Loan Origination — LIBRARY — National Association of Mortgage Processors (NAMP)®

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Loan Origination

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USDA: Understanding the New 7 CFR Part 3555 Guidelines

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Written By: Frankie Lacy

USDA’s new 7 CFR Part 3555 program became effective December 1, 2014. As a result, all lenders have begun to “re-learn” USDA loan origination and processing. There is a new guideline hand book, along with fillable pdf documents posted on the USDA LINC website: https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do

https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


Are there any non – QM loans out there?

Written By: Glenn Michaels

Since the mortgage melt down the big push has been the Qualifying Mortgage (QM). Loans that fit the QM were most government mortgage programs (FHA, VA, and USDA) and most agency loans provided by Fannie Mae and by Freddie Mac.

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


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Packaging a Loan for Non-Delegated PMI Review

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Written By: Frankie Lacy

Underwriters that work for mortgage shops that are non-delegated with private mortgage insurance (PMI) vendors must submit loan packages for review. Those packages are subsequently reviewed by the PMI company’s underwriting team. These packages may also be reviewed by PMI management, sales professionals, and auditors. 

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.


Perspectives – Origination

Written By: Theresa Furzland

This week I’m looking through my originator eyes. I tend to think of myself more as a Mortgage Loan Advisor than a Loan Officer. As I have already mentioned, probably more than once, I never set out to be a loan originator and I am the first to admit that I am not a “salesman”. I do love this part of the process however and for one reason. 

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Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.