Mortgage Bankers Association (MBA) of Puerto Rico Data as of April 30, 2014 or as noted

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Mortgage Bankers Association (MBA) of Puerto Rico Data as of April 30, 2014 or as noted"

Transcription

1 FHA Production Highlights & Market News Mortgage Bankers Association (MBA) of Puerto Rico Data as of April 30, 2014 or as noted

2 FHA News: Mortgagee Letters 2

3 ML : August 15, 2013 Subject: Collections and Disputed Accounts TOTAL Mortgage Scorecard User Guide Effective for case numbers assigned on or after October 15, 2013 FHA requires lenders to follow the guidelines on collection accounts with an aggregate balance equal to or greater than $2000 Collection accounts of a non-purchasing spouse in a community property state are included in the cumulative balance Medical collections are excluded from this guidance Disputed accounts of $1000 or more (excluding medical) must be manually underwritten Disputed accounts of a non-purchasing spouse in a community property state are not included in the cumulative balance for purposes of determining in a downgrade to a manual underwrite is required 3

4 ML : August 15, 2013 Subject: Back to Work - Extenuating Circumstances Effective for case numbers assigned on or after August 15, 2013 through September 30, 2016 Provides minimum underwriting standards and criteria for evaluating borrowers who have experienced an Economic Event that resulted in a severe reduction in income due to a job loss, or other circumstances resulting in reduced Household Income Describes the use of housing counseling to qualify under the provisions of this ML Clarifies the process for requesting a review of information contained in CAIVRS for borrowers seeking an FHA-insured mortgage in accordance with the provisions of this ML. 4

5 ML : September 3, 2013 Subject: Home Equity Conversion Mortgage (HECM) Financial Assessment and Property Charge Guide Effective for HECM case numbers assigned on or after January 31, 2014 Refer to the HECM Financial Assessment and Property Charge Guide which was a part of the ML for requirements relating to: performing the credit history analysis performing the cash flow/residual income analysis documenting and verifying credit, income assets, and property charges evaluating extenuating circumstances and compensating factors evaluating the results of the financial assessment in determining eligibility for the HECM determining if funding sources for property charges from HECM proceeds will be required completing a HECM financial assessment worksheet 5

6 ML : September 5, 2013 Subject: Application of Unused Borrower Funds from an Escrow Account on an Existing Mortgage in FHA-Insured Refinance Transactions Effective for case numbers assigned on or after November 1, 2013 Clarification of policy on the application of unused borrower funds from an escrow account on an existing mortgage that are not sent directly to the borrower, but applied to a newly originated FHAinsured refinance mortgage Reminders to mortgagees that calculating the maximum mortgage on a streamline refinance transaction starts with the outstanding principal balance of the existing loan, not the payoff amount Documentation and submission requirements evidencing borrower authorization for application of unused borrower funds from an escrow account on an existing mortgage 6

7 ML : January 21, 2014 Subject: Revised Manual Underwriting Requirements Effective for case numbers assigned on or after April 21, 2014 Mortgagee Letter explains maximum qualifying ratios for manually underwritten mortgages, and the compensating factors that must be documented in order for a mortgagee to approve a borrower whose qualifying ratios exceed certain 7

8 ML : January 30, 2014 Subject: Electronic Signatures Effective immediately Allows e-signatures on origination, servicing, and loss mitigation documents, as well as FHA insurance claims, REO sales contracts and related addenda. Initially, e-signatures will not be accepted on the mortgage note itself. FHA plans to begin accepting e-signatures on forward mortgage notes at the end of the year. Lenders choosing to employ e-signatures may begin using this policy immediately for single family forward mortgages and FHA s Home Equity Conversion Mortgages (HECM). Lenders must adhere to the Electronic Signatures in Global and National Commerce Act (ESIGN), have specific technology and operational capabilities and controls, documented quality control processes, and the ability to adapt e-signature to FHA s existing record retention processes. 8

9 ML : April 25, 2014 (SLIDE 1 of 2) Subject: Home Equity Conversion Mortgage (HECM) Program: Non-Borrowing Spouse Effective for Case Numbers issues on or after August 4, A Non-Borrowing Spouse must comply with FHA s requirements for disclosure and verification of Social Security and Employer Identification numbers by mortgagors HECM documents must contain a provision deferring due and payable status until the death of the last surviving Non- Borrowing Spouse or until another listed event occurs. FHA is revising the model loan documents to incorporate these changes. 9

10 ML : April 25, 2014 (SLIDE 2 OF 2) Subject: Home Equity Conversion Mortgage (HECM) Program: Non-Borrowing Spouse HECM mortgagors must state whether or not legally married at the time of initial application. Mortgagees must verify the name and age of any Non-Borrowing Spouse. Non-Borrowing Spouses do not have to be 62 years old. Principal Limit is based on the age of the youngest mortgagor or Non-Borrowing Spouse. Where a Non-Borrowing Spouse has been identified, the mortgagee must obtain an additional certification from the HECM mortgagor spouse confirming that his/her Non-Borrowing Spouse remains his/her spouse and his/her Non-Borrowing Spouse continues to reside in the property as his/her Principal Residence. 10

11 ML : April 29, 2014 (slide 1 of 2) Subject: Guidance on Nonprofits Assisting Government Entities in Providing Secondary Financing in Conjunction with FHA-Insured Mortgages Effective 4/29/ days to comply with documentation requirements and data entry for secondary financing in the FHAC. Where a government entity uses a nonprofit to assist in the operation of the government entity s secondary assistance programs, HUD approval and placement on the Nonprofit Organization Roster are not required so long as: There is a documented agreement functions performed are limited to the government entity s secondary financial program Secondary financing Note and Deed of Trust name the government entity as the Mortgagee 11

12 ML : April 29, 2014 (slide 2 of 2) Subject: Guidance on Nonprofits Assisting Government Entities in Providing Secondary Financing in Conjunction with FHA-Insured Mortgages If a nonprofit closes secondary financing in its own name, that nonprofit is required to be both HUD approved and placed on the Nonprofit Organization Roster even if the secondary financing will be held by the government entity. FHA-approved mortgages are required to enter secondary financing in FHAC. 12

13 Common Underwriting Findings Top reasons loans are rated unacceptable after a Post Endorsement Technical Review (PETR): Flood Certification Not Provided. Missing documents, e.g. DPA docs, tax returns for selfemployed borrowers, gift funds not properly documented, evidence of Flood Insurance not provided when applicable. Evidence of gift funds not reflected on the HUD-1. Income and Asset miscalculations requiring loans to be rescored in TOTAL. Documents provided have not been translated into English. 13

