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.
This week’s topic was an easy one because of an ongoing situation I’ve been involved with that I learned a lot about over this past week. And to be honest, I am really frustrated about this one because it has taken up many people’s time, nearly cost a borrower close to $1000 in appraisal fees and put an appraiser in an awkward position to serve as “trainer” on appraisal regulations when in fact the “trainer” should have been HUD in their own instruction and communication.
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.
As continued from last week’s article, this week we’ll review the numerous Mortgagee Letters HUD has issued recently on topics relating to appraisers and appraisals. Mortgagee Letter 2009-36 dated 9/23/09 simply reiterates the announcements made in Mortgagee Letter 2008-39 that I actually already reviewed and presented in my article on Friday, September 11th.
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.
I’ve already had questions on this issue come up a number of times in the past 24 hours so I figured would be a great topic of discussion for this week. HUD issued Mortgagee Letter 2008-39 back on December 17th of 2008 covering the subject of Eligibility Requirements for FHA Roster Appraisers effective on and after October 1st of 2008 and on October 1st of 2009.
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.
With the recent changes to Regulation Z Truth-in-Lending disclosure law, I’ve been questioned on numerous occasions as to why the Truth-in-Lending disclosure must state that if the borrower pays off his or her loan early, he/she may have to pay a penalty.
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 offers a number of resources that I utilize on a regular basis to help find answers to questions that often come up on FHA lending. Most often I refer to FAQ sites because in the past, I haven’t been a big fan of calling 1-800-CALLFHA and sitting on hold forever with the depressing background music only to propose my question to a body who could only answer based on searching for something I’d already searched for.
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.
So many changes happening so far in the New Year I thought it would be helpful to put them down in chronological order to help us all keep track! It’s looking like it will be a very active year for FHA program and guideline changes. Here is what we need to be aware of thus far:
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.
It’s been a BIG news week for FHA and is about to get even bigger with the anticipation of a number of Mortgagee Letters to be issued January 21st which will communicate further significant tightening of FHA qualifying calculations and guideline requirements.
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.
Mortgagee Letter 2009-48 which was issued November 18, 2009 communicates the immediate elimination of requirements for second appraisals on high balance loans in declining market areas. Second appraisals are no longer required effective for cases pulled on and after November 19th.
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.
Hello – There may be a glimmer of light for loan processors and underwriters as FHA rates and conventional rates, as well, continue to drop. The spark of increased could be FHA Streamline Refinances – which is what we will write about today.
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.
Hello Everybody – Hope everyone is doing well and staying busy. In my quest to find a topic for this week’s blog and in the interest of the economy and everyone looking for extra money – I have an idea – Look on the FHA Refunds web site.
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.