Category Archives: Mortgage Guidelines
← Older postsBasic Requirements and Benefits of FHA Streamline Mortgage Refinance
November 23, 2010Any borrower who is FHA insured can obtain FHA streamline mortgage refinance loan. These kinds of loans provide lower rate of interest, and the tenure can be fixed according to the borrower’s requirement. Borrower can also avail the opportunity of … Continue reading
Rates are even lower and tax credits may be extended
July 1, 2010It’s a busy week in the news for potential homebuyers. First, both 15-year and 30-year loans hit record lows for the second week in a row. Second, as Reuters reports, the tax credit extension has passed a key hurdle: The … Continue reading
FHA: A range of creative options for borrowers
June 30, 2010The Federal Housing Administration (FHA) helps prospective borrowers in a wide range of ways. Frost Mortgage is a huge fan of the FHA program; in 2009, for instance, we were named No. 2 in America for FHA fundings by Mortgage … Continue reading
Final days for 'seller concessions'
June 1, 2010The writing is on the wall for funds for homebuyers from sellers that can pay for some services and taxes in the transaction. As the Washington Post explains, Say you’re buying a $200,000 house. If you are using FHA [Federal Housing Administration] … Continue reading
'Qualified mortgages' to be exempt from new risk requirement
June 1, 2010The recent “Wall Street Reform” bill required that 5 percent of a mortgage be retained as a buffer against risk. Fortunately, as National Mortgage Newsreports, a measure passed in May amended that requirement to exempt “qualified mortgages” (subscription required)–those that are generally … Continue reading
Appraisals must now be electronic, Fannie says
May 11, 2010Fannie Mae has begun mandating that appraisals be delivered by lenders electronically, according to National Mortgage News. Lenders will have several options for providing the information according to MISMO standards (“the leading technology standards development body for the residential and commercial real estate finance industries, … Continue reading
HUD close to higher minimum net worth for lenders
May 10, 2010A new letter from the U.S. Department of Housing and Urban Development (HUD) outlines plans to raise minimum net worth requirements for prospective FHA mortgagees (MortgageDaily.com; subscription required). The minimum net worth requirement had been $250,000 since 1993. Within the … Continue reading
Positive news for insured loans
May 3, 2010Private mortgage insurers are coming back to the market, the Los Angeles Times reports, even as the Federal Housing Administration (FHA) is pulling back. Private insurers had almost completely left the sector. Last year, the Times reported, the FHA insured roughly 30 percent … Continue reading
Today: FHA upfront premiums rise for mortgage insurance
April 5, 2010The Department of Housing and Urban development is reminding the mortgage industry that, starting today (April 5, 2010), an upfront mortgage insurance premium of 2.25 percent will be collected “for purchase money and refinance transactions, including FHA-to-FHA credit qualifying and non-credit … Continue reading
Good Faith Estimates and RESPA: Don't lose sight of the big picture
March 8, 2010The Real Estate Settlement Procedures Act (RESPA) that took effect earlier this year has attracted a lot of attention both from the industry and from borrowers. The act requires that “loan originators provide borrowers with a standard Good Faith Estimate that … Continue reading
-
Archives
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- November 2009
- September 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
-
Meta
-
Greg Frost's Corner
I recently attended the annual Mortgage Bankers Association lobbying day in D.C. with 5 of my industry colleagues from New Mexico. It was a very insightful experience.
It is apparent to me that there is a prevailing feeling in both the House and Senate, along with the Executive Branch, that our government should reduce [...]
Copyright © 2011 Frost Mortgage Lending Group
2501 Wyoming Blvd. NE, Suite A, Albuquerque, NM 87112