I have been receiving emails and even phone calls asking for the location of the HUD Mortgagee Letter about this all morning so I thought I needed to go ahead and post the details that I have. [Details are now available here]
It always seems there is another shoe about to drop on the mortgage business these days. Now that rates are so low we are having another refinance boom, it turns out that lenders may not have enough credit on their warehouse lines to keep their pipelines moving. Now the Mortgage Bankers Association has created a task force to make sure the folks at the Treasury Department know what is going on.
Yesterday Obama named Shaun Donovan, New York’s Housing commissioner who also worked in HUD during the Clinton administration, as his nominee for Secretary of Housing and Urban Development. I don’t know much about him other than what I read in this profile in the New York Times in which there is a quote that turns my stomach a little due to my admittedly slightly hypocritical for an FHA specialist belief that government regulation and meddling is never a good solution: Read the rest of this entry
On FHA Mortgage Guide, syndicated columnist Peter Miller points out today that the number of FHA mortgage endorsements is headed down when comparing the first two weeks of July with the first two weeks of August.
“There were 77,608 FHA endorsements during the first two weeks of August — that’s significantly less than the 82,079 loans that were insured during the last two weeks of July.”
As I spend time reading all the websites that seem to rejoice over reciting every detail of the downfall of the mortgage industry, I see many comments bringing attention to HUD’s efforts to get rid of seller paid down payment assistance. I usually find that these comments are being made by those with no access to any real information other than the misleading and often inaccurate numbers issued by the political appointees at HUD.
I found it refreshing to read a July 23, 2008 opinion column on the Atlanta Journal-Constitution website written by Robert Motley, the CEO of Pine State Mortgage in Sandy Springs, GA… Read the rest of this entry
I’m often amazed when supposed experts issue opinions on subjects that I actually know something about. It is frightening how often the so-called experts are completely wrong. Here is a recent example.
I usually try to limit political comments in this blog since it is primarily intended to be a training and guideline update source designed to help loan officers originate and close FHA loans. However a June 21, 2008 editorial in the Wall Street Journal entitled “The FHA Time Bomb” has such a smörgåsbord of misinformation and misdirection that I feel compelled to comment.
On Oct. 30, 2007, I published a post entitled “FHA Mortgage Co-brokering: Watch Out!” in which I warned of potential violations of FHA’s policy regarding payments to non-approved mortgage brokers. HUD made an announcement that day outlining their policy, but it was not issued in the form of an official Mortgagee Letter and it did not clearly identify that the policy applied to any fee paid by the borrower and not just payments made through yield spread premium.
One of the most touching experiences loan officers go through when we conduct marketing campaigns seeking FHA mortgage prospects are the borrowers who call us wanting to buy a home for their family but they just have too much bad credit to overcome in order to qualify for even an FHA loan. Often they have a bankruptcy.
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