Doug Capps, MMS, CLO, CRMS's Blog

For MISSISSIPPI - USDA Eligibility Maps Remain Unchanged

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Wed, 27 Mar 2013 09:06:02 -0700

Great News!

The Continuing Resolution was passed, so the USDA eligibility maps will remain unchanged until September 30, 2013. This is great news for individuals wanting to purchase a home using the USDA loan.

The map below is the existing eligibility map for Desoto County - to include Shelby County, TN.

To find about more about the USDA eligibility areas, click HERE.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company." NMLS ID #2289. An Equal Housing Lender. All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

***USDA Rural Housing - New Things You Should Know

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Wed, 14 Nov 2012 08:55:13 -0800

On October 18, 2012, USDA announced some new guideline changes regarding “Outbuildings and Property Eligibility” that you should be aware of – please click link for further information.

“New Things You Should Know About USDA”

(1) Site and Building Requirements –

a. Farm related property cannot be acquired under this program. Vacant land or properties used primarily for agricultural, farming, farm operations or commercial enterprises are ineligible.

USDA considers a farm service building to be any of the structures used in farming operations such as livestock barns and shelters; machinery-and farm supply-storage buildings; buildings and facilities for crop storage, including fodder; and special-purpose structures such as grain silos.
Properties accompanied by a farm service structure require further analysis to determine property eligibility.

b. Functional Farm Service Structures –

A farm service structure is considered to be functional when it can be used for its intended designed purpose without significant repair.
As one example, a barn structure is typically designed to house livestock and feed. If a barn can be used for this purpose without significant repair, regardless of the applicant’s intended use for the structure, then it is considered a functional farm service structure.
Rural “non-farm” tracts often contain farm service outbuildings such as barns, and machine sheds that may have some functionality, however the tract of land is not income producing and is typical for residential properties in the area. USDA may approve the purchase of a site with a functional farm service building if the site is not income producing.
The value of the functional farm service structure must be deducted from the appraised value.

c. Non-Functional Farm Service Structures –

If the farm service structure cannot be used to meet its intended design purpose without significant repair, the presence of the structure does not disqualify the property from consideration.
For example, a dilapidated barn in need of significant repair that may have once been used to house livestock and feed, is not considered a functional farm service structure.

(2) Land Limitations –

Generally, the value of the site must not exceed 30% of the total value of the property. If the site exceeds 30% of the total value, then two additional tests must be met to ensure the property is eligible: (1) The value of the site must be typical for the area, as evidenced by the appraisal, and (2) The parcel cannot be subdivided into two or more sites.
USDA does not support imposing limitations on the area of land associated with the dwelling purchase and cannot impose arbitrary acreage limitations, such as 2 acres, 10 acres, 15 acres etc.

(3) Property Limitations –

USDA prohibits, “Purchase or improvement of income-producing land, or buildings to be used principally for income-producing purposes, or buildings not essential for RH (Rural Housing) purposes, or to buy or build buildings which are largely or in part specifically designed to accommodate a business or income-producing enterprise.”
USDA considers the following as “buildings not essential” for RH purposes: mother-in-law wings or attached/detached apartments

(4) Additional Reminders –

a. In-ground pools – In-ground pools cannot have any contributory value to the appraisal. Any value given to the pool must be reduced from the total appraised value.

b. Financing closing costs – USDA allows the borrower to finance closing costs into the loan using any available equity. For example, if the purchase price was $150,000.00 and the property appraised for $155,000.00, that would give the borrower $5,000.00 that could be used toward their closing costs.

c. Owning another property – There are certain circumstances were a borrower can own another property and still qualify for a USDA loan:

Current property located outside the local commuting area,
Current property insufficient for the family size – for example, a family of four living in a two bedroom house,
Inadequate housing – USDA considers this to be a manufactured home not attached to a permanent foundation.

If you are interested in finding out more about the USDA Guaranteed Rural Housing loan, please let me know.

Know your mortgage options!

POSTPONEDUSDA Eligibility Map Changes Effective 10/01/2012

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Fri, 17 Aug 2012 05:21:23 -0700

***The map changes have been postponed until 03/27/2013***

As many of you may know, there will be an adjustment to the USDA eligibility maps effective 10/01/2012.

The effective date will be based upon fully executed sales contracts (signed by both buyer and seller) dated no later than 09/30/2012. Contracts written on 10/01/2012 or later, will not be honored by USDA.