14 Common Quality Assurance Origination Findings (slide 1 of 2) FINDINGS Failed to maintain and Implement a Quality Control (QC) Plan in compliance with HUD requirements. Incomplete Plan/MRB for Repeat Finding Deficiencies with the Implementation of the lender s QC Plan Deficiencies with Implementation/MRB for Repeat Finding REFERENCE HUD Handbook REV-2, Chapter 7 HUD Handbook REV-2, Chapter 7 14 Failed to ensure data integrity of the information entered by the lender into the FHA Connection. Failed to adequately calculate unreimbursed expenses; taking into consideration how it materially affects the borrower s stability of income/continuance over the next three years Failed to adequately document the source of funds used to process and close the loan. Failed to ensure the borrowers were not charged fees that were not permitted by HUD; currently observing tax service fees charged to the borrower Failed to provide all loan documents upon request. Possible indemnification and MRB for egregiousness Failed to adequately determine the net tangible benefit for a streamline refinance transaction. Omission of debts underestimation of property taxes (borrower would not qualify) Borrower was not employed at the time of closing. Borrower was not employed at the time of closing. Documents relating to the credit, employment, or income of borrowers were handled by, or transmitted from or through the equipment of interested third parties. ML 05-36; 05-15; 04-22; and HUD Handbook C.3; Lender Insurance Guide; FHA TOTAL Mortgage Scorecard User Guide. HUD Handbook D. Indemnification 5 years ML 05-15; 04-44; HUD Handbook A.1, FHA TOTAL Scorecard User Guide HUD Handbook , 6.A3; A HUD Handbook B.1, B.2 ML 09-32; 11-11; and HUD Handbook C Indemnification 5 years ML 12-03; and HUD Handbook C. Indemnification 5 years HUD Handbook A.4b; B1.g HUD Handbook LB.1.f Mortgage Credit Analysis for Mortgage Insurance. HUD Handbook B.1 f Policy Prohibiting the use of documents handled by Third Parties.

15 Common Quality Assurance Origination Findings (slide 2 of 2) FINDINGS REFERENCE HECM S Failed to reconcile discrepancies found in appraisal ML 10-07, 10-22; and HUD Handbook documents and/or provide documentation required for loan eligibility. Steering borrowers to counseling agencies ML 04-25; 10-37; and HUD Handbook Chapter 2, and REV-5 15

16 Common Quality Assurance Servicing Findings Deficient Quality Control plan Single Family Default Monitoring System (SFDMS) Fatal errors; data integrity Management Review loss mitigation, foreclosure Unallowable Fees Loss Mitigation (LM) - Adherence to Waterfall since change Foreclosure - Not timely and not curtailing interest properly 203K Draws/servicing of rehabilitation; GNMA requirement. Application of Payment Suspending payments for long periods Pre-Foreclosure/Short Sale interested third parties; conflict of interest Failure to file a claim for insurance benefits timely. 16

17 FHA Production Statistics 17

18 FHA Resource Center Puerto Rico represents 0.9% of all Service Requests. Primary Category October November December January February March April Category Totals Appraisal/Property Analysis Closing and Insuring Condominium Project Approval Consumer Information 1 1 Credit Underwriting CRM Support (HUD Users) FHA System Support HUD Owned Properties Lender Approval/Eligibility Misrouted Contacts Partner Approval/Eligibility 1 1 Quality Control/Compliance 1 1 Rehabilitation Programs Reverse Mortgage Programs TOTAL: ,145 18

19 Monthly Endorsement Trends Over the period below, the Caribbean share of the AHOC peaked in April 2013 at 7.0% and hit a low of 2.9% in January 2014; current share of the AHOC is 3.7%. FHA Endorsements by Month: Fiscal Year 2013 through April FYTD ,000 40,000 2,500 35,000 30,000 2,000 25,000 1,500 20,000 1,000 15,000 10, ,000 0 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 Carribean 1,291 1,064 1,206 1,421 1,255 1,117 2,406 1,994 1,559 1,239 1, Atlanta HOC 33,524 30,444 29,369 34,795 29,902 31,044 34,499 35,260 30,921 29,395 28,137 23,219 24,076 18,176 18,468 19,499 14,293 15,635 18,

20 Endorsement Share by Loan Type Endorsement Share by Loan Type April FYTD Caribbean Endorsement Share by Loan Type April FYTD Atlanta HOC Purchases Refinances Purchases Refinances 1,818 40% 2,749 60% 36,172 28% 93,290 72% Endorsement Share by Loan Type April FYTD Nationwide Purchases Refinances 117,665 25% 351,368 75% 20

21 Endorsement Trends by Loan Type Endorsement Trends Caribbean April FYTD 2014 April FYTD 2013 Endorsement Trends - Atlanta HOC April FYTD 2014 April FYTD ,525 3,265 7,507 8,819 1,818 5,822 36, ,327 2,749 93,290 3, ,425 1,692 2,475 4,567 9,787 68,430 78, , ,577 21

