008: Now that was a year for the books
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, December 30, 2008
The Refinancing Dilemma for Homeowners
What is happening today in mortgage lending:
I found this article in the NY Times that give Homeowners some good ideas about refinancing. The advice may surprise you.
Mortgages - The Refinancing Dilemma for Homeowners - NYTimes.com
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
I found this article in the NY Times that give Homeowners some good ideas about refinancing. The advice may surprise you.
Mortgages - The Refinancing Dilemma for Homeowners - NYTimes.com
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, December 29, 2008
FHA issues two new mortgagee letters
What is happening today in mortgage lending:
FHA issues two important ant mortgagee letters
Mortgagee Letter 08-40 This changes or in effect for case numbers order on or after Jan 1, 2009. This mortgagee letter discusses Refinance Calculation for calculating loan amount and other Refinance issues.
Mortgagee Letter 08-41 Termination of FHASecure Program.
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
FHA issues two important ant mortgagee letters
Mortgagee Letter 08-40 This changes or in effect for case numbers order on or after Jan 1, 2009. This mortgagee letter discusses Refinance Calculation for calculating loan amount and other Refinance issues.
Mortgagee Letter 08-41 Termination of FHASecure Program.
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, December 22, 2008
Fannie requires new DTI and FICO score for government loans; HUD updates Appraiser requirements
What is happening today in mortgage lending:
Announcement 08-35 December 18, 2008
Amends these Guides: Selling
Credit Score Requirements for Government Loans, Debt-to-
Income Ratio Changes, Community Seconds® Rider, and
Seller/Builder Affiliation Policy
Credit Score for all desk top underwriters will require a 580 FICO score and DTI cannot be more than 45% on government loans. Check out additional information review announcement by clicking on attached link
Revised Eligibility Requirements for FHA Roster Appraisers mortgagee letter 08-39
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
Announcement 08-35 December 18, 2008
Amends these Guides: Selling
Credit Score Requirements for Government Loans, Debt-to-
Income Ratio Changes, Community Seconds® Rider, and
Seller/Builder Affiliation Policy
Credit Score for all desk top underwriters will require a 580 FICO score and DTI cannot be more than 45% on government loans. Check out additional information review announcement by clicking on attached link
Revised Eligibility Requirements for FHA Roster Appraisers mortgagee letter 08-39
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, December 18, 2008
Freddie Issues New Bulleting 08-06
What is happening today in mortgage lending:
Freddie Mac Issues Bulletin 80-06
Both selling and Servicing requirements are amended in this Single-Family Seller/Servicer Guide (Guide) Bulletin.
With this Bulletin, we are making the following changes to our selling requirements:
■ Updating the Guide to reflect the 2009 maximum original loan amounts for Mortgages eligible for sale to Freddie Mac:
􀂉 Maintaining base conforming loan limits for 2009 at the current levels
􀂉 Increasing conforming loan limits for Mortgages secured by properties in certain high-cost areas (super conforming Mortgages) and revising loan-to-value (LTV)/total LTV (TLTV)/Home Equity Line of Credit TLTV (HTLTV) ratio requirements for super conforming Mortgages secured by 1-unit properties located in designated high-cost areas where the maximum loan limit exceeds $625,500
■ Making changes regarding the Uniform Instruments, including updating revision dates for the Arizona Deed of Trust and the District of Columbia Deed of Trust, and updating authorized changes for the Maine Note
■ Making minor changes to our State anti-predatory lending requirements
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
Freddie Mac Issues Bulletin 80-06
Both selling and Servicing requirements are amended in this Single-Family Seller/Servicer Guide (Guide) Bulletin.
With this Bulletin, we are making the following changes to our selling requirements:
■ Updating the Guide to reflect the 2009 maximum original loan amounts for Mortgages eligible for sale to Freddie Mac:
􀂉 Maintaining base conforming loan limits for 2009 at the current levels
􀂉 Increasing conforming loan limits for Mortgages secured by properties in certain high-cost areas (super conforming Mortgages) and revising loan-to-value (LTV)/total LTV (TLTV)/Home Equity Line of Credit TLTV (HTLTV) ratio requirements for super conforming Mortgages secured by 1-unit properties located in designated high-cost areas where the maximum loan limit exceeds $625,500
■ Making changes regarding the Uniform Instruments, including updating revision dates for the Arizona Deed of Trust and the District of Columbia Deed of Trust, and updating authorized changes for the Maine Note
■ Making minor changes to our State anti-predatory lending requirements
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, December 17, 2008
Articles for Mortgage Borrowers to Check Out
What is happening today in mortgage lending:
Here is an article that you may want to show those borrowers that are fence setting waiting for rates to go down.
