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fha specialist: www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports. - 04/29/12 02:32 PM
www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports.
by John Le Francois
www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports were to take affect on April 1,2012 but has now been delayed till July 1, 2012. The proposed changes are addressing disputes, collections and judgments that show on a credit report. FHA released mortgagee letter 2012-3 refers to the following:
Requires borrowers with collections with a combined total greater then $1,000 must be paid off including medical collections if the accounts are less then 2 years old activity date. Disputed accounts must be … (0 comments)
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fha specialist: www.lasvegasmtg.com Report: Home Prices in Las Vegas, Nevada by Zillow.com - 03/23/10 01:48 PM
www.lasvegasmtg.com Report: Home prices in Las Vegas, Nevada Year over Year shows on average a 23% decline in prices but for the 1st Quarter 0.0% average decline. This is god news that home prices are showing a bottom in pricing. The question still remains what will happen when the shadow inventory is released. Will we see a double dip in home prices until inventory is depleted? Zillow Home Value IndexYou need the latest version of the Macromedia Flash Player.Download the free Flash Player now!
More Las Vegas Home Values … (0 comments)
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fha specialist: www.lasvegasmtg.com Report: FHA the Truth or Fiction Game - 03/16/10 05:01 PM
www.lasvegasmtg.com Report: FHA the Truth or Fiction Game is based on Mortgagee Letters everyone has heard about, but until you try to implement them you do not know if they are true or fiction in the real world of lending. So lets begin with an easy one alright?
1) FHA now has implemented a minimum FICO Score set at 580. If you do not have a minimum FICO score of 580 you will need 10% down? Is this Fact or Fiction? This is Fact based on FHA guidelines, but Fiction in the real world of lending! Lenders have … (2 comments)
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fha specialist: www.lasvegasmtg.com Report: What every Realtor should know about the FHA Changes - 02/21/10 01:51 PM
www.lasvegasmtg.com Report: What every Realtor should know about the FHA Changes in effect and the legislative changes being requested. Due to losses that occurred from legislative changes in 2003 when both houses of Congress proposed and passed the Down Payment Assistance Program the necessary funding required by law to cover defaults is now below the mandated 2% requirement.
This January 2010, FHA announced the changes that will take effect in staged time frames for the public and industry to digest and hopefully not impact the recovery of the housing markets.
1. FHA is now requiring the "Funding Source" or Lender to … (4 comments)
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fha specialist: lasvegasmtg.com Report: FHA HUD removes 1% Origination cap in Las Vegas, Nevada. - 01/06/10 05:15 PM
lasvegasmtg.com Report: FHA HUD removes 1% Origination cap in Las Vegas, Nevada and throughout the country effective January 1, 2010. While I have found little information provided on this change FHA 1% Origination cap being removed on the Internet it must be provided to inform the consumers and Realtors on the reasons why it was necessary to remove the FHA 1% Origination cap.
Due to the recent changes of RESPA and the bundling of total fees to be paid to the broker now on the new GFE (Good Faith Estimate) it was discovered that the total amount would always exceed … (4 comments)
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fha specialist: Las Vegas MTG Report: DU 8.0 changing the Mortgage landscape! - 12/10/09 10:22 AM
Las Vegas MTG report: DU 8.0 Changing the mortgage landscape on 12/12/2009
DU 8.0 will be released on 12/12/2009 to update the credit risks and assessment changes that have been implemented over the last several months from Fannie Mae. The DU 8.0 will change how much a home buyer can qualify for with tighter guide lines and the elimination of REFER status. For the purpose of this newsletter I will only be discussing DU 8.0 as it pertains to purchases and not refinances. FHA will be effected by these changes as well.
Changes to Credit risk assessment DU 8.0
These … (1 comments)
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fha specialist: Option ARM's and what affect will it have in Las Vegas, Nevada Housing Market. - 11/26/09 05:06 PM
CNNMoney Article By Les Christie: Option Arms: A poison Pill for homeowners
This is a comment about a article today in CNNMoney about Option Arms and what the affect it will have on the Las Vegas, Nevada housing Market. CNNMoney assessment is that it may be a killer for any home price recovery in Las Vegas, Nevada as the last of the Option Arms that were issued in 2004 are set to be recast. Some of the more interesting statistics that CNN reported is that relatively few of these Option Arms programs were used while they were being offered.
… (24 comments)
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fha specialist: Giving Thanks on Thanksgiving Day in Las Vegas, Nevada - 11/25/09 11:51 AM
Tomorrow we give thanks on Thanksgiving Day in Las Vegas, Nevada for the sacrifices from those that first came here in hopes of a better life and freedom from persecution. While Thanksgiving Day is a special day where we celebrate with food and festivities that first day the pilgrims gave thanks, it is also a time for me to reflect and give thanks as well.
I'm giving thanks for having a wonderful family, a loving wife of 25 years, 3 Children, and one grandchild Michael who brings me joy everyday. I'm giving thanks to being reunited with my two … (0 comments)
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John Le Francois NMLS #333903
Las Vegas,
NV
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All Western Mortgage Broker # 14210
Address: 8345 W. Sunset Rd., Suite 200, Las Vegas, NV, 89113
Office Phone: (702) 369-0905 x 648
Cell Phone: (702) 271-2659
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