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fha loans: AMC's = Useless - 06/03/10 10:48 PM
AMC's:  I wish I were talking about the Pacer, the Hornet or maybe the Matador--Those infamous unreliable cars of the 1970's :) but unfortunately, I sure feel the need to rant about the infamous unreliable appraisal management companies of 2010!  I'm sure many of us have had horror stories with HVCC but since the implementation of "appraiser independcence" for FHA a few months ago it's made appraisal issues for FHA now worse than ever.
Why is it that the number of re-inspections I need for HUD/FHA compliance nearly doubled?  I think it must be because the appraisers get paid less to perform an … (2 comments)

fha loans: 2009 FHA Blog Part 2: Cover Your Assets! FHA Documentation Requirements for Down Payment - 05/13/09 06:42 PM
Tight markets = Tight underwriting, simple as that.  Let's touch on one thing that comes up time and time again on FHA purchases: Funds to close.
In working with almost solely FHA loans on a daily basis, it has become clear to me that my next installment here must cover the documentation of assets.  A failed attempt at asset documentation can send that red flag up the pole real quick if not careful.  When I step into a "conventional fallout" situation this is one of the biggest obstacles I have to overcome in many cases. With these declining market restrictions, documenting … (4 comments)

fha loans: Interest Rates, Underwriting Turn times= Exercise caution on FHA rate locks - 02/26/08 02:14 PM
You may have read some other posts on ActiveRain about mortgage rates in recent days/weeks wondering exactly what's going on and speculating on where we are headed.  First I will reiterate that what the Fed does will not necessarily translate into what long-term interest rates like mortgages do.  The end of January did offer the best rates we have seen for quite some time but since about 2/10 rates have worsened from one day to the next about 80% of the time.  If you are "floating" right now, you might feel like you're playing a game of "Deal or No Deal" gone wrong … (10 comments)

 
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Kevin Weaver

Cincinnati, OH

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Emery Federal Credit Union

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