22 Leading Lenders by Endorsements April Fiscal YTD 2014 Forward Lenders HECM Lenders State/Territory Originating Mortgagee # $ PUERTO RICO BANCO POPULAR DE PUERTO RICO 1, ,030,092 PUERTO RICO DORAL MORTGAGE CORPORATION ,624,105 PUERTO RICO SCOTIABANK DE PUERTO RICO ,718,952 PUERTO RICO FIRST BANK OF PR ,368,185 PUERTO RICO MONEY HOUSE INC ,909,955 PUERTO RICO PREFERRED MORTGAGE CORP ,247,048 PUERTO RICO ORIENTAL BANK AND TRUST ,799,089 PUERTO RICO EMI EQUITY MORTGAGE INC ,108,712 PUERTO RICO SUN WEST MORTGAGE CO INC ,481,759 PUERTO RICO HOME MORTGAGE BANKERS 99 11,210,401 PUERTO RICO METRO ISLAND MORTGAGE INC 85 9,718,226 PUERTO RICO TRUST MORTGAGE CORPORATION 80 9,115,856 PUERTO RICO VIG MORTGAGE CORP 76 10,410,585 PUERTO RICO HR MORTGAGE CORP 74 7,864,609 PUERTO RICO FIRST EQUITY MORTGAGE BANKERS INC 72 9,992,969 PUERTO RICO FIRST SECURITY MORTGAGE INC 59 7,918,390 PUERTO RICO R F MORTGAGE AND INVESTMENT CORP 57 7,803,883 State/Territory Originating Mortgagee # $ PUERTO RICO MONEY HOUSE INC ,421,938 PUERTO RICO SENIOR MORTGAGE BANKERS INC ,939,976 PUERTO RICO VIG MORTGAGE CORP 43 5,617,008 PUERTO RICO SUN WEST MORTGAGE CO INC 26 4,398,659 PUERTO RICO HISPANIA FINANCIAL SERVICES CORP 16 1,510,593 PUERTO RICO METRO ISLAND MORTGAGE INC 14 1,297,061 PUERTO RICO FIRST EQUITY MORTGAGE BANKERS INC 11 2,084,527 PUERTO RICO MULTIPLES MORTGAGE CORPORATION 10 1,057,000 PUERTO RICO COOPERATIVA DE AHORRO Y CREDITO DE ARECI 7 526,543 PUERTO RICO ADVANCE MORTGAGE BANKERS INC 6 643,000 PUERTO RICO EMI EQUITY MORTGAGE INC 5 735,426 PUERTO RICO HR MORTGAGE CORP 4 631,000 PUERTO RICO BANCO POPULAR DE PUERTO RICO 4 378,221 PUERTO RICO FIRST SECURITY MORTGAGE INC 4 550,000 PUERTO RICO AAA CONCORDIA MORTGAGE CORP 4 840,000 PUERTO RICO R F MORTGAGE AND INVESTMENT CORP 4 366,099 PUERTO RICO MASTER MORTGAGE CORPORATION 4 413,000 22

23 REO Acquisitions, Sales, & Inventory Atlanta Homeownership Center 7,000 6,000 5,000 4,000 20,000 18,000 16,000 14,000 12,000 10,000 3,000 2,000 1,000 8,000 6,000 4,000 2,000 0 Sep- 12 Oct-12 Nov- 12 Dec- 12 Jan-13 Feb-13 Mar-13 Apr-13 May- 13 Jun-13 Jul-13 Aug- 13 Sep- 13 Oct-13 Nov- 13 Dec- 13 Jan-14 Feb-14 Mar-14 Apr-14 Acquistions 2,717 3,195 3,148 3,426 3,608 3,862 3,961 3,942 4,210 3,462 3,347 3,211 2,268 2,847 2,945 2,231 2,428 2,130 2,209 2,112 Sales 3,228 3,362 2,988 2,809 3,041 2,987 3,268 3,569 3,666 3,508 3,697 3,453 3,714 3,751 3,138 2,913 2,691 2,606 2,714 2,745 Inventory 13,305 13,004 13,047 13,559 14,246 15,158 15,901 16,300 17,043 16,626 16,117 15,863 14,278 13,189 13,005 12,135 11,814 11,137 10,485 9,

24 REO Acquisitions, Sales, & Inventory Caribbean - REO Acquisitions, Sales, and Inventory Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 Acquisitions Sales Inventory

25 25 IIF, Default & Foreclosure Rate Comparisons National Atlanta HOC Puerto Rico Virgin Islands Fiscal Year April FYTD 2014 Insurance In Force 7,736,483 7,822,006 7,809,897 Unpaid Balance $1,182,342,356,644 $1,292,964,673,533 $1,161,015,024, Day Defaults 719, , , Day Default Rate 9.302% 7.795% 6.996% Foreclosed Upon 100, ,692 39,530 Foreclosed Upon Rate 1.299% 1.415% 0.506% Insurance In Force 2,258,508 2,278,095 2,276,226 Unpaid Balance $285,072,158,990 $311,043,868,926 $283,260,438, Day Defaults 267, , , Day Default Rate % 9.483% 8.392% Foreclosed Upon 34,966 41,444 16,342 Foreclosed Upon Rate 1.548% 1.819% 0.718% Insurance In Force 112, , ,178 % National 1.45% 1.44% 1.44% % AHOC 4.96% 4.94% 4.93% Unpaid Balance $9,621,926,077 $11,074,918,986 $10,178,185, Day Defaults 8,426 7,675 8, Day Default Rate 7.520% 6.819% 7.345% Foreclosed Upon Foreclosed Upon Rate 0.283% 0.403% 0.295% Insurance In Force Unpaid Balance $67,436,701 $76,446,528 $79,179, Day Defaults Day Default Rate 6.362% 8.171% 9.142% Foreclosed Upon Foreclosed Upon Rate 0.000% 0.000% 0.187%

26 Cost/Value/Price Net Return REO Sales Net Returns Puerto Rico Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr Month Average Properties Sold Owner Occupancy % 47% 67% 80% 80% 83% 82% 83% 79% 84% 62% 69% 82% 70% 77% Days in Inventory Acq. Cost (Claim) $122,933 $133,778 $121,960 $118,532 $129,084 $127,804 $132,265 $113,134 $128,299 $110,106 $130,245 $129,256 $119,378 $124,765 Acq. Appraised Value $105,246 $122,996 $112,346 $101,769 $113,906 $112,617 $108,704 $103,072 $117,931 $109,943 $112,255 $116,191 $105,189 $111,405 Total CIE (REO Costs)** $9,479 $11,881 $10,960 $10,173 $10,157 $12,325 $10,942 $9,639 $10,869 $9,393 $9,887 $10,328 $9,529 $12,461 Sales Price $70,515 $94,707 $87,630 $84,468 $89,986 $92,346 $92,398 $85,550 $88,448 $76,960 $86,436 $90,629 $79,944 $87,546 % Sales to Appraised Value 67% 77% 78% 83% 79% 82% 85% 83% 75% 70% 77% 78% 76% 79% Loss ($61,897) ($50,952) ($45,290) ($44,237) ($49,255) ($47,783) ($50,809) ($37,223) ($50,720) ($42,539) ($53,696) ($48,955) ($48,963) ($49,680) Net Return 49.6% 61.9% 62.9% 62.7% 61.8% 62.6% 61.6% 67.1% 60.5% 61.4% 58.8% 62.1% 59.0% 60.2% **Total CIE = Capital Income/ Expenses = sum of taxes, repairs, M&O, sales expenses, misc. $160,000 $120,000 Net Return: Puerto Rico 70.0% 60.0% 50.0% $80,000 $40,000 $0 40.0% 30.0% 20.0% 10.0% 0.0% Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 Acq. Cost (Claim) $122,933 $133,778 $121,960 $118,532 $129,084 $127,804 $132,265 $113,134 $128,299 $110,106 $130,245 $129,256 $119,378 Acq. Appraised Value $105,246 $122,996 $112,346 $101,769 $113,906 $112,617 $108,704 $103,072 $117,931 $109,943 $112,255 $116,191 $105,189 Sales Price $70,515 $94,707 $87,630 $84,468 $89,986 $92,346 $92,398 $85,550 $88,448 $76,960 $86,436 $90,629 $79,944 Net Return 49.6% 61.9% 62.9% 62.7% 61.8% 62.6% 61.6% 67.1% 60.5% 61.4% 58.8% 62.1% 59.0% 26

