The final rules are effective April 1, 2011, to provide lenders and originators time to develop new business models, implement necessary changes to their systems, and train personnel.

The final rules, which apply to closed-end loans secured by a consumer's dwelling, will:

• Prohibit payments to the loan originator that are based on the loan's interest rate or other terms. Compensation that is based on a fixed percentage of the loan amount is permitted.
• Prohibit a mortgage broker or loan officer from receiving payments directly from a consumer while also receiving compensation from the creditor or another person.
  
• Prohibit a mortgage broker or loan officer from "steering" a consumer to a lender offering less favorable terms in order to increase the broker's or loan officer's compensation.
• Provide a safe harbor to facilitate compliance with the anti-steering rule.
  

The final rule applies to loan originators, which are defined to include mortgage brokers, including mortgage broker companies that close loans in their own names in table-funded transactions, and employees of creditors that originate loans (e.g., loan officers). Thus, creditors are excluded from the definition of a loan originator when they do not use table funding, whether they are a depository institution or a non-depository mortgage company, but employees of such entities are loan originators.

The rule requires creditors and other persons who compensate loan originators to retain records for at least two years after a mortgage transaction is consummated.

Originator compensation can't vary based on terms of the loan like a higher ARM margin but loan level risk-based price adjusters are still in play. This prohibition does not apply to payments that consumers make directly to a loan originator (origination fee).  However, if the loan originator receives payments directly from the consumer, the loan originator is prohibited from also receiving compensation from any other party in connection with that transaction.

***This last line almost makes it sound like if we collect "up front" origination we cannot also get "back end" compensation from the lender... It will be interesting to see how the lenders interpret this crap.

MNPS District Calendar 2010-11

7/19 Assistant principals report

JULY, 2010

S M T W T F S 8/9 Teacher in‐service day S M T W T F S

1 2 3 8/10 District in‐Service Day 1

4 5 6 7 8 9 10 8/11 Teacher in‐service day 2 3 4 5 6 7 8

11 12 13 14 15 16 17 8/12 All students report for half day 9 10 11 12 13 14 15

18 19 20 21 22 23 24 8/13 Teacher in‐service day; Students do not report 16 17 18 19 20 21 22

25 26 27 28 29 30 31 8/16 First full day grades 1‐12; half day for PK and K 23 24 25 26 27 28 29

9/6 Labor Day Holiday 30 31

9/15 Progress reports issued

AUGUST, 2010

S M T W T F S 10/15 Planning/Records day; Students do not report S M T W T F S

1 2 3 4 5 6 7 10/18‐10/19 Professional Development: Students do not report 1 2 3 4 5

8 9 10 11 12 13 14 10/20‐10/22 Fall Break; Students do not report 6 7 8 9 10 11 12

15 16 17 18 19 20 21 11/2 Parent Conference Day; Students do not report 13 14 15 16 17 18 19

22 23 24 25 26 27 28 11/17 Progress reports issued 20 21 22 23 24 25 26

29 30 31 11/24‐11/26 Thanksgiving Holidays 27 28

12/15 Half day for exams: grades 9‐12

SEPTEMBER, 2010

S M T W T F S 12/17 Planning/Records day; Students do not report S M T W T F S

1 2 3 4 12/20‐12/31 Winter Holidays 1 2 3 4 5

5 6 7 8 9 10 11 1/3 Professional development day; Students do not report 6 7 8 9 10 11 12

12 13 14 15 16 17 18 1/4 Students report for spring semester 13 14 15 16 17 18 19

19 20 21 22 23 24 25 1/17 MLK Holiday 20 21 22 23 24 25 26

26 27 28 29 30 2/9 Progress reports issued 27 28 29 30 31

JANUARY, 2011

2/11 Parent Conference Day; Students do not report2/21 Professional development day; Students do not report

S M T W T F S 3/10 End of third quarter S M T W T F S

1 2 3/11 Planning/Records day; Students do not report 1 2

3 4 5 6 7 8 9 3/14‐3/18 Spring Break Holidays 3 4 5 6 7 8 9

10 11 12 13 14 15 16 3/21 Fourth quarter begins 10 11 12 13 14 15 16

17 18 19 20 21 22 23 4/11‐4/15 TCAP Testing 17 18 19 20 21 22 23

24 25 26 27 28 29 30 4/20 Progress reports issued 24 25 26 27 28 29 30

31 4/22 Spring Holiday

5/25 Half day for exams: grades 9‐12

NOVEMBER, 2010

S M T W T F S 5/27 Teacher in‐service day S M T W T F S

1 2 3 4 5 6 5/30 Memorial Day Holiday for 11/12 month employees 1 2 3 4 5 6 7

7 8 9 10 11 12 13 6/3 Last day for assistant principals 8 9 10 11 12 13 14

14 15 16 17 18 19 20 15 16 17 18 19 20 21

21 22 23 24 25 26 27 Snow Day Make-up Schedule 22 23 24 25 26 27 28

28 29 30 Snow days 1‐4 No make‐up days required 29 30 31

Snow day 5 If day 5 is taken early enough, make‐up day will be February 21.