Will 4.5 Percent Interest Rates Soon Become a Reality?
Have you had a self employed borrower who does not understand why they are having to provide so much more documentation compared to when they got there loan in 2005-2007? You may want to show them this article Mortgages Less Easy to Come By for the Self Employed Borrower
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
Here is an article that you may want to show those borrowers that are fence setting waiting for rates to go down.
Will 4.5 Percent Interest Rates Soon Become a Reality?
Have you had a self employed borrower who does not understand why they are having to provide so much more documentation compared to when they got there loan in 2005-2007? You may want to show them this article Mortgages Less Easy to Come By for the Self Employed Borrower
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, December 15, 2008
The Future of Mortgages; The Fed's Two Day meeting
What is happening today in mortgage lending:
The Future of Residential Mortgages (Maybe)
At Fed's 2-Day Meeting, Target Rate Could Be Sliced to Near Zero
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
The Future of Residential Mortgages (Maybe)
At Fed's 2-Day Meeting, Target Rate Could Be Sliced to Near Zero
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, December 12, 2008
Mortgage Rates continue to go lower?
What is happening today in mortgage lending:
We may get to enjoy lower interest rates for more than a couple of hours. Check out these articles.
BlackRock’s Fink Proposes Mortgage Purchases to Obama (Update1)
Fed Intervening To Cut Mortgage Rates
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
We may get to enjoy lower interest rates for more than a couple of hours. Check out these articles.
BlackRock’s Fink Proposes Mortgage Purchases to Obama (Update1)
Fed Intervening To Cut Mortgage Rates
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
What Doc's are needed to Do a IRRRL?
What is happening today in mortgage lending:
With rates being so good don't miss the opportunity to do some FHA streamline loans and VA IRRRL loans. I have already given you a list of what is required for an FHA streamline loan you can also find that list on my blog (under FHA menu). Here is a list of what is required for a VA IRRRL:
Lender Submission Form
Copy of Lock
IRRRL
Final 1003 and addendums ( Matching IRRRL )
Initial 1003 and addendums
Mortgage rating ( 12 months )
CAIVRS ( both borrowers )
Copy of original note
Payment Coupon
Verification of SS number
Certificate of eligibility
Loan number
Payoff ( current )
Title Report
Federal Collection Policy Notice
VA Related Indebtedness ( completed, doesn’t need signature )
Hazard insurance
Mortgage Loan origination agreement
Good Faith
TIL
borrowers Authorization
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<
With rates being so good don't miss the opportunity to do some FHA streamline loans and VA IRRRL loans. I have already given you a list of what is required for an FHA streamline loan you can also find that list on my blog (under FHA menu). Here is a list of what is required for a VA IRRRL:
Lender Submission Form
Copy of Lock
IRRRL
Final 1003 and addendums ( Matching IRRRL )
Initial 1003 and addendums
Mortgage rating ( 12 months )
CAIVRS ( both borrowers )
Copy of original note
Payment Coupon
Verification of SS number
Certificate of eligibility
Loan number
Payoff ( current )
Title Report
Federal Collection Policy Notice
VA Related Indebtedness ( completed, doesn’t need signature )
Hazard insurance
Mortgage Loan origination agreement
Good Faith
TIL
borrowers Authorization
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, December 9, 2008
HUD changed FAQ site; More on RESPA Requirements
What is happening today in mortgage lending: Did you see this from HUD yesterday? (I have updated the QandA on my site)
FHA will begin using a new Frequently Asked Questions (FAQ) service as of December 8, 2008. This change required some modifications to the look and feel of the FAQ site ( http://faq.fha.gov ) as well as the need to use a new primary email address for email inquiries to FHA.
The new primary email address for FHA is now: info@fhaoutreach.com
In addition, clients may also utilize the "Contact FHA" tab on the FAQ site to submit questions directly to FHA.
FHA believes these changes will improve our ability to communicate with our clients and look forward to responding to your needs.