27 Default Reasons FHA Cases Reasons for Borrower Defaults - Caribbean Unpaid Balance Default Reason 27 2,617, Unable to Contact Borrower 24 3,155, Other 17 1,609, Excessive obligations (same income, including habitual nonpayment of debts.) 10 1,252, Curtailment of Borrower Income 5 1,098, Payment Dispute 3 480, Illness of principal mortgagor 3 525, Illness of mortgagor's family member 2 405, Unemployment 1 114, Energy-Environment cost 1 40, Transfer of Ownership Pending 27

28 Rates Homeownership Rates Homeownership Rate Trend 76.0% 74.0% 72.0% 70.0% 68.0% 66.0% 64.0% 62.0% 60.0% 58.0% United States 64.2% 66.2% 66.9% 67.3% 67.2% 66.6% 65.9% 65.4% 64.6% 63.9% Puerto Rico 72.1% 72.9% 74.5% 74.1% 74.3% 72.4% 71.5% 70.5% 69.8% 69.5% 1990 & 2000 Data is from the Census is 1-year ACS data. 28

Review of FHA s Policies

Review of FHA s Policies Review of FHA s Policies January 16, 2014 Presented by Arlene Nunes 1 Agenda HUD s Qualified Mortgage Rule 2014 FHA Loan Limits (ML 2013 43) Manual Underwriting Final Notice Single Family Housing Policy

More information

Section B: Direct Endorsement (DE) Program Lender Approval Overview

Section B: Direct Endorsement (DE) Program Lender Approval Overview HUD 4155.2 Chapter 2, Section B Section B: Direct Endorsement (DE) Program Lender Approval Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page

More information

April 23, 2015 Mortgagee Letter 2015-10. All Approved Home Equity Conversion Mortgage (HECM) Servicers

April 23, 2015 Mortgagee Letter 2015-10. All Approved Home Equity Conversion Mortgage (HECM) Servicers U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER April 23, 2015 Mortgagee Letter 2015-10 To All Approved Home Equity

More information

Date: August 15, 2013 All FHA-Approved Mortgagees Mortgagee Letter 2013-24

Date: August 15, 2013 All FHA-Approved Mortgagees Mortgagee Letter 2013-24 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Date: August 15, 2013 To: All FHA-Approved Mortgagees Mortgagee

More information

Chapter 2. DE Lender Application and Approval/Lender Insurance Program (LI) Eligibility & Approval Table of Contents

Chapter 2. DE Lender Application and Approval/Lender Insurance Program (LI) Eligibility & Approval Table of Contents Chapter 2, Table of Contents Chapter 2. DE Lender Application and Approval/Lender Insurance Program (LI) Eligibility & Approval Table of Contents Section A. Direct Endorsement (DE) Program Lender Application

More information

HMBS Update. An Evolving Market

HMBS Update. An Evolving Market HMBS Update An Evolving Market HMBS Current State Metrics Portfolio $52 Billion 327,728 Loans 8.3 Million Participations 14 HMBS Issuers with a Portfolio HMBS Issuance FY 2014: $7.1 Billion FY 2015 YTD:

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Date: April 25, 2014 To: All Approved Mortgagees Mortgagee Letter

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000. November 10, 2014 Mortgagee Letter 2014-21 All Approved Mortgagees

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000. November 10, 2014 Mortgagee Letter 2014-21 All Approved Mortgagees U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER November 10, 2014 Mortgagee Letter 2014-21 To: All Approved Mortgagees

More information

FHA Guideline Changes Effective for Case Numbers Assigned On or After Sept 14, 2015

FHA Guideline Changes Effective for Case Numbers Assigned On or After Sept 14, 2015 Topic Current FHA Guideline New FHA Guideline Assets Gift Funds as Reserves Manual Underwriting: Not allowed as reserves Manual underwriting: Not allowed as reserves TOTAL Scorecard: Not allowed as reserves

More information

HUD Housing & FHA Monthly Review

HUD Housing & FHA Monthly Review HUD Housing & FHA Monthly Review POLICY DEVELOPMENTS SINGLE FAMILY HOUSING FOLLOW US ON TWITTER! - @FHA_PDAS - @HUD_FHA - @HUDHousing Extension of the Implementation Date for Mortgagee Letter 2015-07:

More information

A Simplified Overview of FHA Loan Origination

A Simplified Overview of FHA Loan Origination Introduction to FHA Origination A Simplified Overview of FHA Loan Origination Topics of Discussion Introduction to FHA Fundamentals of Loan Origination FHA Loan Limits Borrower Eligibility Property Eligibility

More information

April 2010. FHA FAQs/HOT TOPICS. www.hud.gov 1-800-CALL FHA. Servicing the American Homebuyer Since 1934

April 2010. FHA FAQs/HOT TOPICS. www.hud.gov 1-800-CALL FHA. Servicing the American Homebuyer Since 1934 April 2010 FHA FAQs/HOT TOPICS 1 Presenters CONNIE SCHOENWALD LAURA ARUNDEL LINDA THOMPSON PAVLINA KUSNIERZ 2 AGENDA Occupancy Income/employment Credit Miscellaneous Property FHA Connection Refinances

More information

FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement

FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement Training: Origination Through Post-Closing/ Endorsement 1 Module 8A Programs and Products: Refinance Single Family Housing Policy Handbook 4000.1 Title II Insured Housing Program Forward Mortgages Origination

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER DATE: September 3, 2013 TO: ALL FHA-APPROVED MORTGAGEES MORTGAGEE

More information

FHA-Home Affordable Modification Program

FHA-Home Affordable Modification Program These guidelines supplement requirements outlined in e Letter 2009-23 Guidance e Mortgagors FHA-Home Affordable Modification Program The Servicer of the modified FHA-HAMP mortgage must be FHA-Approved.

