Category Archives: Mortgage rule changes

Great news for FHA lenders from Congress

Posted on by Greg Frost Jr.

Federal Housing Administration (FHA) lenders will be exempted from new “risk retention” rules, which is great news for companies who issue loans insured by the government. National Mortgage News reports that [t]he legislation finalized by the conference committee late last … Continue reading

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Posted in Economy, Events, Federal Housing Administration, FHA, Legislation, Mortgage Banker News, Mortgage News, Mortgage Programs, Mortgage rule changes, Mortgage rules, News | Leave a comment

FHA loans: Net worth timeline, new monthly scorecard

Posted on by Greg Frost Jr.

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 … Continue reading

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Posted in 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 | Leave a comment

Final days for 'seller concessions'

Posted on by Greg Frost Jr.

The 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

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Posted in Federal Housing Administration, FHA, Home sales, Homebuying, Mortgage / Credit, Mortgage Approval Process, Mortgage Banker News, Mortgage Guidelines, Mortgage Innovation, Mortgage News, Mortgage Programs, Mortgage rule changes, Mortgage rules, News | Leave a comment

'Qualified mortgages' to be exempt from new risk requirement

Posted on by Greg Frost Jr.

The 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

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Posted in Branch Partner Opportunities, Federal Housing Administration, FHA, Home sales, Homebuying, Mortgage / Credit, Mortgage Banker News, Mortgage Guidelines, Mortgage Insurance, Mortgage News, Mortgage rule changes, Mortgage rules, Net Branch Opportunities, News, Real Estate News | 1 Comment

Appraisals must now be electronic, Fannie says

Posted on by Greg Frost Jr.

Fannie 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

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Posted in Appraisals, Branch Partner Opportunities, Ginnie Mae, Loan Officer News, Loan Officer Opportunities, Loan Officers, Mortgage / Credit, Mortgage Banker News, Mortgage Guidelines, Mortgage News, Mortgage rule changes, Mortgage rules, Net Branch Opportunities | Leave a comment

HUD close to higher minimum net worth for lenders

Posted on by Greg Frost Jr.

A 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

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Posted in Branch Partner Opportunities, Federal Housing Administration, FHA, Housing and Urban Development, HUD, Mortgage Banker News, Mortgage Guidelines, Mortgage News, Mortgage rule changes, Mortgage rules, News | Leave a comment

FHA: Reverse mortgage support is crucial

Posted on by Greg Frost Jr.

Reverse mortgage programs operated by Housing and Urban Development (HUD) require help to continue, the Federal Housing Authority (FHA) told a House subcommittee recently, Reverse Mortgage Daily reports. In testimony, an FHA assistant secretary said that, without support, HUD will … Continue reading

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Posted in Federal Housing Administration, FHA, Mortgage Programs, Mortgage Rates, Mortgage rule changes, Mortgage rules, Mortgage tips, Real Estate News, Reverse Mortgage, Reverse Mortgage News | Leave a comment

Positive news for insured loans

Posted on by Greg Frost Jr.

Private 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

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Posted in Branch Partner Opportunities, Federal Housing Administration, FHA, Mortgage Banker News, Mortgage Guidelines, Mortgage Insurance, Mortgage News, Mortgage Programs, Mortgage rule changes, Net Branch Opportunities, News, Real Estate News | Leave a comment

Single loans will be open for securitization

Posted on by Greg Frost Jr.

Smaller lenders will get a boost in July when Ginnie Mae begins insuring the securitization of single loans, as opposed to only the bundles it will insure now. Current rules favor the largest lenders, according to the Washington Post. The … Continue reading

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Posted in Announcements, Branch Partner Opportunities, Federal Housing Administration, FHA, Ginnie Mae, GSEs, Mortgage Banker News, Mortgage rule changes, Net Branch Opportunities, Net Branch Partners, News, Real Estate News | 1 Comment

Owners get help in choosing short sale over foreclosure

Posted on by Greg Frost Jr.

Homeowners will now have incentives to agree to a short sale (the process of selling for less than is owed on a home) thanks to new federal rules instituted earlier this month. A foreclosure hurts an owner’s credit rating for … Continue reading

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Posted in Economy, Federal Housing Administration, FHA, Foreclosures, Mortgage / Credit, Mortgage Approval Process, Mortgage rule changes, Mortgage rules, News, Real Estate News, Short sales | 1 Comment
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