There are 9 things you need to know about the FHA Streamline Refinance changes effective November 17, 2009. Current loan must have 6 months seasoning. Current loans with 6 to 12 months seasoning , NO 30 day late payments are allowed. Current loans with 12 months seasoning or greater there is a maximum of ONE 30 [...]

The Federal Housing Administration has no plans to implement the Home Valuation Code of Conduct, Commissioner David Stevens told a delegation from the National Association of Mortgage Brokers.   The commissioner added FHA is looking at alternatives it feels would insulate appraisers from pressure from originators.

Appraisal reports are not being transferred  by lenders. The Home Valuation Code of Conduct (‘HVCC’) passed by congress has stated that appraisals should be portable from one lender to another.  However, in practice this is not the case.  I recently experienced mortgage wholesaler CMG Mortgage not transfering an appraisal.  Today, I read that some mortgage lenders are refusing to [...]

The new Mortgage Disclosure Act has new disclosure periods effective July 31, 2009.  One change is that it now  includes any dwelling purchased or refinanced by a consumer, not just a consumers principal dwelling.  Some other signifcant changes include: 1.     Requires a 7 business day waiting period prior to consummation. 2.     If a change in loan [...]

2009-07-09  Mortgage Bankers Association The government-insured (FHA and VA loans) share of mortgage applications was 35.9 percent in June 2009, the highest level since November 1990, according to the Mortgage Bankers Association. “A primary reason government-insured loans have retained a high share of the purchase market is that these loans typically require lower down payments [...]