More information

Date: January 9, 2015 All Approved Mortgagees Mortgagee Letter 2015-02

Date: January 9, 2015 All Approved Mortgagees Mortgagee Letter 2015-02 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Date: January 9, 2015 To: All Approved Mortgagees Mortgagee Letter

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER DATE: September 3, 2013 TO: ALL FHA-APPROVED MORTGAGEES MORTGAGEE

More information

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended.

NOTE: This matrix includes overlays, which may be more restrictive than FHA requirements. A thorough reading of this matrix is recommended. This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Date: April 29, 2014 To: All FHA-Approved Mortgagees Mortgagee Letter

More information

Federal Housing Finance Agency

Federal Housing Finance Agency Fourth Quarter 20 FHFA Federal Property Manager's Report This report contains data on foreclosure prevention activity, refinance and MHA program activity of Fannie Mae and Freddie Mac (the Enterprises)

More information

FHA Streamline (Full Credit and Non-Credit Qualifying)

FHA Streamline (Full Credit and Non-Credit Qualifying) . This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for FHA guidelines. Users are expected to know and comply

More information

QUALITY CONTROL PLAN CHECKLIST FOR LOAN ORIGINATION (Reference: HUD Handbook 4060.1 REV-1 Chapter 6 Revised 11/26/03)

QUALITY CONTROL PLAN CHECKLIST FOR LOAN ORIGINATION (Reference: HUD Handbook 4060.1 REV-1 Chapter 6 Revised 11/26/03) QUALITY CONTROL PLAN CHECKLIST FOR LOAN ORIGINATION (Reference: HUD Handbook 4060.1 REV-1 Chapter 6 Revised 11/26/03) All approved mortgages, including correspondents, must implement and continuously have

More information

Vicki B. Bott, Deputy Assistant Secretary for Single Family Housing, HU

Vicki B. Bott, Deputy Assistant Secretary for Single Family Housing, HU Issue Date October 25, 2010 Audit Report Number 2011-AT-1001 TO: Vicki B. Bott, Deputy Assistant Secretary for Single Family Housing, HU FROM: //signed// James D. McKay, Regional Inspector General for

More information

WHOLESALE FHA 580 619 PRODUCT PROFILE

WHOLESALE FHA 580 619 PRODUCT PROFILE Maximum LTV/CLTV & Minimum Credit Score Requirements LTV CLTV MIN CREDIT 2 INVESTOR CODES PURCHASE 96.50% 96.50% 580 I-12, I-15 1 NO CASH-OUT REFINANCE 97.75% 97.75% 580 I-12, I-15 1 CASH-OUT REFINANCE

More information

FHA STREAMLINE REFINANCE PRODUCT PROFILE

FHA STREAMLINE REFINANCE PRODUCT PROFILE Terms 30 Year Terms 15 Year Terms Maximum LTV/CLTV LTV/CLTV Score LTV/CLTV Score Non-Credit Qualifying N/A N/A Credit Qualifying 97.75% 97.75% Applies to Case Numbers assigned on or after January 26, 2015

More information

OFFICE OF AUDIT REGION 6 FORT WORTH, TX. Eustis Mortgage Corporation New Orleans, LA. HUD Federal Housing Administration Direct Endorsement Lender

OFFICE OF AUDIT REGION 6 FORT WORTH, TX. Eustis Mortgage Corporation New Orleans, LA. HUD Federal Housing Administration Direct Endorsement Lender OFFICE OF AUDIT REGION 6 FORT WORTH, TX Eustis Mortgage Corporation New Orleans, LA HUD Federal Housing Administration Direct Endorsement Lender 2013-FW-1002 MARCH 21, 2013 Issue Date: March 21, 2013 Audit

More information

QUALITY CONTROL PLAN CHECKLIST FOR LOAN ORIGINATION (Reference: HUD Handbook 4000.1 Quality Control, Oversight and Compliance Effective 09/14/15)

QUALITY CONTROL PLAN CHECKLIST FOR LOAN ORIGINATION (Reference: HUD Handbook 4000.1 Quality Control, Oversight and Compliance Effective 09/14/15) QUALITY CONTROL PLAN CHECKLIST FOR LOAN ORIGINATION (Reference: HUD Handbook 4000.1 Quality Control, Oversight and Compliance Effective 09/14/15) All approved mortgages, including correspondents, must

More information

Frank L. Davis, General Deputy Assistant Secretary for Housing, H. //signed// Ronald J. Hosking, Regional Inspector General for Audit, 7AGA

Frank L. Davis, General Deputy Assistant Secretary for Housing, H. //signed// Ronald J. Hosking, Regional Inspector General for Audit, 7AGA Issue Date May 13, 2005 Audit Report Number 2005-KC-1006 TO: FROM: Frank L. Davis, General Deputy Assistant Secretary for Housing, H //signed// Ronald J. Hosking, Regional Inspector General for Audit,

More information

October 20, 2008 MORTGAGEE LETTER 2008-33. Home Equity Conversion Mortgage (HECM) for Purchase Program

October 20, 2008 MORTGAGEE LETTER 2008-33. Home Equity Conversion Mortgage (HECM) for Purchase Program U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER October 20, 2008 MORTGAGEE LETTER 2008-33 TO: ALL APPROVED MORTGAGEES

More information

Reverse Mortgage: Recent HECM Changes

Reverse Mortgage: Recent HECM Changes Reverse Mortgage: Recent HECM Changes Objectives This training session is for Wholesale, Mini Correspondent and Correspondent Loan Origination Partners. This will cover the recent Mortgagee Letters Summation

More information

Section A. Borrower Eligibility Requirements

Section A. Borrower Eligibility Requirements Overview Section A. Borrower Eligibility Requirements In This Section This section contains the topics listed in the table below. Local Topic Topic Name See Page 1 Borrower, Coborrower, and Cosigner Eligibility

More information

Home Equity Conversion Mortgage Basics

Home Equity Conversion Mortgage Basics Home Equity Conversion Mortgage Basics Kelly Zitlow NMLS#164330 Vice President, CMPS 480.398.4908 kzitlow@ccmclending.com www.kellyzitlow.com Cherry Creek Mortgage Co., Inc. NMLS#3001 AZ BK#0904024 17015

More information

March 16, RE: FHA Single-Family Housing Policy Handbook Clarifications. Dear Deputy Assistant Secretary Zadareky,

March 16, RE: FHA Single-Family Housing Policy Handbook Clarifications. Dear Deputy Assistant Secretary Zadareky, March 16, 2016 Kathleen Zadareky Deputy Assistant Secretary for Single Family Housing U.S. Department of Housing and Urban Development 451 7th Street, S.W., Room 9282 Washington, D.C. 20410 RE: FHA Single-Family

