Jillayne Schlicke on 07 26, 2010 | 6 Comments
Today HUD released it's Administrative Actions from the Mortgagee Review Board. Read the Federal Register PDF here. There were 905 lenders that failed to meet requirements for HUD's annual recertification for FHA approval. The Mortgagee Review Board voted to immediately withdraw FHA approval for a period of one year for each of the 905 lenders. "The Board took this action…
Read MoreARDELL on 07 23, 2010 | 19 Comments
Our friend, David Gibbons, announced today that he will be leaving Zillow.com in about a week to return to his Homeland, South Africa, to join his current Lady-Love and Childhood Sweetheart. We wish y…
Read MoreRhonda Porter on 07 23, 2010 | 3 Comments
Rates are still around the record lows that I've posted at Rain City Guide but no major new "lows" (with exception to improvements in the jumbo market). Rates have been moving in a tight range this past week. Although this post may fool you with most rates appearing unchanged, they have moved following the stock market. Remember, traders will pull money from stocks and seek the safety of bonds (like mortgage backed securities - MBS) when the DOW is tanking and the reverse is true. Sometimes I'll see MBS with terrific improvements yet the banks may not pass that benefit down to …
Read MoreRhonda Porter on 07 16, 2010 | 6 Comments
Mortgage rates continue to trend to record lows on the heals of negative economic news. Consumer Sentiment came in much worse than expected at 66.5 and CPI (an indicator of inflation) was reported this morning at 0.1% as expected. The DOW is down about 200 as I write this post. It's interesting pricing rates right now as the banks have a huge spread as if they're all taking turns "buying" the market. This is where correspondent lenders (CLAs) and mortgage brokers have an advantage over going to one source (bank or credit union) as they can shop several banks/lenders. We a…
Read MoreARDELL on 07 15, 2010 | 15 Comments
For the next 30 days, HUD is seeking public comment on the following policy changes, each of which are designed to mitigate risk to the Mutual Mortgage Insurance Fund while promoting sustainable homeownership for FHA borrowers: 1) Update the combination of credit and down payment requirements for new borrowers. New borrowers seeking FHA-insured financing will be required to have a minimum FICO score of 580 to qualify for FHA’s flagship 3.5 percent down payment program. New borrowers with credit scores of less than a 580 will be required to make a cash investment of at least 10 percent. Bo…
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