My Articles
Two Credit Reports Are Now Required For the Underwriting of Mortgages
In May Fannie Mae, the largest purchaser of home loans, announced a new requirement prior to the funding of a Mortgage. This was published on Mortgage News Daily on May 10th. The new quality control measure was set in place for the safekeeping of the investors against the prospective buyer assuming more debt that they can manage and as a preventative … [Read More...]
San Diego foreclosures are plummeting, showing a positive sign.
In the last few months San Diego foreclosures have shown a drop in their numbers. After almost two arduous years of foreclosures, finally there is a sigh of via San Diego foreclosures are plummeting, showing a positive sign.. … [Read More...]
The Latest FHA Changes and the Benefits to The First Time Home Buyers
Yesterday, Thursday, January 21st, the much anticipated Mortgagee newsletter about risk-based pricing was released by HUD. This represents the first of two landmark changes in the agency's guidelines for this year. In December HUD (Housing and Urban Development), the agency that oversees the underwriting of FHA loans, had warned that these changes … [Read More...]
FHA Increases Mortgage Insurance Premiums
Here are the 5 things you need to know about these changes: Changes are effective for case numbers assigned on or after April 15th, 2010. New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%. This change applies to all standard FHA Single Family Programs except … [Read More...]
FHA Announces Policy Changes to Address Risk and Strengthen Finances
This just announced from Washington regarding the tightening of the FHA lending guidelines: New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities WASHINGTON - Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to … [Read More...]