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents

Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents Chapter 3, Table of Contents Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents Section A. Refinance Transaction Overview Overview... 3-A-1 1. General Information on Refinance

More information

Reverse Mortgage Product and Underwriting Overlays Loan Parameter HECM Fixed (Standard) HECM Fixed (Saver) Variable Rate HECM Youngest Borrower Age

Reverse Mortgage Product and Underwriting Overlays Loan Parameter HECM Fixed (Standard) HECM Fixed (Saver) Variable Rate HECM Youngest Borrower Age Reverse Mortgage Product and Underwriting Overlays Loan Parameter HECM Fixed (Standard) HECM Fixed (Saver) Variable Rate HECM Youngest Borrower Age 62 years and above Occupancy Eligibility Allowed Owner

More information

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX RATE REDUCTION REFINANCES EQUITY (CASH OUT) REFINANCES 5. CACULATING THE MORTGAGE AMOUNT WITH A NEW APPRAISAL If the junior lien is a home equity line of credit, the maximum CLTV is based on the full credit

More information

Making Home Affordable Program: FHA s Home Affordable Modification Loss Mitigation Option. Mortgagee Letter , page 1

Making Home Affordable Program: FHA s Home Affordable Modification Loss Mitigation Option. Mortgagee Letter , page 1 Making Home Affordable Program: FHA s Home Affordable Modification Loss Mitigation Option Mortgagee Letter 2009-23, page 1 Basic Program Guidelines FHA-Home Affordable Modification Program (FHA-HAMP) FHA-HAMP

More information

Converting Home Equity into Income: A Reverse Mortgage Review

Converting Home Equity into Income: A Reverse Mortgage Review Converting Home Equity into Income: A Reverse Mortgage Review Are you interested in the possibility of converting equity in your home into cash without having to move or assume debt that has to be currently

More information

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 August 19, 2011 To: All Approved Mortgagees Mortgagee Letter 11-29 Subject Federal Housing Administration s (FHA) Maximum Loan Limits Effective October 1, 2011 through December 31, 2011 Purpose This Mortgagee

More information

Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview

Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 No Cash

More information

FHA Updates & Highlights

FHA Updates & Highlights U.S. Department of Housing & Urban Development FHA Updates & Highlights June 2015 Erik Amundson, Director Helena Field Office U.S. Department of HUD Federal Housing Administration (FHA) 1 Montana Statistics

More information

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014

SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 SECTION 184 INDIAN HOUSING LOAN GUARANTEE PROGRAM Processing Guidelines 2014 Chapter 11: Refinances 11.1 Overview 11.2 Tribal Trust Land Documentation 11.3 No Cash-Out Refinance 11.4 Cash-Out Refinance

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

11 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000. FHA Refinance Transactions

11 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000. FHA Refinance Transactions 11 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Date: February 14, 2011 To: All Approved Mortgagees All FHA Roster

More information

What s s New With FHA?

What s s New With FHA? What s s New With FHA? Presented By: Bill Ladewig 866.204.9733 http://www.mortgage- FHA Calculator Calculates everything needed to quote or qualify FHA loans Click to Open: http://www.themtgmentor.com/fha_mortgage_calculator.html

More information

April 23, 2015 Mortgagee Letter 2015-11. All FHA Reverse Mortgage Loan Servicers

April 23, 2015 Mortgagee Letter 2015-11. All FHA Reverse Mortgage Loan Servicers U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER April 23, 2015 Mortgagee Letter 2015-11 To All FHA Reverse Mortgage

More information

Section 1. Overview of Relationships and Responsibilities

Section 1. Overview of Relationships and Responsibilities CHAPTER 1. INTRODUCTION TO COINSURED LOAN SERVICING 1-1. ORGANIZATION OF HANDBOOK. This Handbook sets forth HUD's requirements regarding owners' management, lenders' loan servicing and oversight and lenders'

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000. Back to Work - Extenuating Circumstances

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000. Back to Work - Extenuating Circumstances U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Mortgagee Letter 2013-26 Date: August 15, 2013 To: All FHA-Approved

More information

ATTACHMENT A. 1. Between January 2006 and December 2011, U.S. Bank National

ATTACHMENT A. 1. Between January 2006 and December 2011, U.S. Bank National ATTACHMENT A 1. Between January 2006 and December 2011, U.S. Bank National Association (U.S. Bank) was a Direct Endorsement Lender approved by the Federal Housing Administration (FHA) and U.S. Department

More information

Section D. Reverse Mortgage Loan Features and Costs Overview

Section D. Reverse Mortgage Loan Features and Costs Overview Section D. Reverse Mortgage Loan Features and Costs Overview Contents This section contains the following topics: Topic See Page 1. Types of Reverse Mortgage Products 5-D-2 2. Reverse Mortgage Loan Limits

More information

Numbers. on Case. Case numbers can MIP): Premium. April 18, 20111 REFINANCES. LTV Ratio >95 95 1.15% 1.10% 1.0. LTV Ratio >90 90 .50%.

Numbers. on Case. Case numbers can MIP): Premium. April 18, 20111 REFINANCES. LTV Ratio >95 95 1.15% 1.10% 1.0. LTV Ratio >90 90 .50%. ANNOUNCEMEN NT... #11-07, March 11, 2011 To: All Michigan Mutual, Inc. Brokers Topics Included in this Announcement: HUD Mortgage Letter 2011-10: Annual Mortgage Insurance Premium Changes and Guidance

More information

Correspondent. FHA 203(b) & 234(c)

Correspondent. FHA 203(b) & 234(c) FHA 203(b) & 234(c) Introduction Eligible Products and Product Codes Maximum Loan Amount Minimum Loan Amount General Requirements This Product Guide outlines policies for Federal Housing Administration

More information

Supporting Neighborhood Stabilization Programs June 19, 2012

Supporting Neighborhood Stabilization Programs June 19, 2012 U.S. Department of Housing and Urban Development FHA Mortgage Financing Supporting Neighborhood Stabilization Programs June 19, 2012 Community Planning and Development Presenters Arlene Nunes, FHA John

More information

John C. Weicher, Assistant Secretary for Housing-Federal Housing Commissioner, H INTRODUCTION

John C. Weicher, Assistant Secretary for Housing-Federal Housing Commissioner, H INTRODUCTION Issue Date April 21, 2004 Audit Case Number 2004-AT-1005 TO: John C. Weicher, Assistant Secretary for Housing-Federal Housing Commissioner, H FROM: SUBJECT: James D. McKay Regional Inspector General for