AND
Agencies Participating in HUD’s Housing Counseling Program:
New RESPA Requirements
HUD recently announced new regulatory requirements regarding the Real Estate Settlement Procedures Act (RESPA). For the first time ever, HUD will require mortgage lenders and brokers to provide borrowers with an easy-to-read, standard Good Faith Estimate (GFE) that will clearly answer key consumer questions, including loan terms and closing costs. A revised HUD-1 Settlement Statement will allow borrowers to easily compare their final closing costs and loan terms with those listed on the GFE. The changes are estimated to save consumers an average of $700.00 in closing costs and encourage consumers to choose lowest-cost loans.
The new GFE will be three pages long, including an instructional page for consumers, and will correspond with specific sections of the new HUD-1 form for easy comparison. The first page of the GFE will prominently display total estimated settlement charges so the consumer can easily compare loan offers. Among other benefits of these changes, Yield Spread Premiums will be disclosed more effectively and junk costs will be more difficult to hide.
Loan originators will be required to provide borrowers their GFE three days after the loan originator's receipt of all necessary information. HUD will specify the costs that can change from this original GFE, and by how much.
HUD will require the new standardized GFE and HUD-1 beginning January 1, 2010; however, lenders can implement the new forms sooner if they choose. View these forms and the press release, followed by a fact sheet about the new rule, at the link below:
http://www.hud.gov/news/release.cfm?content=pr08-175.cfm
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
FHA will begin using a new Frequently Asked Questions (FAQ) service as of December 8, 2008. This change required some modifications to the look and feel of the FAQ site ( http://faq.fha.gov ) as well as the need to use a new primary email address for email inquiries to FHA.
The new primary email address for FHA is now: info@fhaoutreach.com
In addition, clients may also utilize the "Contact FHA" tab on the FAQ site to submit questions directly to FHA.
FHA believes these changes will improve our ability to communicate with our clients and look forward to responding to your needs.
AND
Agencies Participating in HUD’s Housing Counseling Program:
New RESPA Requirements
HUD recently announced new regulatory requirements regarding the Real Estate Settlement Procedures Act (RESPA). For the first time ever, HUD will require mortgage lenders and brokers to provide borrowers with an easy-to-read, standard Good Faith Estimate (GFE) that will clearly answer key consumer questions, including loan terms and closing costs. A revised HUD-1 Settlement Statement will allow borrowers to easily compare their final closing costs and loan terms with those listed on the GFE. The changes are estimated to save consumers an average of $700.00 in closing costs and encourage consumers to choose lowest-cost loans.
The new GFE will be three pages long, including an instructional page for consumers, and will correspond with specific sections of the new HUD-1 form for easy comparison. The first page of the GFE will prominently display total estimated settlement charges so the consumer can easily compare loan offers. Among other benefits of these changes, Yield Spread Premiums will be disclosed more effectively and junk costs will be more difficult to hide.
Loan originators will be required to provide borrowers their GFE three days after the loan originator's receipt of all necessary information. HUD will specify the costs that can change from this original GFE, and by how much.
HUD will require the new standardized GFE and HUD-1 beginning January 1, 2010; however, lenders can implement the new forms sooner if they choose. View these forms and the press release, followed by a fact sheet about the new rule, at the link below:
http://www.hud.gov/news/release.cfm?content=pr08-175.cfm
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, December 8, 2008
More on Fannie and Freddie; FHA streamline tip
What is happening today in mortgage lending:
Modifying the Mortgage Giants
Tips on FHA Streamline Loans
What is the LTV/CLTV limit on a Streamline Loan? A Streamline loan without an appraisal has no LTV limit. Your max calculation is based on the previous loan amount + new upfront mip (see my link in the FHA menu for Streamline loan without an appraisal worksheet link). A streamline loan with an appraisal at the begging of the year can not exceed the LTV of 100% with MIP. There is not CLTV limit in regards to either a streamline loan with an appraisal and without.
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
Modifying the Mortgage Giants
Tips on FHA Streamline Loans
What is the LTV/CLTV limit on a Streamline Loan? A Streamline loan without an appraisal has no LTV limit. Your max calculation is based on the previous loan amount + new upfront mip (see my link in the FHA menu for Streamline loan without an appraisal worksheet link). A streamline loan with an appraisal at the begging of the year can not exceed the LTV of 100% with MIP. There is not CLTV limit in regards to either a streamline loan with an appraisal and without.
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
Subscribe to:
Posts (Atom)