The map changes will not be available online until after 10/01/2012. Here is the link to the USDA eligibility map - click HERE. Then, click on Property Eligibility, Single Family Housing (located on left side). Click Accept and that will take you to the map. Enter the address and you will be able to determine if an address is eligible or ineligible.

If you are interested in finding out more about the USDA Guaranteed Rural Housing loan, please let me know.

Know your mortgage options!

For Mississippi - New USDA Refinance Pilot Program

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Thu, 12 Jul 2012 07:34:23 -0700

New and Improved USDA Refinance Pilot Program is available for the following States: AL, AZ, CA, FL, GA, IL, IN, KY, MI, MS, NV, NJ, NM, NC, OH, OR, RI, SC and TN.

A few days ago interest rates hit the lowest level in recorded history – and because of this, many homeowners may be able to reduce their interest rate by 1% or more and reduce their current monthly mortgage payment!

Below is a list of program benefits and qualifying criteria.

PROGRAM BENEFITS:

· Lower 30 year fixed interest rates

· Reduced documentation requirement

o Income verified for “household income limits” only

o Employment verified only

o NO assets required

· NO appraisal required

· NO out-of-pocket expenses – closing costs can NOW be financed into the loan

QUALIFYING CRITERIA:

· Mortgage must be current for the past 12 months

· Minimum credit score may be required - Fairway does require a minimum 640 credit score

· Household income limits still apply: (For Mississippi) 1-4 person household = $74,750.00 and 5-8 person household = $98,670.00

· Proposed interest rate MUST be at least 1% lower than existing interest rate

· Other restrictions apply

If you are interested in finding out more about this new refinance program, please let me know.

Know your mortgage options!

Military Mortgage Specialist

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Fri, 01 Jun 2012 15:25:54 -0700

After attending the "second" Fairway Mortgage BOOT CAMP in Kansas City, I am proud to annouce that I have earned the MMS - Military Mortgage Specialist designation.

The objective of Fairway Independent Mortgage Corp in offering the designation of Military Mortgage Specialist™ is to provide a platform whereby our loan professionals can be thoroughly trained, equipped and certified to handle with excellence the mortgage loan needs of our active and former military clients.

Our mission is to "serve those who serve!"

As a Veteran myself, I am very PROUD that our company took the initiative to recognize the housing needs of our Active Duty Servicemembers, Veterans and their families!

Know your mortgage options!

***Search for Licensed Loan Officers through NMLS Consumer Access

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Thu, 26 Apr 2012 07:50:50 -0700

Did you ever wonder if a loan officer is actually licensed or not?

The NMLS or “Nationwide Mortgage Licensing System & Registry” offers a free service for consumers to confirm that the mortgage company or mortgage professional they are working with is “authorized” to conduct mortgage business in their state.

On the website www.nmlsconsumeraccess.com, you can type in the Loan Officer’s name, Company or even City to search for a specific loan officer or lending institution.

The NMLS number identifier signifies whether a Loan Officer or Company is “licensed” or “registered” to originate mortgage loans. Although not specified by the NMLS number, there are two main types “Licensed (State License)” and “Registered (Federal Registration).”

What is the difference between a State License and a Federal Registration?

- Mortgage Loan Officers employed by state-licensed mortgage companies are required to hold a state license to conduct business in that specific State. State-licensed Loan Officers are also required to:

o Take and pass a Federal NMLS Exam

o Take and pass a State NMLS Exam – for each State to be licensed in

o Pass a Federal Criminal Background Check

o Credit Report is pulled to verify no significant credit issues (such as foreclosures, tax liens, bankruptcy, judgments)

o Maintain 12-hours of continuing education annually

- Mortgage Loan Officers employed by banks, credit unions or other federally regulated depository institutions must only be registered to conduct business, which is also not limited to a particular state.

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CMHS - Certified Military Housing Specialist through USACares.org

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Tue, 17 Apr 2012 05:40:50 -0700

Earning the CMHS - Certified Military Housing Specialist designation indicates a significant knowledge base that active duty service members and Veterans can rely upon for prompt and accurate service of their housing needs. Certified Housing Professionals also adhere to specific Standards of Practice, representing a commitment to provide quality service to military borrowers.