More information

4060.1 REV-2. 1. Review Items. The review must include, but not necessarily be limited to, confirmation of the following items:

4060.1 REV-2. 1. Review Items. The review must include, but not necessarily be limited to, confirmation of the following items: CHAPTER 7 QUALITY CONTROL PLAN 7-1 General. All FHA approved mortgagees, including loan correspondents, must implement and continuously have in place a Quality Control Plan for the origination and/or servicing

More information

CHAPTER 7 QUALITY CONTROL PLAN

CHAPTER 7 QUALITY CONTROL PLAN CHAPTER 7 QUALITY CONTROL PLAN 7-1 General. All FHA approved mortgagees, including loan correspondents, must implement and continuously have in place a Quality Control Plan for the origination and/or servicing

More information

Frequently asked questions for advisors

Frequently asked questions for advisors 1. How does your client qualify for a reverse mortgage? To become eligible for a reverse mortgage, the borrower must be at least 62 years old and own their home And have enough equity in the house to pay

More information

ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15

ditech BUSINESS LENDING FHA STANDARD REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15 1. PRODUCT FHA Fixed Rate and ARM Mortgages for Rate and Term Refinance, Cash-Out Refinance and Simple Refinance Transactions DESCRIPTION Fixed Rate 5 to 30 year term in annual increments Fully amortizing

More information

Important Things to Know

Important Things to Know FHA FAQ Webinar 9:00 AM Mountain Time All audio for this webinar is through your computer there is no separate call-in number Please ensure that you are able to receive sound through your computer and

More information

Section 1: Loan Characteristics

Section 1: Loan Characteristics Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed

More information

Reverse Mortgage Information Guide

Reverse Mortgage Information Guide Reverse Mortgage Information Guide Table of Contents FHA Reverse Mortgages 3 Common Misconceptions about Reverse Mortgages 4 How the Program Works 4 Benefits of a HECM loan 4 HECM vs. Traditional Mortgage

More information

Section B. Transactions Affecting Maximum Mortgage Calculations Overview

Section B. Transactions Affecting Maximum Mortgage Calculations Overview Section B. Transactions Affecting Maximum Mortgage Calculations Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 Transactions Affecting Maximum

More information

FINANCIAL ASSESSMENT. 1-Page Training Documents

FINANCIAL ASSESSMENT. 1-Page Training Documents FINANCIAL ASSESSMENT 1-Page Training Documents Contents What is Financial Assessment?... 1 Financial Assessment Talking Points... 2 Financial Assessment - Documentation... 3 Financial Assessment Credit

More information

July 26, SUBJECT: 203(K) Rehabilitation Mortgage Program- Single Family Loan Production

July 26, SUBJECT: 203(K) Rehabilitation Mortgage Program- Single Family Loan Production U.S. Department of Housing and Urban Development Washington, D.C. 20410-8000 July 26, 2000 OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER MORTGAGEE LETTER 00-25 TO: ALL APPROVED

More information

Turn the equity in your home into an income you can t outlive

Turn the equity in your home into an income you can t outlive Turn the equity in your home into an income you can t outlive What Is a Reverse Mortgage? A reverse mortgage is a loan designed for senior homeowners age 62 or older, that allows them to convert some of

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

FHA Reverse Mortgages for People 62 Years and Older

FHA Reverse Mortgages for People 62 Years and Older FHA Reverse Mortgages for People 62 Years and Older If you are age 62 or older you may want to participate in FHA's Home Equity Conversion Mortgage (HECM), better known as the Reverse Mortgage, program.

More information

Section C. Borrower Credit Analysis Overview

Section C. Borrower Credit Analysis Overview Section C. Borrower Credit Analysis Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 General Guidelines for Analyzing Borrower 4-C-2 Credit

More information

Chapter 3. Mortgage Loan Requirements and Eligibility Criteria Table of Contents

Chapter 3. Mortgage Loan Requirements and Eligibility Criteria Table of Contents Chapter 3, Table of Contents Chapter 3. Mortgage Loan Requirements and Eligibility Criteria Table of Contents Section A. Loan Application and Finance-Related Policies Overview... 3-A-1 1. Maximum Loan

More information

Chapter 11: Refinances

Chapter 11: Refinances Chapter 11: Refinances 11.1 Overview 11.2 Trust Land Documentation 11.3 Type of Refinances 11.1 Overview The Section 184 loan can be used to refinance a single family one- to- four unit dwellings located

More information

ditech BUSINESS LENDING FHA STREAMLINE REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15

ditech BUSINESS LENDING FHA STREAMLINE REFINANCE PRODUCT FOR CASE NUMBERS ASSIGNED ON OR AFTER 9/14/15 NON- 1. PRODUCT DESCRIPTION 2. ELIGIBLE PROGRAMS 3. CURRENT FIRST MORTGAGE ELIGIBILITY FHA Fixed Rate and ARM Mortgages for Streamline Refinance Transactions Fixed Rate 5 to 30 year term in annual increments

More information

Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1

Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1 Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1 (a) Purpose The purpose of this section is to authorize the Secretary to carry out a program of mortgage insurance

More information

Endorsing a Single Family FHA Case

Endorsing a Single Family FHA Case Endorsing a Single Family FHA Case The Direct Endorsement (DE) process allows FHA-approved lenders to submit a mortgage insurance application for a loan to a single family, low-to-moderate-income homebuyer.

More information

The following information is provided to you by U.S. Department of Housing and Urban Development.

The following information is provided to you by U.S. Department of Housing and Urban Development. The following information is provided to you by U.S. Department of Housing and Urban Development. Attachment C: Resources for Clients C.1 Important Information about Reverse Mortgage Counselors C.2 Reverse

More information

FHA Streamline Refinance Guidelines

FHA Streamline Refinance Guidelines The following guidelines apply to all DIRECTORS MORTGAGE s FHA Streamline Refinance loan program. All loans must adhere to the criteria of these guidelines or the individual loan programs. While DIRECTORS

More information

Nationwide Mortgage Licensing System #222955

Nationwide Mortgage Licensing System #222955 Nationwide Mortgage Licensing System #222955 Senior Concerns Is your mortgage paid off? Is your Social Security and/or pension sufficient? Rising costs of living: gas, health care, food, utilities, medications,

More information

Document source of funds if amount exceeds 1% of sales price OR appears excessive based on borrower's savings history.

