Category Archives: Mortgage rule changes
Great news for FHA lenders from Congress
June 29, 2010Federal 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
FHA loans: Net worth timeline, new monthly scorecard
June 22, 2010The 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
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
FHA: Reverse mortgage support is crucial
May 4, 2010Reverse 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
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
Single loans will be open for securitization
April 28, 2010Smaller 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
Owners get help in choosing short sale over foreclosure
April 23, 2010Homeowners 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
-
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