DECEMBER, 2010

S M T W T F S by adding a day onto the end of the school year. S M T W T F S

1 2 3 4 Snow day 6+ Six or more snow days will be made up by adding instructional 1 2 3 4

5 6 7 8 9 10 11 days onto the end of the school year. 5 6 7 8 9 10 11

12 13 14 15 16 17 18 12 13 14 15 16 17 18

19 20 21 22 23 24 25 Color Code 19 20 21 22 23 24 25

26 27 28 29 30 31 Students do not report 26 27 28 29 30

First day of each semester

Last day of each semester

Report cards issued

APRIL, 2011

p

OCTOBER, 2010

Rental Assistance Housing Choice Voucher (HCV) Program

What is the Housing Choice Voucher Program?

The housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly and the disabled afford decent, safe and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments.

The participant is free to choose any housing that meets the requirements of the program and is not limited to units located in subsidized housing projects.

THDA administers the Housing Choice Voucher program in 75 Tennessee counties. The remaining counties are administered locally by public housing agencies (PHAs). THDA and other PHAs receive federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program.

A family that is issued a Housing Choice Voucher is responsible for finding a suitable housing unit of the family's choice where the owner agrees to rent under the program. This unit may include the family's present residence. Rental units must meet minimum standards of health and safety, as determined by THDA or the PHA.

A housing subsidy is paid to the landlord directly by THDA or another PHA on behalf of the participating family. The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program.

Am I eligible?

Eligibility for a Housing Choice Voucher is determined by THDA based on the total annual gross income and family size and is limited to US citizens and specified categories of non-citizens who have eligible immigration status. In general, the family's income may not exceed 50% of the median income for the county or metropolitan area in which the family chooses to live. By law, THDA must provide 75 percent of its vouchers to applicants whose incomes do not exceed 30 percent of the area median income. Median income levels are published by HUD and vary by location.

Once your name comes to the top of the waiting list, THDA will collect information about your family, income, assets and certain medical and childcare expenses. Your final eligibility will be determined at that time. If you are eligible, you will receive a voucher and will be able to search for a home.

The housing industry is of vital importance to our country's future. It is a key sector of our economy, supporting millions of jobs in construction, manufacturing, real estate, finance, and other industries. Moreover, for many Americans, their home is their largest financial investment.

That is why the Obama Administration is strongly committed to responsibly reforming our nation's broken system of housing finance, including Fannie Mae and Freddie Mac. And that is why it is so important that we get the reforms right.

Work on this issue is well under way, as the Obama Administration continues to develop a comprehensive reform proposal for delivery to Congress by January 2011. Earlier this year, Secretaries Geithner and Donovan testified before Congress, outlining the principles that will guide the Administration's housing finance reform efforts. In April, the Treasury Department and the Department of Housing and Urban Development issued related questions for public comment, which have received over 300 responses from a broad cross-section of stakeholders. (To view these responses, please visit: here and here.)

That commitment to public engagement will continue. Today, the Administration is announcing that it will hold on August 17 a Conference on the Future of Housing Finance at the U.S. Treasury Department in Washington, D.C. This event will bring together leading academic experts, consumer and community organizations, industry groups, market participants, and other stakeholders for an open discussion about housing finance reform.

As we continue moving forward, it is critical to maintain an open, productive public dialogue about how best to address a housing finance system that everyone - across both sides of the aisle - agrees is in clear need of reform. To help inform this debate, it is useful to offer some context about the Administration's efforts to date in this area and the current state of our nation's housing finance system.

Stabilizing the Housing Market

In September 2008, the Bush Administration put Fannie Mae and Freddie Mac into conservatorship and began injecting taxpayer funds into those firms in order to keep them afloat. When President Obama took office in January 2009, he inherited not only this conservatorship arrangement, but also a mortgage market and economy in free-fall.