Document source of funds if amount exceeds 1% of sales price OR appears excessive based on borrower's savings history. ASSETS Earnest Money Document source of funds if amount exceeds 2% of sales price OR appears excessive based on borrower's savings history. Document source of funds if amount exceeds 1% of sales price

More information

NRMLA Guidance Limited Underwriting For Property Charges

NRMLA Guidance Limited Underwriting For Property Charges National Reverse Mortgage Lenders Association 1400 16 th Street NW Suite 420 Washington, DC 20036 NRMLA Guidance Limited Underwriting For Property Charges NRMLA Guidance - Limited Underwriting For Property

More information

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview Section C. Maximum Mortgage Amounts on Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 General Information on 3-C-2 2 Without an Appraisal

More information

Paramount Residential Mortgage Group (PRMG) HUD REPAIR ESCROWS UNDERWRITING AND APPRAISAL REQUIREMENTS

Paramount Residential Mortgage Group (PRMG) HUD REPAIR ESCROWS UNDERWRITING AND APPRAISAL REQUIREMENTS Paramount Residential Mortgage Group (PRMG) HUD REPAIR ESCROWS UNDERWRITING AND APPRAISAL REQUIREMENTS PURPOSE This is an outline of specific requirements for HUD repair escrows. Follow the published FHA

More information

HUD Real Estate Owned (REO) Loan Program Guide

HUD Real Estate Owned (REO) Loan Program Guide Table of Contents HUD Real Estate Owned (REO) Loan Program Guide Wholesale Lending January 9, 2014 Program Guide... 2 Pacific Union Financial Credit Philosophy... 2 Ability to Repay and Qualified Mortgages...

More information

Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents

Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents HUD 4155.2 Chapter 7, Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) 1. Types of MIPs... 7-1 2. Up Front Mortgage Insurance

More information

Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP)

Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP) HUD 4155.2 Chapter 7 Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP) Introduction This topic contains information on the types of mortgage insurance premiums

More information

Suffolk County Market Updates

Suffolk County Market Updates Suffolk County Market Updates November 2016 Closed Median Sale Price........ 2 Pending Median Sale Price........ 3 Number of Closed ly Transactions........ 4 Number of Pending ly Transaction........ 5

More information

Endorsing a HECM Case

Endorsing a HECM Case Endorsing a HECM Case FHA-approved lenders may submit a request for FHA mortgage insurance for a Home Equity Conversion Mortgage (HECM) direct endorsement (DE) case using HECM Insurance Application. HECM

More information

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY

VA IRRL 2. CURRENT FIRST MORTGAGE ELIGIBILITY 1. PRODUCT DESCRIPTION VA Fixed Rate and ARM Mortgages for Refinance Transactions Fixed Rate Mortgage 10 to 30 years in 5 year increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are

More information

January 30, 2014 Mortgagee Letter 2014-03

January 30, 2014 Mortgagee Letter 2014-03 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER January 30, 2014 Mortgagee Letter 2014-03 To: All FHA-Approved Mortgagees

More information

L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson.

L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson. L.K. Benson & Company Lyle Benson, CPA/PFS, CFP 1107 Kenilworth Dr, Suite 302 Baltimore, MD 21204 410-494-6680 lyle@lkbenson.com www.lkbenson.com Reverse Mortgages Page 1 of 6, see disclaimer on final

More information

Modules 4 & 5: Using the TOTAL Mortgage Scorecard and Manual Underwriting

Modules 4 & 5: Using the TOTAL Mortgage Scorecard and Manual Underwriting Modules 4 & 5: Using the TOTAL Mortgage Scorecard and Manual Underwriting Single Family Housing Policy Handbook 4000.1 Title II Insured Housing Program Forward Mortgages Origination through Post-Closing/Endorsement

More information

Chapter 6. Special Underwriting

Chapter 6. Special Underwriting HUD 4155.1 Chapter 6, Table of Contents Table of Contents Chapter 6. Special Underwriting Section A. Special Underwriting Instructions Overview... 6-A-1 1. FHA s TOTAL Mortgage Scorecard... 6-A-2 2. Temporary

More information

Mortgage & Home Equity Reporting Guidelines In Response to Current Financial Conditions

Mortgage & Home Equity Reporting Guidelines In Response to Current Financial Conditions Mortgage & Home Equity Reporting Guidelines In Response to Current Financial Conditions General Reporting Guidelines Report accounts in the standard Metro 2 Format. Refer to the Credit Reporting Resource

More information

2 TERMS AND CONDITIONS

2 TERMS AND CONDITIONS 2 TERMS AND CONDITIONS Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184, VA, USDA Rural Development, and Conventional loans listed below may

More information

DU User s Guide for FHA Loans

DU User s Guide for FHA Loans DU User s Guide for FHA Loans 2003, 2005 Fannie Mae. All rights reserved. Desktop Originator, DO, Desktop Underwriter, and DU are registered trademarks of Fannie Mae. FICO is a registered trademark of

More information

Contents. VA Credit Overlays

Contents. VA Credit Overlays Contents... 1 Introduction... 3 Links... 3 Transaction Types... 3 Purchase Transactions... 3 Refinance Transaction Regular Refinance... 3 Refinance Transaction Interest Rate Reduction Refinance Loan/IRRRL...

More information

`2 TERMS AND CONDITIONS

`2 TERMS AND CONDITIONS `2 TERMS AND CONDITIONS Each House Key Program Mortgage Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184, VA, USDA Rural Development, and Conventional

More information

QUALITY CONTROL PLAN CHECKLIST (Reference: HUD Handbook 4000.1 Quality Control, Oversight and Compliance Effective 09/14/15)

QUALITY CONTROL PLAN CHECKLIST (Reference: HUD Handbook 4000.1 Quality Control, Oversight and Compliance Effective 09/14/15) QUALITY CONTROL PLAN CHECKLIST (Reference: HUD Handbook 4000.1 Quality Control, Oversight and Compliance Effective 09/14/15) All approved mortgagees must adopt and implement a QC Program that fully complies

More information

FHA HECM OVERVIEW & SUBMISSION PROCESS May 25, 2011 Presen Pr t esen e t d By

FHA HECM OVERVIEW & SUBMISSION PROCESS May 25, 2011 Presen Pr t esen e t d By FHA HECM OVERVIEW & SUBMISSION PROCESS May 25, 2011 Presented By HECM (Home Equity Reverse Mortgage) DEFINITION: A loan against home equity providing cash advances to the borrower No repayment until a

More information

13 DOWNPAYMENT PROGRAMS

13 DOWNPAYMENT PROGRAMS 13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage Downpayment Assistance Program can

More information