About USA Cares

USA Cares is a nonprofit 501(c)3 organization that helps post 9/11 military families bear the burdens of service with financial and advocacy support. Its mission: To help with basic needs during financial crisis, to assist combat injured Veterans and their families and to prevent private military home foreclosures and evictions. In eight years, USA Cares has received over 31,000 requests and responded with more than $8 million in grants. Military families anywhere in America can apply for assistance through the USA Cares web site http://www.usacares.org/.

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***Top 100 Mortgage Companies in America 2011

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Wed, 07 Mar 2012 14:02:46 -0800

Congratulations to Fairway Independent Mortgage Corp for ranking #11 in the TOP 100 Mortgage Companies in America in 2011 by Mortgage Executive Magazine.

Here is the link to the list - TOP 100 Mortgage Companies

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***More FHA Changes Effective 04/01/2012

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Tue, 06 Mar 2012 12:39:13 -0800

Per FHA Mortgagee Letter 2012-03, FHA will be adopting a few more changes effective 04/01/2012. One of the changes is regarding collection accounts. This could impact many borrower’s ability to qualify or possibly delay a borrower in qualifying for the FHA loan.

Excerpt below:

OLD Guidance NEW Guidance

HUD 4155.1 4.C.2.e

FHA does not require that collection accounts be paid off as a condition of mortgage approval. However, court-ordered judgments must be paid off before the mortgage loan is eligible for FHA insurance endorsement.

If the total outstanding balance of all collection accounts is equal to or greater than $1,000 the borrower must resolve the accounts (e.g. entered into payment arrangements with minimum three months verified payments- paid as agreed) or paid in full at the time of, or prior to closing. Mortgagees must document the case binder showing each account was resolved or paid in full.

If the total outstanding balance of all collection accounts is less than $1,000, the borrower is not required to pay off the collection accounts as a condition of mortgage approval.

FHA continues to require judgments to be paid off before the mortgage loan is eligible for FHA insurance.*

* Exception: An exception to the payoff of a court-ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments, and provides documentation indicating that a minimum of three months payments have been made according to the agreement. The monthly payment must be included in the borrower’s debt-to-income ratio.

Examples of acceptable documentation to support the resolution of disputed accounts or the payoff of accounts would be a letter from the creditor outlining the terms of the payment arrangements, or verifying payoff of debt, cancelled check(s), or a supplement to the credit report verifying payoff or payment arrangements.

Note: Paying “down” of balances on disputed accounts and collections to reduce the singular or cumulative balance to below $1,000, is not an acceptable resolution of accounts.

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***FHA Fee Increases

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Wed, 29 Feb 2012 16:11:10 -0800

As you may know by now, FHA mortgages are about to get a bit more expensive.

In its announcement, the FHA said it would increase its annual mortgage insurance premium by 0.10 of a percentage point for loans under $625,500, which would now cost 1.25 percent of the loan amount, up from 1.15 percent. That change takes effect on April 1.

The agency also said it planned to raise another fee, known as the upfront mortgage premium, by 0.75 of a percentage point, bringing the premium to 1.75 percent of the loan amount, which can be rolled into the mortgage.

Here is how the new increases will look to the borrower:

Disclaimer: HUD has not officially published a HUD Mortgagee Letter reflecting these new policy changes.

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options

***For MISSISSIPPI - New USDA Rural Housing Income Limits

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Thu, 26 Jan 2012 15:35:31 -0800

Effective 01/18/2012, the Household Income Limits were increased for the USDA Guaranteed Rural Housing loan for the State of Mississippi.

1-4 person household: $74,750 (increased from $74,050.00)

5-8 person household: $98,670 (increased from $97,750.00)

This applies to ALL Mississippi Counties!

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

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***For MISSISSIPPI - Home Loan Plus Grant for $14,999.99

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Tue, 13 Dec 2011 18:23:43 -0800

If you are interested in purchasing a new home, then don't forget about the Home Loan Plus Grant! The MS Home Corp Home Loan Plus provides grants up to $14,999.00 to qualified low income individuals to purchase homes.

Currently, there is over $3.4million available for grants. Restrictions and household income limits do apply.

Here is the website for more information: www.mshc.com/hlp

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***For MISSISSIPPI - MS Home Corp Home Saver Program

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Mon, 05 Dec 2011 18:39:29 -0800

The MS Home Corp Home Saver program assists homeowners by making mortgage payments who have lost their job or experienced a reduction in income through no fault of their own due to the economy and are at risk of default or losing their home to foreclosure. Restrictions apply.

