The housing and mortgage industries have seen a surge in demand for rural homes since the COVID pandemic, according to Fannie Mae research. The main factor helping increase rural housing demand was the opportunity many were given to work remotely. Demand for space and low mortgage rates also contributed, though those trends bolstered home buying in all areas in the immediate aftermath of the pandemic.
A Fannie Mae survey of mortgage executives shows wide support for standardizing and simplifying the language around closing costs and fees. The survey of senior mortgage executives, conducted in July, found that 60 percent of respondents said closing costs are easy to estimate, and 50 percent said they are easy to explain.
More data released so far this month has reinforced the trend that mortgage processors and underwriters have been keeping busy lately with home refinance loans. Optimal Blue, a mortgage analytics provider, reported a surge in refinance volume in its September Mortgage Data Report.
A group of Democrat U.S. senators expressed a lack of patience with the Federal Housing Finance Agency (FHFA) in implementing updated energy standards for new homes backed by the government sponsored enterprises (GSEs). The seven senators sent a letter to FHFA Director Sandra Thompson last week urging the agency to set minimum standards, a move that has been debated for much of the past year.
While escalating home values have made buying more challenging for many consumers, they have had one major benefit: home equity. And, according to the latest CoreLogic Homeowner Equity Insights report, the average U.S. mortgagee increased their home equity by $25,000 in the last year. CoreLogic analysis shows U.S. homeowners with mortgages (roughly 62 percent of all properties) have seen their equity increase by a total of $1.3 trillion since the second quarter of 2023.
FHA backed loans are facing delinquencies that could lead to a big loss for the government. Reasons for this is due to less amount of down payments and low credit score requirements in the past. These previous requirements made this possible for every average employed citizen to buy a house with affordable down payment and 100% gift funds. There were no credit score requirements and if a borrower did not have any scores FHA allowed using nontraditional credits to get the loan approval requirement. Nontraditional credits are still allowed on loan transactions if the borrower qualifies with other criteria.
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.
Assets are one of the essential conditions of underwriting. There are two major types of assets, liquid assets and non-liquid assets. Both are equally important when a file is underwritten, comparing with old times, where underwriters had to make final determination for the required assets, it is more easier nowadays when automated system makes all the determinations.
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.
Once a borrower gets behind on their mortgage payments, they come to a delinquent borrower category. This happens only if a borrower looses his/her ability to pay their mortgage payment on time. At this point now a borrower has to go for other options if he/she thinks that it is hard for him/her to afford monthly payment in future.
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.
In the mortgage business borrower is a primary focus for everyone working in the industry. Without making a borrower happy no one can succeed. This sounds very easy, to make borrower happy, but this is one of the difficult task for every mortgage personal dealing with the borrower. This is the situation where extra effort customer service is required.
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.
Subordination agreement a written contract in which a lender who has secured a loan by a mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff). The agreement must be acknowledged by a notary so it can be recorded in the official county records.)
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.
The extensive power failure paralyzed the region in the wake of Hurricane Sandy, delaying closings in the mortgage deals. In order to proceed with these closings lenders are requiring inspections from the certified contractors, to make sure if there are any damages. Lenders are also very closely monitoring flood insurance coverage in those areas. This incident will also have trigger down affect on homeowners and flood insurance prices.
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.
Mortgage industry after a long period of downfall started picking up again in the last few years, hence bringing stability for lot of people still loyal and attached to the Mortgage industry.
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.
The way we can handle both business and personal tax returns is pretty much same. The key to the right analysis is to opt for right direction. We can divide the analysis procedure in 3 steps.
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.
Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.