FHA loans: Net worth timeline, new monthly scorecard

June 22nd, 2010

Written by Greg Frost Jr.

Categories: Federal Housing Administration, FHA, Housing and Urban Development, HUD, Loan Officer News, Mortgage / Credit, Mortgage Banker News, Mortgage News, Mortgage rule changes, Mortgage rules, Net Branch Opportunities, News, Real Estate News

The Federal Housing Administration (FHA) has been busy recently.

We’ve written before about a move to raise the minimum net worth worth requirements for loan originators. The FHA recently set out a timeline for implementation (MortgageDaily.com; subscription required). Among the requirements is a $1 million net worth for all new FHA applicants, with at least 20 percent being liquid. The timeline was announced in a mortgagee letter.

The new requirements are likely to shake up portions of the mortgage industry, making it all the more important to look for evidence of stability in your potential lending partner (such as Frost Mortgage’s “Full Eagle” status). If you have any questions, please feel free to contact one of our loan officers today–we’ll be happy to talk with you about our qualifications and the depth of our resources.

Meanwhile, the U.S. Department of Housing and Urban Development (HUD) and the Treasury Department have announced that they’ll be distributing a monthly “scorecard” on the national housing market, including updates on FHA programs. This should be a good resource for those of us who follow the industry closely and should help  us and our branch partners continue to provide you better service and useful products.

If you’re in the market for a loan, now is a great time thanks to low interest rates, and if you’re considering making a move up in the business, it’s a great time for that as well–Frost Mortgage has one of the best programs in the mortgage industry, and we’ve got the resources to thrive even in an environment like this one.

Please take a moment to learn more about how Frost Mortgage can help you. If you're looking for a mortgage, please visit our Find a Loan Officer page. And if you're looking for the best Branch Partner opportunity in the business, please visit our Branch Opportunities page. Thank you!

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This entry was posted on Tuesday, June 22nd, 2010 at 8:05 am and is filed under Federal Housing Administration, FHA, Housing and Urban Development, HUD, Loan Officer News, Mortgage / Credit, Mortgage Banker News, Mortgage News, Mortgage rule changes, Mortgage rules, Net Branch Opportunities, News, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.