From the beginning, the Obama Administration has made clear that the current structure of the government's role in the housing finance market is unsustainable and unacceptable. Fundamental reform was clearly needed. But abrupt change or an uncertain reform process in the midst of the financial crisis could have destabilized an already fragile housing industry and made it even more difficult for Americans to buy a home or refinance a mortgage. Continuing to provide financial support to Fannie Mae and Freddie Mac was the right decision then for the mortgage market and for our economic recovery - and it has played a critical role in stabilizing the housing industry during a period of crisis. Even today, private capital has not yet fully returned to this market. Fannie Mae, Freddie Mac, and other government entities guarantee more than 90 percent of newly originated mortgages. They are practically the only game in town.

Fannie and Freddie under Conservatorship

During their two years in conservatorship, Fannie Mae and Freddie Mac have been tightly supervised and regulated. Fannie and Freddie have made significant progress in improving the credit quality of their new obligations. Since 2008, FICO scores and loan-to-value ratios - both of which are key measures of how likely a borrower is to default - are meaningfully better on new mortgages. Fannie and Freddie have also increased their guarantee fees and risk-adjusted their pricing.

The losses that the federal government has had to backstop are virtually all attributable to bad loans that Fannie and Freddie took on between 2005 and 2007 - during the height of the housing bubble. Unfortunately, we still need to manage the continuing consequences of those poor credit choices.

Of course, none of these facts eliminate the need to take a hard and comprehensive look at long-term solutions for our nation's system of housing finance. But they do offer important context about the numbers behind the headlines on Fannie Mae and Freddie Mac.

Responsible Reform

The size, importance, and complexity of the housing finance market all compel us to craft its reform with great care:

• The U.S. mortgage market is the second largest securities market in the world, after U.S. Treasuries.
• Fannie Mae and Freddie Mac currently guarantee more than $5 trillion in mortgages and hold a total of $1.6 trillion in agency loans and other securities in their portfolios.
• Fannie Mae and Freddie Mac are only one part of a broader housing finance system that includes the Federal Housing Administration, Ginnie Mae, the FHLBanks, other government programs, and a significant private sector role in originating, funding, and servicing mortgage loans.
• For decades, Fannie Mae and Freddie Mac privatized their profits while ultimately putting taxpayers at risk for losses. This type of "heads private shareholders win, tails taxpayers lose" system of misaligned incentives makes no sense for the nation. Housing finance reform needs to address these and other complex issues responsibly. That is why the Obama Administration is committed to an open and inclusive public dialogue about the future of U.S. housing finance. Given the importance of this task, we want to hear the best ideas from all sides of the debate. Working together with our colleagues in Congress, we believe that this is the right path forward to achieve responsible reform.

Hello America, my name is Ronell D. Moore. I enjoy my job, because I truly enjoy helping people. Think about it, how many people can really say that. When you reduce a friends(clients) outgo any where from $100 to 97% LTV. What about when a person wants to go into business? I am still here to help you in your SBA financing needs. How about a couple years ago you had to take a Hard Money Loan? Call me I can/will almost every-time be able to cut it in half. If you looking to a home? Sorry I can't write your contract, LOL. However I can send you to a sight, to find HOMES. This is a great sight for 1st time home buyers as well as investors. That's right, I said investors!!!! What if you were only required to have a 620/660 credit score? No MI or Appraisal, 2% concessions for investors and 6% for primary residence. Would you/could you maybe, will you give me a call? 

Patriot Express

The Patriot Express Program is designed for small businesses that are 51 percent or more owned/controlled by veterans or members of the military community.

About the Program

HOMEPATH PROGRAM HIGHLIGHTS

(Only FNMA REO's are eligible for Homepath)  

-Purchase Transactions Only -Single Family Attached, Detached, Condo's, and PUDS

 -Owner occupied, Second Homes, and Investment Allowed

 -Up to 97% financing available on primary residences

-Up to 90% available for second homes and investment properties

-Minimum Credit Scores:    

 - 620 for up to 80% LTV    

- 660 for greater than 80%

-NO APPRAISAL REQUIRED, ltv based on sales price

-NO MI REQUIRED regardless of LTV (price adjustments will apply if LTV is greater than 80%)

HOMEPATH PROGRAM HIGHLIGHTS

(Only FNMA REO's are eligible for Homepath)  

-Purchase Transactions Only -Single Family Attached, Detached, Condo's, and PUDS

 -Owner occupied, Second Homes, and Investment Allowed

 -Up to 97% financing available on primary residences

-Up to 90% available for second homes and investment properties

-Minimum Credit Scores:    

 - 620 for up to 80% LTV    

- 660 for greater than 80%

-NO APPRAISAL REQUIRED, ltv based on sales price

-NO MI REQUIRED regardless of LTV (price adjustments will apply if LTV is greater than 80%)

-DU Approve/Eligible is required

-Down Payment Sources included:  borrowers funds, a gift, or a grant from a non-profit agency

-No extended locks are available

- 6% seller contributions allowed for primary residences and second homes, 2% for investment properties   *Note:  Anticipate longer processing times as the file must be sent to the investor for prior approval.

