Archive for FHA
FHA 90 Day Flip Rule: Is There One?
If you are wanting to buy a home and finance the home with an FHA loan, chances are that your lender may have mentioned a “FHA 90 day flip rule”.
Some lenders have a rule in place that they will not lend you money for an FHA loan if the home you are buying has been [...]
FHA Loan Defaults Exceed 9%
When house prices drop, falling values have ripple effects on the economy. Jobs are lost, credit becomes difficult to obtain and people are forced to make tough decisions regarding what monthly bills they can afford to pay.
And increasingly, it appears as if many people are opting to not pay their mortgage — whether by choice [...]
HUD Inspector General Probes Mortgage Companies With Significant Claim Rates
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Inspector General Kenneth M. Donohue and Federal Housing Administration (FHA) Commissioner David H. Stevens announced today an initiative focusing on mortgage companies with significant claim rates against the Federal Housing Administration mortgage insurance program.
HUD Office of Inspector General (OIG) subpoenas were served to the corporate [...]
FHA Continues Lender Crackdown
For years I have been warning anyone who would listen that, sooner or later, FHA would start cracking down on all the lenders out there flouting the rules and risking the safety of the FHA program. It seems our present mortgage crisis, along with some increased funding, may have finally triggered this crackdown. I couldn’t [...]
FHA Removes 90 Day Waiting Period
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERSMeasure to help bring stability to home values and accelerate sale of vacant properties
WASHINGTON – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand [...]
Nationwide Mortgage Licensing System Consumer Access Goes Live
With the passage of the SAFE Act nearly 2 years ago, the entire mortgage industry has taken steps toward licensing loan officers and managing that licensing process.
And now consumers can easily lookup the information in the NMLS system with the launch of NMLSConsumerAccess.org. The NMLS Consumer Access site gives consumers free access to data regarding [...]
FHA Update – Delays of HVCC Standards
From FHA Mortgage News:
Enactment of ML 2009-28, Appraiser Independence, will be delayed until February 15, 2010. ML09-28 This bill was originally planned for a January 1, 2010 implementation and has two parts: a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process, and b) appraiser selection in FHA Connection. The effective date [...]
Tips For Temecula First Time Home Buyers
When you are ready to purchase a home for the first time, the process may seem overwhelming. This is especially true in today’s economy. When you are trying to get approved for a mortgage loan, keep in mind that many Temecula Valley brokers and lenders are going to be looking at your credit history along [...]
HUD/FHA Adopt the 1004MC – FHA Appraisers Required To Include 4/01/09
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Portion of 2009-09 Morgagee Letter
 SUBJECT:   Adoption of Market Conditions Addendum (Fannie Mae Form 1004MC/Freddie Mac Form 71)
 Currently, all Federal Housing Administration (FHA) Roster Appraisers are required to report on housing trends in the Neighborhood section of the applicable property specific appraisal reporting form. The Uniform Standards of Professional Appraisal Practice (USPAP) mandate that an appraiser [...]
FHA Roster Licensed and Certified Appraisers
See portions of this Mortgagee Letter for clarification on the future of Licensed and Certified Appraisers on the FHA Roster
SUBJECT: Revised Eligibility Requirements for FHA Roster Appraisers
Section 1404 of the Housing and Economic Recovery Act of 2008 (HERA) (Public Law 110-289, approved July 30, 2008) amended Section 202 of the National Housing [...]