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guideline changes: New Good Faith Estimate (GFE) Rule Now In Effect - 01/12/10 02:38 PM
New Good Faith Estimate Rule Now In Effect
Recent guidelines from Washington have forced a change to the way that loan originators will disclose closing costs for all homebuyers.  The purpose of the new Good Faith Estimate is to level the playing field for borrowers comparing loans to be able to make apples to apples comparisons for loan scenarios.
In essence, HUD is working to bring all lenders up to the same standard of excellence in reporting closing costs that I have always adhered to, estimating realistic fees that a buyer should expect to pay at closing with no last minute … (2 comments)

guideline changes: FHA Appraisal and Lender Eligibility Update - 09/22/09 02:27 PM
FHA Appraisal and Lender Eligibility UpdateExplained by Jeff Mifsud, this update contains the pertinent changes to Appraiser and Lender Eligibility guides as outlined in Mortgage Letters 2009-28, 29, 30 and 31.
Here are the 8 things you need to know about these changes:
Appraisers
Changes are effective as of January 1st, 2010. Mortgage brokers and commission based lender staff are now PROHIBITED from selecting the FHA appraiser. Lenders are not required to use Appraisal Management Companies, but may do so. When a borrower switches to another lender, FHA prohibits the 2nd lender from ordering additional appraisals to obtain a higher value, … (4 comments)

guideline changes: Imminent FHA Guideline Changes - 03/18/09 01:51 PM
According to a letter that went out to lenders this week, The Federal Housing Administration (FHA) plans to make it tougher for borrowers to secure a cash-out refinance mortgage.
Until now, the FHA has approved cash-out refinances for homeowners who have at least 5% equity in their properties and a record of on-time payments for at least one year.
However, beginning April 1, this type of refinancing will be restricted to borrowers with at least 15% equity in their homes.
This is a "temporary change" said current FHA Commissioner Brian D. Montgomery, while the FHA determines whether "permanent measures" should be … (0 comments)

guideline changes: FHA Changes Cash-out Refi Guidelines - 03/17/09 12:52 PM
This update from FHA Letter 2009-08 establishes temporary cash-out refi guidelines.
Here are the 9 things you need to know about these changes:
1. This is a temporary change, and effective as of April 1st, 2009 (No, it's not a joke).
2. When adding a simultaneous 2nd lien, there will be a max CLTV of 85%.
3. Existing 2nd liens can be re-subordinated with no max CLTV.
4. When existing 2nd liens are modified to accommodate the new 1st, there is no max CLTV.
5. Must have 12 months seasoning as primary residence to get max cash-out … (0 comments)

 

Karl Peidl - Accredited Loan Consultant

Moorestown, NJ

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Address: 305 Harper Drive, Suite 3, Burlington County, New Jersey, Moorestown, NJ, 08057

Office Phone: (856) 252-1200 x 1224

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