Get out your permanent markers, HUD seeks public comment on three main issues for FHA loans

You can make a difference - you have 30 days to comment against FHA's proposals

With a difficult economy and possibly some new FHA mortgage changes coming in the new future, this could be time to make your voice heard. HUD made this announce back in January 20th, 2010 - FHA announces policy changes to address risk and strengthen finances - I parlayed this announcement into layman's terms. - FHA loans and some possible mortgage changes.

So now, FHA just announced that there will be a 30 day period for comments on these issues described above.  These proposals are designed to limit the risk in regards to the Mutual Mortgage Insurance Fund and at the same time, trying to promote sustainable homeownership for FHA borrowers.

The 3 possible changes to FHA Loans :

1. Changing the combination of credit scores and downpayments. You will need a credit score of 580 or above to still be eligible for the regular 3.5% downpayment. If below 580, you will be required to put 10% down. And FHA loans will not allow any loans with credit scores below 500.

My opinion :  I am not concerned with this proposal. Most lenders require credit scores of 620 or higher on FHA loans. I wrote about it here. - FHA home loans have no minimum credit scores - So FHA, you can have this one.

2. The reduction of seller concessions from 6% to 3%. Many of us know that this could have a huge impact on many different housing markets.

My opinion : I truly think this could affect those buying homes from $150,000 and below. Especially those homes prices at $100,000 and below. That would mean on a $100,000 home, the buyer could only get $3,000 of help towards closing costs. - FHA, since I gave you #1, I want #2, and keep it at 6%. Update... keep this in mind - If a borrower has to come up with more money now, what does that do to their cash reserves in many cases.  In troubled times, does this mean that they will default quicker now?

3. To tighten FHA underwriting standards for manually underwritten loans. FHA's purpose would be when using compensating factors while underwriting, lenders will be required to consider those factors which would be best predictive indicators of the performance of the loan.

My opinion : I guess I would have to wait for a better explanation letter in the mortgagee letter, if this is approved.  You already are required top have compensating factors when manually underwriting a FHA loan, making sure that the loan will perform. I just think this is FHA's way of saying that they want underwriters to be more critical when approving a loan and to have more solid compensating factors. Ex. Instead of making sure that your borrower had 2 months in reserves (money left over after closing to cover 2 mortgage payments), that they would like to see 6 months. Who really knows on this one. Could be more political chit chat.

Conclusion : As I mentioned above, I am not worried about numbers 1 and 3. But number 2 could have an impact on the housing market in many areas. On the positive side of things, HUD could have increased the down payment to 5%. This was talked about in congress several times, but shot down. Talk of FHA loans raising the down payment to 5%. -  Here is the argument about why some want more money down. The FHA argument - I want more skin in the game.

Where and how to comment :

Regulations.gov - (main site) please to search for government proposals.I give the specific page below, where to comment.

Here is the link to the different proposals and FHA's reasoning's for such proposals. Federal Register for HUD changes and the reasons why. If you go to the middle of the first page, you will see how they explain the different ways to comment. They highly suggest doing it electronically, which I mention below.

CALL to ACTION : Send this to other agents and loan officers.  Don't hesitate to reblog this, to get the message out.

Here is the actual page to go and make your comments - Comments for reduction of seller concessions and new loan to value with credit scores - Click submit a comment which is on the right side of this page, in blue.

Important Update as of 7/17/10 @ 1:05 pm - Please read and make your voice heard - If you are going to comment to FHA, please copy and paste this link into your comment :  http://activerain.com/blogsview/1749213/issues-regarding-the-3-seller-help-proposal-by-fha-can-we-fight-fha-loans-with-solutions-yes-   (this article is below)

Issues regarding the 3% seller help proposal by FHA - Can we fight FHA Loans with solutions?? - YES !!!

Ring, Ring, Ring, Hello this is Ronell Moore. How may I help you? Hello my name is XXXXXXXX and I saw a post of yours on Active Rain. I noticed someone on your blog. I am interested in refinancing my home. I took the application, reviewed the file and sent out a RESPA package. Waiting on a signed package to be faxed back to me. Taking the client from a 6.5% interest rate to below 5% saving the $283.00 a month.