The FHA Training Manual used for mortgage loan officer training by industry leaders such as National Association of Mortgage Brokers and hundreds of other companies! This FHA Training Package includes a 380+ page manual, an FHA Refinance Guide, an interactive CD and Free Updates. Read more!
Richard Geller helped a lot of folks get into the business of doing loan mods for profit and helped a lot of people successfully get their own loan modifications done.
And now he has revealed how to get loan mods for investor owned properties, and how to get REAL principal REDUCTIONS and How to use the Home Affordable (Obama program) to get loan mods.
This isn’t specifically about FHA programs, but it will certainly prove extremely useful to many of the readers here. Check the bottom of the post for an important FHA update notice.
My friend Richard Geller has been helping people get principal reductions on their mortgages and really great loan mod terms.
FHA is Hosting a Free Industry Conference Call on HAMP:
On Thursday, August 13, 2009, from 1:00 p.m.- 3:00 p.m. Eastern Time (10:00 a.m. Pacific Time) FHA is Hosting a free industry conference call to discuss FHA’s new Home Affordable Modification Program (FHA-HAMP).
As most people are aware by now Taylor Bean and Whitaker, the third largest FHA Direct Endorsement lender in the country and the 12th largest lender in the country has ceased operations. There will be ripple effects from this throughout the mortgage lending industry. Many hundreds of small mortgage brokers and community banks depended on TBW to close their loans.
The third largest FHA lender in the country Taylor, Bean and Whitaker Mortgage has been suspended from FHA lending effective immediately. In addition, the Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW’s ability to continue to service Ginnie Mae securities.
Everyone is full of questions about the recent HUD Mortgagee Letters on the monetization of the first time homebuyer tax credit and the new manufactured home guidelines.
Here is your chance to get the information straight from the horse’s mouth.
On Thursday June 4, 2009 at 3PM Eastern time HUD is having a conference call for the mortgage industry to provide a brief overview of recently published FHA policy guidance, including the recent tax credit & manufactured housing Mortgagee Letters.
At least they don’t do so in any way which stands much chance of meaningful success in the the real world. Here is the direct quote from HUD Secretary Sean Donovan’s May 29, 2009 press release: “Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.” (emphasis added)
I was fairly excited to see HUD’s press release on Thursday that they had taken action against more than 120 lenders who had violated HUD guidelines. 102 FHA approved lenders were cut off from participation in the FHA program for various reasons. This excitement was only slightly tempered by my knowledge that some of the “cut off” lenders were already out of business anyway for other reasons.
