In a new twist to the never ending saga of new things to watch for in the mortgage industry is investor audits of older loans that have now gone into default. For a long time under the Obama Administration mortgagor’s under certain conditions were able to apply for a mortgage loan modification. Ideal for loan processors and underwriters. These calls generally start like this – Hi Theresa, I’ve been seeing ads everywhere that interest rates are at record lows and I should refinance my mortgage now...or...I got a phone call saying I could get a great refinance deal and it won’t cost me anything and will lower my rate as low as 3.5%. DU for government loans is updating during the weekend of July 21st to accommodate a number of messaging changes on topics such as bankruptcy and foreclosure for VA lending, 3-4 unit property reserve calculations for FHA lending. The Consumer Financial Protection Bureau (CFPB) released updated documents last week as part of its transition away from using the LIBOR index on financial products, including mortgages. As you’re likely aware, USDA Guaranteed Rural Housing is changing guarantee fees from 3.5% to 2.0% for purchase transactions and implementing a new annual fee of .3% effective for all GRH loans that are not committed before October 1, 2011. VIDEO: For Freddie Mac, is there a limit on what needs to be verified for deposits made by the borrower? Not only did I get the opportunity to appreciate the wide variety of experience I have had the fortune to acquire over the years, it also makes me feel old. Everyone knows what a condominium is, but for some reason not everyone knows what a Planned Unit Development is. Purchase activity plummeted 30 percent at its lowest point. I tend to think of myself more as a Mortgage Loan Advisor than a Loan Officer. The new URLA, known as Fannie Mae Form 1003 and Freddie Mac Form 65, reflect revisions announced in August. These changes, it was stated, would help FHA better manage risk while maintaining support for the housing market and access for qualified borrowers. 1948. Part 5-Final FHA Updates to Condominium Approval Qualification Requirements and Process, 10 Reasons Why it’s Still Great to be in the Mortgage Business, Reading and Answering Consumer Questions about Mortgages, HUD Issues Formal Guidance for Disputed Credit Tradelines, Finally Some Long Overdue DU Updates for VA Lending, Evaluating Higher than Standard Housing and Debt Ratios. About National Association of Mortgage Underwriters® (NAMU®) National Association of Mortgage Underwriters® (NAMU®) is located in Hollywood, FL, but also offers classes online. Handling purchase transactions which involve bank owned foreclosure sales are not limited to merely standard bank owned properties, and as I am sure you will all agree, each of us have handled our fair share of FHA property disposition cases. Mortgage delinquency rates are at a 20-year low, according to an industry report. Why GAHU. 11/29/2012- Fannie Mae Lender Letter 2012-11 Confirmation of Conventional Loan Limits for 2013The Federal Housing Finance Agency (FHFA) has issued the maximum loan limits that will apply for conventional loans to in 2013. Ideal for loan processors and mortgage underwriters. Fannie Mae economists believe the housing market has already hit its pandemic-related bottom. When reviewing a credit report for a mortgage loan where you find derogatory credit on the credit report always find out what contributed to the derogatory credit. Employing remote underwriters in these states creates a seamless interface with underwriting regardless of branch location. I am often asked this question by processors or other mortgage professionals that are looking to transition into underwriting. The following is part 1 of a 2 part series covering the various updates. The new handbook will also include all rule changes based on regulation 7 CFR 3555. I am going to share a story of very recent origin which involves someone quite close to me and unfortunately is entirely true. Once a file has been fully underwritten and all conditions are satisfactorily met, it is ready to be cleared to close (CTC). Effective September 1, 2014, USDA will replace the 7 CFR 1980-D regulations with the 7 CFR 3555 regulations for its guaranteed rural housing program. [3], NAHU is governed by an executive board. [1], NAHU was founded by J.P. Collins, L.D. The two government sponsored enterprises reported much better third quarter financial results than they had in the second quarter of this year. The underwriter will review the statements for large deposits and insure the most recent balance is used to qualify. Mortgage Underwriter Training & Certification. Ideal for loan processors and underwriters. Having limited job skills, she accepted employment as a loan processor for a small Savings & Loan in Maryland. I’ve been writing about the different perspectives of the mortgage industry and it has really been an interesting mental activity for me. The Federal Housing Finance Agency (FHFA) released its annual report on single-family guarantee fees charged by Fannie Mae and Freddie Mac. I have had it, really. Even though it created sizable implementation costs for lenders, the TRID Rule has led to improved borrower understanding of mortgage transactions. This was a $63 billion increase from the first quarter. Research National Association of Mortgage Underwriters with over reviews from real employees. [4], NAHU sponsors two industry meetings every year. Commercial real estate mortgage firms expect a strong year in 2020 after a record year of lending in 2019. Manténgase conectado e informado acerca de la industria a través de la aplicación móvil NAHU. New York as well as other states that had significant damage caused by Super Storm Sandy received billions of dollars from The United State Department of Housing and Urban Development as a Community Block Grant. It’s the time of year when we all start watching for those long awaited signs of spring, especially here in Northern Minnesota, where I live. Learn how to become an FHA DE Underwriter with the DE Underwriter Prep Package. National Association Of Mortgage Underwriters, Inc. is a Texas Domestic Non-Profit Corporation filed on November 20, 1978. 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