ARCHIVED BLOG POSTS
2012
FHA MORTGAGE INSURANCE PREMIUM INCREASE COMING IN APRIL I can remember going years without FHA MI changes. FHA continues to struggle with defaults. Although the loans originated in the last two years have lower default levels, FHA still is not in a good place financially due to foreclosures. They...
02/27/2012
FHA Proposes Changes to Seller Paid Contributions FHA Proposed Rule on Seller Concessions Yesterday, HUD published a request for comments (due in 30 days, by March 26) on their revised changes to policies for seller concessions. The new proposal is to limit seller concessions as follows: Reduces ...
02/27/2012
WHY IS THE CFPB COMPELLED TO CHANGE MORTGAGE FORMS? Well, the short answer is Dodd Frank. The consumer finance protection agency is charged with rule making based on the 400 rules in Dodd Frank. The CFPB was given the authority to complicate things. I was looking at one of the latest "changes" th...
02/21/2012
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FHA MORTGAGE INSURANCE RISING AGAIN I just received a communication from one of my lenders Obama has submitted his budget to Congress. Included in this budge are two rate increases for FHA. They are as follows: 10 basis point increase in annual premium for single family forward mortgages (1.25% a...
02/14/2012
Is AMC Tax Evasion Another Consequence of HVCC? One has to wonder how our country dove headfirst into the HVCC method of operation with what appears to be no foresight as to the outcome. Below is a quick read of another potential consequence of HVCC. Damage to the borrower with higher fees, app...
02/13/2012
IF HOME BUYERS ARE SO SMART, THEN WHY AREN'T THEY GETTING PRE QUALIFIED? No doubt most buyers are getting smarter all the time. With listings available on the Internet, most people have access to a computer and it is said most shopping for a home starts online, then it can be assumed home buyer...
02/08/2012
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MY LOAN IS BEING HELD HOSTAGE The first email I opened this morning was from an Appraisal Managment Company advising me the first panel appraiser for the appraisal I ordered yesterday requested an additional $50.00 to complete the assignment. I EQUATE THIS TO HOLDING MY LOAN HOSTAGE. As a mortg...
02/07/2012
Rainmaker
325,398
325,398
Dora Griffin
NMLS 6380