FHA Training, Guideline Updates and Advice
December 28th, 2007 — FHA Updates
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Here are some excellent recent posts on FHA and the mortgage business:
From Creditbloggers: “Subprime Rescue Plans - Who Isn’t Being Helped”
From Seeking Alpha: “Is the Federal Reserve Ahead of the Curve?”
December 22nd, 2007 — FHA Updates, H.R. 1852, HUD Regulations, Industry Information
Since the original House Bill 1852 passed way back in September one element of that bill has caused me more than a little bit of concern. The House version of the FHA Modernization bill makes it possible for a mortgage broker who is not presently able to meet the requirements for FHA lender approval to use a bond to qualify instead of meeting the traditional audited net worth requirements.
December 18th, 2007 — Consumer Information, FHASecure, How FHA Works, Industry Information, Refinancing
I almost can’t believe what I just read in Reuters. I’ve picked up on it a little bit as loan officers on the street are telling me that FHASecure isn’t worth the effort, and it looks like this is showing up in the actual numbers of closed loans. According to an article by Reuters Washington correspondent Patrick Rucker on Monday, only 266 FHASecure loans have been originated to date!
December 15th, 2007 — FHA Updates
Here’s some information on another valuable FHA program - the FHA 203K
November FHA originations are coming in at twice the normal rate.
December 14th, 2007 — Consumer Information, FHA Updates, H.R. 1852, HUD Regulations, Industry Information
The Senate has just passed legislation that would open the door for FHA to become more competitive in the marketplace! The FHA Modernization bill, which now heads back to the House for “reconciliation” before heading to the White House, had been
stalled in the Senate for weeks.
Details still to be worked out include the increasing of loan limits, term (up to 40 years), risk-based MIP pricing, lowering the down payment requirements and a few other details, but is expected to happen quickly. This is good news for the industry, consumers and FHA, as we battle with increasing pressure from the sub-prime fallout.
December 14th, 2007 — FHA Updates, H.R. 1852, Industry Information
According to news reports, an agreement was reached in the Senate on Thursday which will have the FHA reform bill heading to a vote later today or on Monday!
More to come very soon!
December 13th, 2007 — FHA Updates, H.R. 1852
According to several reports I have read, Senator Tom Coburn from OK, whom I came down hard on in a previous post, has let it be known that his objections to the FHA reform bill are small and primarily have to do with reverse mortgages. In an exchange with Senator Charles Schumer of NY on the Senate floor Wednesday morning, Senator Coburn hinted that he may be willing to limit debate on the bill and amendments and it may be possible for the bill to come up for a vote as early as next week!
December 10th, 2007 — FHA Updates, H.R. 1852, Industry Information
I really do hate to be a one trick pony lately with every post about the same thing, and I promise next week I’m going to jump back into the every day mechanics of getting FHA loans closed, but one of the most pressing issues facing our country today is the tightening of credit in the mortgage market. People who could be helped to keep their homes, or to buy new homes and help stop the downward spiral of housing values are being locked out of getting a loan while the politicians hold press conferences telling us what they are supposedly doing about the problem.
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