Author: Stacey Sprain — LIBRARY — National Association of Mortgage Processors (NAMP)®

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Author: Stacey Sprain

Understanding HUD REO-Part Two: The REO Appraisal

Written By: Stacey Sprain

Understanding HUD REO- Part One: Overview of the REO Process. Last week, I presented Part One in a series of articles to help expand your knowledge and understanding of HUD REO (Real Estate Owned) Sales for purposes of FHA lending. This week, in part two of the series, you’ll find further explanation of the appraiser’s responsibilities in regards to the HUD REO appraisal requirements.

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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.


Disaster Area Inspection and Repair Requirements for Closing, Endoring/Insuring FHA Loans

Written By: Stacey Sprain

FHA recently released Mortgagee Letter 2012-13 which clarifies disaster area inspection requirements for determining whether or not the loan is eligible to close as well as if the loan qualifies for endorsement/insuring. Be sure to read these requirements if you lend in East Coast areas recently affected by Hurricane Sandy.

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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.


Private Mortgage Insurance Cancellation-Part Three

Written By: Stacey Sprain

For the past two weeks, I have offered a series on private mortgage insurance cancellation, have explained the regulations involved and have offered some tips and tools to help consumers understand their rights regarding cancelling private mortgage insurance coverage for conventional loans.

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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.


Private Mortgage Insurance Cancellation-Part One

Written By: Stacey Sprain

I was asked recently to speak about private mortgage insurance cancellation so I thought this would be a good topic to cover this week. Below is part one of a three part series on this topic.

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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.


Documenting Disability Earnings as Stable Income

Written By: Stacey Sprain

You may have noticed in the past several months that the agencies have been updating long-known employment and income documentation requirements. These recent guideline updates and changes are likely in response to a discrimination lawsuit that was waged against Bank of America earlier this year claiming that Bank of America imposed ”unnecessary and burdensome requirements” on borrowers who received income because of a disability.

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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.


FHA Appraisal & Valuation Part 3- New Construction & Cost Approach FAQs

Written By: Stacey Sprain

This is part 3 of a multi-part series that provides helpful questions and answers about FHA appraisals, properties and valuations. I recently ran across this list as I was actually searching for something on a completely different topic. I found these FAQs so helpful and informative I felt the need to pass them on in hopes they will be useful to you as well!

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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.


FHA Appraisal & Valuation FAQs-Part 1

Written By: Stacey Sprain

I recently ran across a list of FHA appraisal and valuation questions and answers from HUD as I was actually searching for something on a completely different topic. I found these FAQs so helpful and informative I feel the need to pass them on in hopes they will be useful to you as well!

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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.


Underwriters Prefer Cover Letters

Written By: Stacey Sprain

This week I asked a few underwriters what their top gripes are lately with the files they receive for underwriting. Based on the underwriter responses, I was able to establish a few items worth mentioning.

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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.


Clarifications for Recently Issued Mortgagee Letter Content

Written By: Stacey Sprain

There seems to be confusion out there in regards to a few of the recent changes announced by FHA in Mortgagee Letters 2012-3 and Mortgagee Letter 2012-4. The purpose of this week’s article is to provide you with further clarity on a few of the recent changes here.

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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.


Rural Development’s Refinance Pilot Program

Written By: Stacey Sprain

I don’t know about anyone else but I can honestly say this is the absolute busiest and most overwhelmed I’ve personally felt in the near 25 years I’ve been in this crazy business of ours! I’ve never seen so many products changing and being added, so many differences between lender product overlays, so many crackdowns on compliance or so many major regulatory changes as we’ve been experiencing recently.

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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.