Sorry for the very late notice, but due to overwhelming demand, another ONLINE FHA TRAINING has been scheduled:
ABC’s of FHA Lending
July 1-2, 2010
12:00pm – 3:00pm Eastern (9AM Pacific)
FHATrainingSource.com/go/online
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.
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
I have previously expressed my view that the “Hope For Homeowners” program is really more of a “Hope For Politicians” program designed to make the citizens believe that the politicians really care about them. According to articles I have seen quoting Fox News (although I haven’t found the source quote yet), only 79 borrowers have been accepted into the program in the month since it officially began. Although, to be fair, secondary mortgage market issues can create quite a gap between the legal start date and the actual start date of such a mortgage program.
FHA training for loan officers is more important than it has ever been. Times are tough in the mortgage business. Loan officers are dropping out like flies. Heck, even lenders are dropping like flies! The loan officers disappearing the quickest are those who aren’t experts in originating FHA loans.
As most people who have read this blog for long know, I am a huge fan of the training materials on FHA produced by Chip Cummings. Chip just returned home from the Atlanta HUD Home Ownership Center where he was actually training FHA on how to do FHA!
I use the “ABCs of FHA Lending” manual every day myself. With FHA seeming to change daily lately, keeping up with all the changes in a handy reference is very important.
In response to my post “Warning: Why HUD May Stop Your Loan From Closing“, HUD has now waived their anti-flipping rule in certain circumstances. (Just kidding about them responding to my post, but they have taken action.)
For ages, your borrower’s nontraditional credit has been acceptable to use to qualify for FHA loans. In the past, though, HUD wasn’t very specific on exactly what they expected to see when alternative credit was used. Were letters from creditors acceptable proof or did it need to be added to a nontraditional credit report? What types of accounts are acceptable?
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