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!
Here’s a chance to pick up some free training directly from HUD. There was a training call scheduled for today (January 28, 2009) but due to inclement weather the call has been rescheduled. The new date and time for the call is February 4, 2009 at 2:00 PM (EST). The call will last 90 minutes and will provide a comprehensive review of the maximum mortgage calculation for all mortgage products, including purchase loans, all types of refinances, and 203(k). The study materials for this call can be found online now at: http://www.hud.gov/offices/hsg/sfh/trn/training.cfm
On January 19, Scott Syphax of the Nehemiah Foundation announced that Congressman Al Green has introduced HR 600, a bill to restore seller assisted down payment programs to the FHA loan universe. Here is a link to the press release. I haven’t seen the final bill. It seems to be a “lite” version of H.R .6694 introduced in the last Congress. It reintroduces tiered mortgage insurance premiums, often referred to as ‘risk based mortgage insurance premiums” although this bill does not seem to refer to them that way.
HUD has always had a little patience with those lenders who did not get their audited financials prepared in time. The FHA guidelines up to now have provided for a 30 day warning notice. During that 30 days the lender had the opportunity to cure the infraction, pay a $1000 fee and not risk losing their FHA approval. As usual in the mortgage business, lenders have taken advantage of this accommodation.
