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!
HUD’s Fiscal Year 2010 budget press release. Pretty much complete bureaucratic gobbledygook.
HUD FY2010 BUDGET SHIFTS FOCUS TO RESPONSIBILITY, EFFECTIVENESS, AND TRANSPARENCY
WASHINGTON, DC – U.S. Housing and Urban Development Secretary Shaun Donovan today unveiled the Department’s fiscal year 2010 budget, which focuses on responsibility, effectiveness and transparency. The proposed 2010 budget exercises strong fiscal discipline, consolidating or eliminating 27 programs and activities, and investing in initiatives to increase transparency and accountability.
I have always respected the Wall Street Journal as a source of information. Yet all too often I find that when a subject I actually know something about is discussed, the information is off the mark! On May 4, 2009, there was an opinion piece on the online Wall Street Journal Opinion Journal entitled “The Next Housing Bust“. The opinion given in this piece may possibly have the right conclusion for all the wrong reasons.
HUD has created a new online version of the FHA guidelines. There will still be confusion – because HUD rarely makes the implementation of their guidelines completely clear – but at least the HUD 4155 will be up to date. Loan officers and processors can find the new online handbooks here.
For the first time ever, FHA appraisals have effectively actually had fewer extra requirements than conventional loan appraisals. This has been corrected effective April 1st with HUD Mortgagee Letter 2009-09 which establishes appraisal requirements for declining (in other words, most) markets. Of course, many of these policies have already been implicated in practice by lenders.
The long expected lowering of the FHA Cash Out Refinance Loan to Value has now occurred effective for Case Numbers dated April 1, 2009 or later. Details are available in Mortgagee Letter 2009-08 (opens as a Word document) dated March 12, 2009.
As a loan officer, I first began using seller paid down payment assistance programs with my customers almost as soon as the program was available in my area. I remember very clearly the feeling I had at the time that the programs could not last long before HUD put a stop to them. I told every customer I prequalified for the first couple of years that they better hurry up and find a home because their down payment program couldn’t possibly last very long.
Originating FHA insured mortgages has long been one of the most effective ways for professional loan officers to make a good living without sacrificing the well being of their customers. Low rates, no prepayment penalties, no rates that jump up 5% after 2 years, no negative amortization. A true opportunity, if you knew what you were doing, to combine helping people who really do need the help with making a good living.
FHA 
