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FHA Loan Defaults Rising
The default rate for mortgages recently insured by the Federal Housing Administration has been climbing, an alarming trend for an agency that is playing a vastly expanded role in the mortgage market and backing roughly a quarter of all the … Continue reading
Posted in FHA Defaults, Uncategorized
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FHA Streamlined Refinance
FHA has permitted streamline refinances on insured mortgages since the early 1980′s. The “streamline” refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs … Continue reading
Posted in FHA Refinance, FHA Streamline, Uncategorized
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FHA Mandatory Loss Mitigation Required of Lenders
It is important to stress that although loan servicers have delegated authority to execute individual loss mitigation actions, participation in the FHA Loss Mitigation Program is not optional. Within 45 days of default, every delinquent borrower must be provided comprehensive … Continue reading
Posted in FHA Counseling, FHA Mortgage, Uncategorized
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FHA Non-traditional Credit
MORTGAGEE LETTER 2008-11 TO: ALL APPROVED MORTGAGEES SUBJECT: Nontraditional Credit Verification and Evaluation The Federal Housing Administration (FHA) has long permitted mortgage lenders to establish a borrower’s credit history through nontraditional means, including the compilation of performance on rental payments; … Continue reading
FHA Partial Claim
Under the Partial Claim option, the mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan. Ref: Mortgagee Letter 2003-19. FACTS A Subordinate Mortgage and Note, in the amount of the advance, … Continue reading
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Loan Officer Marketing in 2008
The Seller Helps Buyer website provides a means for loan officers to market to FSBO and Realtors. There is a synergy that develops between the three and surrounds loan officer marketing. I’ll say loan officer marketing starts the process off … Continue reading
Posted in Loan Officer, Marketing, Uncategorized
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