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!
As proposed in a November 30, 2009, proposed rule (74 FR 62521), HUD is seeking to eliminate FHA approval for loan correspondents. Because this rulemaking is still in process and a final rule has not yet been issued, FHA is extending the deadline for the submission of audited financial statements for loan correspondents seeking renewal of their FHA lender approval for 2010. For loan correspondents with a fiscal year end of December 31, and that would ordinarily be required to renew their FHA approval by March 31, 2010, HUD is providing these lenders with an additional 30 days in which to submit their audited financial statements. These loan correspondents must continue to comply with existing requirements for the submission of their Annual Certifications and renewal fees, but will be given until April 30, 2010, to submit audited financial statements. Again, the deadline for the submission of the Annual Certification and renewal fee has not been changed. Loan correspondents that do not complete their renewal in accordance with the deadlines as specified above will no longer be FHA-approved as of the effective date of the final rule that follows the November 30, 2009, proposed rule.
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 be more pleased. For a long time, bad lenders have been making the mortgage business hard for the originators who want to do things the right way.
FHA today announced some rather major guideline changes which will tighten up the availability of FHA loans. Your view regarding these changes is likely to be guided by your vantage point in the process.
Members of the general public who are not in the market for a home or a mortgage refinance will most likely approve. These changes certainly will improve the quality of the FHA loan pool moving forward. Provided, that is, the average FHA buyer can still meet the requirements.
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS Measure 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 access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
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.
As part of our government’s continuing crusade to over regulate and over complicate the mortgage process for consumers and mortgage industry professionals alike so that they can continue to blame mortgage brokers for the current crisis instead of government, the new RESPA guidelines took effect on January 1, 2010. More on this later.
The implementation date will now be February 15, 2010 instead of January 1. Here it is straight from the horses mouth (that is, from HUD):
Important FHA notice for all mortgagees:
Delayed Implementation Date for New Requirements in ML 2009-28
Enactment of ML 2009-28, Appraiser Independence, will be delayed until February 15, 2010. ML09-28 (originally planned for a January 1, 2010 implementation) 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 for both sections of this guidance will now take effect for all case numbers assigned on or after February 15, 2010. This extension will provide FHA and lenders additional time to adjust systems to accommodate the changes.
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.
