This morning, FHA issued the news release below. FHA is very serious about improving the quality of the program. Keep in mind though that many of these “actions” were taken against lenders who had already gone out of business due to the economy. Therefore, they simply did not renew their FHA license.
August 11, 2010 – Webinar: FHA Refinances.
This FREE Webinar will help you better understand the FHA Refinance general guidelines. Presenters will discuss Streamline Refinances, Cash-Out, & Rate & Term Refinances.
Basic calculations will be included in this training for anyone wanting to improve their knowledge of FHA refinances. An emphasis will be on the changes to the Streamline Refinance guidelines.
FHA Commissioner David Stevens issued a warning yesterday to FHA lenders about underwriting and quality control standards. Most of what he discusses are issues I’ve often highlighted on this website.
HUD is seeking public comment on three proposals to help FHA control risk, and stem the losses from claims against the FHA mortgage insurance fund.
In order to be licensed to continue to originate FHA mortgages (or other residential mortgages), loan officers must now pass the NMLS Exam.
Looking for a QUICK Fix to the NMLS Exam? Here is the answer…
The statistics are in….. almost 1/3 of ALL loan originators are FAILING the NMLS test on the first try! Worse yet – only 44% pass on the second try!
Sorry for the very late notice, but due to overwhelming demand, another ONLINE FHA TRAINING has been scheduled:
ABC’s of FHA Lending
July 1-2, 2010
12:00pm – 3:00pm Eastern (9AM Pacific)
FHATrainingSource.com/go/online
FHA’s Policy Call on the Implementation of the Final Rule to Strengthen Risk Management: Implementation of Final Rule FR 5356-F-02, “Federal Housing Administration: Continuation of FHA Reform—Strengthening Risk Management through Responsible FHA-Approved Lenders
FHA recently issued ML 2010-20 which provides an overview of key provisions of HUD’s final rule referenced above, and provides guidance to mortgagees on HUD’s implementation of this final rule. This rule increased the net worth requirements for FHA-approved mortgagees, eliminated FHA approval of loan correspondents, codified requirements of the Helping Families Save Their Homes Act of 2009 (Public Law 111-22), and made minor modifications to other aspects of FHA’s regulations governing lender activities. After a brief overview of the new policy decisions, FHA staff will field questions from callers.
The FHA Streamline Refinance program has helped many borrowers lower their interest rates and housing payments. FHA has long held the view that decreasing a borrower’s monthly payment should be a good thing and very easy to accomplish as long as the borrower has been making their payments on time. After all, if the borrower is already making the payments and FHA has already insured the mortgage either way, then why be picky about the details. Thus, the FHA streamline refinance process has always been an easy one.
Save $1500 or more by modifying your own mortgage. Or learn how to modify other people’s mortgages.
Try it out with no risk. Unconditional 100% Money Back Guarantee. As little as $7.97 to take a look!
Click on the picture for more information.
Do It Yourself Loan Modification
Here are more resources that are guaranteed to help you improve your mortgage business.
