Category Archives: Lending & Mortgage News

Borrower eligibility requirements are revised by Fannie Mae (FNMA)

Posted on April 21, 2010 by Jerod

Fannie Mae (FNMA) recently announced updated policies which could impact future eligibility of borrowers obtaining a new mortgage loan after experiencing a pre-foreclosure event, including but not limited to: Pre-foreclosure sale, Short Sale, or Deed-in-Lieu of foreclosure.  Changes include: 1) The amount of time … Continue reading →

Posted in Lending & Mortgage News | Tagged , | Leave a comment

New Mortgage News

Posted on March 26, 2010 by Jerod

Condominium and home owners associations desperate for money are experimenting with a tactic called “reverse foreclosure” to force banks to pay association fees. The process works like this: When a borrower stops paying the loan, banks often delay taking the … Continue reading →

Posted in Lending & Mortgage News | Leave a comment

The impact of the New FHA Policy Changes

Posted on February 8, 2010 by Jerod

  A new year starts, new rules and changes are implemented. You finally understand the guidelines and had it all figured out, when suddenly the rug is pulled out from under you. This is what makesit extremely difficult to know exactly what is … Continue reading →

Posted in Lending & Mortgage News | Tagged | Leave a comment

Good Faith Estimate for 2010 – What is the purpose?

Posted on January 30, 2010 by Jerod

GFE 2010 HUD has released their new Good Faith Estimate (GFE 2010) form to be implemented by all mortgage lenders and brokers.  This new document replaces the previous single page document and specifically identifies traits in a loan transaction that … Continue reading →

Posted in Lending & Mortgage News | Leave a comment

HUD Waives FHA Rule on Flipping

Posted on January 28, 2010 by Jerod

In an effort to expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties, HUD has announced a temporary waiver of the 90-day flipping rule. The waiver takes effect February 1, 2010, and lasts for … Continue reading →

Posted in Lending & Mortgage News | Tagged | Leave a comment

HUD Moves to Speed REO Sales by: Carrie Bay DSNews

Posted on January 21, 2010 by Jerod

HUD Secretary Shaun Donovan has announced a temporary policy that will expand access to Federal Housing Administration (FHA) mortgage insurance for the purchase of foreclosed homes. Donovan says the move will accelerate the sale of REO properties to turn vacant … Continue reading →

Posted in Foreclosure, Lending & Mortgage News | Tagged | Leave a comment