Archive for Market Conditions
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 [...]
Home Builders Cut Prices to Woo Customers
Home builders are cutting prices on new homes to entice buyers. New construction accounted for 7.6% of home purchases last year, down from an average of about 16% over the past 20 years, according to an article in the Wall Street Journal.
Home builders have been hit hard by the recession as many people looking to buy homes have [...]
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 [...]
Can You Rent Your Home From Fannie Mae?
There may be a little bit of light at the end of the tunnel for people who are currently going through foreclosure – they may be able to rent their property back from Fannie Mae.
Fannie Mae has recently announced the Fannie Mae Deed For Lease Program and it is designed to be another option to [...]
HVCC – NAMB Update – HVCC on the ropes!
We have HVCC on the ropes so we need your help more than ever!
On Wednesday, October 21st, the National Association of Mortgage Brokers used this petition hvccpetition.com to help convince the House Financial Services Committee to pass an amendment that will finally put an end the mess that HVCC has been making of the real [...]
HVCC Update – NAMB Legislative Alert: HFSC approves CFPA by a 39-29 margin
The House Financial Services Committee (HFSC) has approved HR 3126, the “Consumer Financial Protection Agency Act of 2009” by a vote of 39-29. The National Association of Mortgage Brokers (NAMB) commends and appreciates the participation of its membership in the Calls-to-Action by contacting representatives and urging them to vote for specific amendments to the bill. Two important [...]
Foreclosure: When To Hire A Lawyer
If you are having trouble making your house payment and wondering what your options are, here they are in a nutshell:
Loan Modification
Short Sale
Deed-in-Lieu of Foreclosure
Foreclosure
Loan Modification
When attempting to get your lender to modify the original terms of your loan, you may want to hire a lawyer or law firm to help you get it modified [...]