Click the following link for more information: www.mshomesaver.com.

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***For Desoto County MS - Hernando MS 54th Annual Christmas Parade

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Thu, 01 Dec 2011 10:53:41 -0800

54th Annual Hernando Christmas Parade

DATE: 12/5/2011 (Postponed until 12/12/11)

TIME: 6:30 PM to 8:30 PM

Join us for the Hernando, MS 54th Annual Christmas Parade, which will feature more than 100 entries with floats, cars, marching bands, horses, fire trucks and of course, Santa! This year's parade theme is "Christmas through a Child's Eyes." This seasonal community favorite offers lots of fun for the entire family.

The parade begins at the corner of Mt Pleasant Extended and Commerce Street and travels down Commerce Street, around the Courthouse Square and ends at Hernando Baptist Church on East Center Street.

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***Final Changes to the VA Funding Fees

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Tue, 29 Nov 2011 14:39:45 -0800

Finally some good news for Veterans!

On November 21, 2011, the President signed HR 674 which reduces the VA Funding Fees associated with VA Home Loans. This new fee structure will be in effect for loans closing after 11/22/2011 until 09/30/2016.

This will help reduce costs for Veterans purchasing a home. Some good news!

Keep in mind that the VA Funding Fee is waived for Veterans that are receiving at least 10% VA disability.

Click this link for the funding fee chart.

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***USDA - 11 Things You Should Know

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Mon, 10 Oct 2011 09:20:24 -0700

The USDA Guaranteed Rural Housing (GRH) loan program has seen some recent changes which became effective 10/1/2011 – decreasing the Funding Fee back to 2.00% and the implementation of a new Annual Fee (much like monthly mortgage insurance). Even with these changes, the USDA GRH loan is one of the best mortgage options available to many borrowers.

NOW FUNDING – USDA has begun issuing “Subject to conditional commitments” and as in the prior years, Fairway Mortgage will continue to CLOSE and FUND USDA loans during this period!
USDA Rural Development have TWO different loans – Rural Development loans are broken down into two different loan types: USDA Guaranteed Rural Housing (GRH) Loans and USDA Direct Loans (Section 502 Single Family Direct Loan). USDA GRH loans are originated through local Lenders, Banks and Brokers. The USDA Direct Loan is originated directly through the USDA local offices. There are distinct benefits of each program.
100% Financing – NO down payment. Can go up to 102% with financing the 2.00% USDA Funding Fee.
NEW Annual Fee – Compared to FHA and conventional mortgages, mortgage payments on USDA loans are LESS even with the new Annual Fee. The .30% annual fee is calculated as follows:

Initial fee for the first year will be based upon the loan amount and escrowed into the borrower’s mortgage payment.
The fee will be calculated annually based upon the unpaid principle balance.
Annual fee will paid for the life of the loan.

Finance Closing Costs – Borrower’s closing costs/pre-paid items can be financed into the loan as long as there is room between the purchase price and the appraised value. NO other loan program allows for this!
NO Loan Limit – Unlike FHA or Down Payment Assistance programs, GRH loans have no maximum sales price limitation. The maximum sales price allowed is determined specifically by the borrower’s financial situation (income limits do apply: family unit 1-4 = $74,050.00 and 5-8 = $97,750.00).
NO First-Time Home Buyer Requirement – You don’t have to be a first-time home buyer to benefit from this program. Under certain circumstances, you can even own another home!
NO Limit to Seller Contributions – Most lenders/investors stick to the 6% rule.
Appraisal Requirements – The appraisal requirements for RD loans are similar to standard conventional loans.
In-groundPools – In-ground pools are allowed “as long as” the pool does not have any contributing value to the appraisal. Any contributing value must be reduced from the sales price or the difference paid by the borrower.
Prohibited Loan Purposes - Please reference AN 4590. This Administrative Notice covers: Outbuildings, Farm land, Eligible/Ineligible facilities, Income- producing land or buildings. Acreage and site value limitations.

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***USDA Funding - Possible Delays after 10/1/2011

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Fri, 30 Sep 2011 10:36:43 -0700

USDA UPDATES

USDA has advise in an unofficial memo, that effective 10/1/2011, USDA will not issue “subject to conditional commitments” as they normally do every year. They have funds that will last through the end of the month, so all loans with conditional commitments by 9/30/2011 will be ok, and can fund AFTER 9/30/2011.

