Settle this DISPUTE over HVCC! - 09/15/09 12:53 AM
Help me out here. I have a 20 year veteran Real Estate Developer telling me the HVCC is a good thing! Really!! That onerous Home Valuation Code of Conduct that has sent many brokers and borrowers running to FHA in order to get a decent valuation. I'd really like to hear your experience. Any pointers welcome!
His arguing points are:
1. Mortgage Brokers (and Realtors) are jealous we no longer 'control values'.
2. We are just eager to create higher % loans for the most money and screw the borrower.
3. Appraisers won't travel outside their areas due to travel costs.
4. Appraisal Reviewers work the same region … (8 comments)

Manufactured Homes: The Hits GO ON! - 09/11/09 04:08 PM
This news is not going away fast. In the wake of FHA and VA lenders closing the window for funding Manufactured Home Loans (August 09) I am canvassing our network for solutions, conventional, portfolio, you name it. Here's the skinny:
The FEW lenders still funding Manufactured home purchases require:
1. Higher credit standards for both borrowers
2. Higher down payments than stick built homes
3. Higher interest rates and closing points
4. Newer age limitations on the home (which creeps up every year, 1994 is typical)  
My August post on this: http://activerain.com/blogsview/1202931/manufactured-homes-take-a-hit-
What's the Big Deal?  Manufactured homes represent significant risk to the investor because defaults in this housing sector … (12 comments)

Who Needs Conspiracy THEORIES? - 09/09/09 04:18 AM
When our own banking system is at work amazing us with their fancy footwork? Did you hear the move to FHA to avoid the HVCC appraisal code debacle has over taxed the FHA system? Have you heard FHA loans are taking 60 days to close and many files are being denied?
For the first time in years, the FHA funding reserve has fallen to 3%. In 2007 that reserve was 6.4%. Legally, the FHA funding reserve cannot fall below 2% or they have to stop funding. Interestingly, the Fed has determined they won't be propping up FHA further, at least for now. The … (7 comments)