On October 1^st, however, they will stop issuing commitments until congress approves their budget (even though it’s a self-funded program congress needs to approve) and funds are loaded into their system. USDA anticipates this could delay loans 2 weeks from getting clear commitments. So what does this mean?

1. Loans closing within the first two weeks of October may not happen since clear commitments will not be issued (Estimation from USDA- again non official).

2. We can still underwrite, approve files, AND Branches can still send the files to their Local RD offices, but they will sit and wait until the funds have been uploaded into their system and a clear commitment can be provided

3. Remember, WE ARE ALL In the SAME BOAT. NO other competing lender will be able to close ANY USDA loans without a clear commitment.

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***Changes to the VA Funding Fees

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Mon, 12 Sep 2011 17:59:19 -0700

Some good news... VA will be reducing the funding fees for Veterans.

Changes to VA Funding Fee

Subsequent Use of Entitlement for all:

· Loans closed from 10/01/2011 – 09/30/2012 = 2.8%

· Loans closed from 10/01/2012 – 09/30/2013 = 2.15%

· Loans closed on and after 10/01/2013 = 1.25%

For more information about the VA home loan or mortgage financing in general, please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

*** USDA GRH Changes in < 36 Days!

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Thu, 25 Aug 2011 15:48:38 -0700

There are some changes to the USDA Guaranteed Rural Housing (GRH) loan that are taking effect on 10/01/2011.

Loans that are not issued a USDA commitment letter prior to 10/01/2011 will be subject to the new annual and up-front fees. So that means by 09/30/2011!

With only 36 days remaining, please let your borrowers know they need to act NOW!

Here is an example reflecting the new changes:

	NEW USDA	Old USDA
Purchase Price	$200,000.00	$200,000.00
(+) Upfront Fee (#1)	2% = $4,000.00	3.5% = $7,000.00
Total Loan Amount	$204,000.00	$207,000.00

Interest Rate (#2)	4.25%	4.25%

Principle & Interest	$1,003.56	$1,018.32
Annual Premium (#3)	$50.61	$0.00
Monthly Payment (#4)	$1,054.17	$1,018.32
Difference	+$35.85
Total Annual Fee Calculated over 30 years	$11,075.05

Notes:

(1) Decreased guarantee fee from 3.5% to 2.00% (which can still be financed into the loan – 102%)

(2) 30 year fixed rate is for demonstration purposes only.

(3) Implementation of a .30% annual fee (like monthly mortgage insurance) which will be calculated as follows:

Initial fee for the first year will be based upon the loan amount and escrowed into the borrower’s mortgage payment.
The fee will be calculated annually based upon the unpaid principle balance.
Annual fee will paid for the life of the loan.

(4) Monthly payment only reflects principle/interest/ annual premium.

If you have any questions about these changes or with the USDA GRH loan, please let me know.

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***For MISSISSIPPI - Desoto County Ranked #7 for Job Growth!

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Tue, 23 Aug 2011 10:27:16 -0700

And more good news!

Desoto County, Mississippi ranked 7th in the Top 25 counties that have experienced the most job growth over the last 10 years - CNN Money"Where the jobs are."

Congratulations to Desoto County!

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

***For MISSISSIPPI - HERNANDO Ranked In TOP 100 "Best Places To Live"

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Mon, 15 Aug 2011 19:07:15 -0700

It's official!

Hernando, Mississippi ranked 79th in the CNN Money Top 100 "Best Places To Live." Money's list of America's best small towns.

Congratulations to Hernando - a great place to live and work!

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

STOPFRAUD.GOV - Protect Yourself From Financial Fraud

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Fri, 17 Jun 2011 14:53:36 -0700

Learn how to protect yourself or your clients from financial fraud!

Check out the Financial Fraud Task Force STOPFRAUD.GOV website!

With more than 20 federal agencies, 94 US Attorney's Offices and state and local partners, the Financial Fraud Task Force is the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. The task force is improving efforts across the government and with state and local partners to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, recover proceeds for victims and address financial discrimination in the lending and financial markets.

The website allows individuals to report various types of fraud, provides consumer education to help individuals protect themselves from becoming victims of fraud, provides education for consumers who have become fraud victims, provides news and updates on high profile fraud cases, and even includes information on Mortgage, Lending and Related Fraud and Indentity Theft!!

For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105. NMLS ID #68160.

Know your mortgage options!

CFPB - Consumer Financial Protection Bureau

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Thu, 19 May 2011 11:33:04 -0700

As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (otherwise known as the Dodd-Frank Act), the Consumer Financial Protection Bureau (CFPB) was established.

The central mission of the CFPB is to make markets for consumer financial products and services for Americans - whether they are applying for a mortgage, choosing amount credit cards, or using any number of other consumer financial products.

Learn more about the Consumer Financial Protection Bureau (CFPB) at http://www.consumerfinance.gov/the-bureau/

CFPB website: http://www.consumerfinance.gov/

The CFPB will impact every segment of consumer financing, including mortgages. With their "Know Before You Owe" campaign, the CFPB is in the beginning phases of combining the TIL (Truth in Lending) form and the GFE (Good Faith Estimate) into a single, simpler disclosure form.

Since the CFPB is new and still in development, it will be interesting to see what further changes they implement to the already "ever changing" mortgage industry.

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For MISSISSIPPI - Fairway Mortgage Ranked #6 in Mississippi for USDA GRH Loans

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Fri, 14 Jan 2011 09:53:58 -0800

Fairway Mortgage in Hernando was recently notified by the State Director of USDA Rural Development, Mississippi State Office that our branch was currently ranked #6 in the State of Mississippi as a TOP TEN LENDER for originating and closing USDA Guaranteed Rural Housing Loans for the 2010 Fiscal Year!!!

Know your mortgage options!

For more information about the USDA Guaranteed Rural Housing loan program, please contact DOUG CAPPS at (662) 429-5100 Ext. 105. NMLS ID #68160.

For MISSISSIPPI - USDA Rural Housing Receives $94million for Certain Counties

Doug Capps, MMS, CLO, CRMS (Fairway Independent Mortgage Corp.) — Wed, 21 Apr 2010 20:57:36 -0700

The State of Mississippi has received an additional $94 million in Guaranteed Rural Housing funding for Hurricane Katrina affected disaster counties.

These funds can be used to purchase new or existing properties or construct new dwellings in the following counties:

Adams, Amite, Attala, Choctaw, Claiborne, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Hinds, Holmes, Humphreys, Jackson, Jasper, Jefferson, Jefferson Davis, Jones , Kemper, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Marion, Neshoba, ,Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson, Winston and Yazoo.

The USDA program has also received an additional $1.9 million in disaster funds to be used in Bolivar and Washington County.

Nationally funding is still available at present, but is in short supply.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company." An Equal Housing Lender. All loans are subject to credit approval and compliance with investor guidelines.

Know your mortgage options!

Doug Capps, MMS, CLO, CRMS's Blog

For MISSISSIPPI - USDA Eligibility Maps Remain Unchanged

***USDA Rural Housing - New Things You Should Know

***POSTPONED***USDA Eligibility Map Changes Effective 10/01/2012

For Mississippi - New USDA Refinance Pilot Program

Military Mortgage Specialist

***Search for Licensed Loan Officers through NMLS Consumer Access

CMHS - Certified Military Housing Specialist through USACares.org

***Top 100 Mortgage Companies in America 2011

***More FHA Changes Effective 04/01/2012

***FHA Fee Increases

***For MISSISSIPPI - New USDA Rural Housing Income Limits

***For MISSISSIPPI - Home Loan Plus Grant for $14,999.99

***For MISSISSIPPI - MS Home Corp Home Saver Program

***For Desoto County MS - Hernando MS 54th Annual Christmas Parade

***Final Changes to the VA Funding Fees

***USDA - 11 Things You Should Know

***USDA Funding - Possible Delays after 10/1/2011

***Changes to the VA Funding Fees

*** USDA GRH Changes in < 36 Days!

***For MISSISSIPPI - Desoto County Ranked #7 for Job Growth!

***For MISSISSIPPI - HERNANDO Ranked In TOP 100 "Best Places To Live"

STOPFRAUD.GOV - Protect Yourself From Financial Fraud

CFPB - Consumer Financial Protection Bureau

For MISSISSIPPI - Fairway Mortgage Ranked #6 in Mississippi for USDA GRH Loans

For MISSISSIPPI - USDA Rural Housing Receives $94million for Certain Counties

POSTPONEDUSDA Eligibility Map Changes Effective 10/01/2012