hud: Has the FHA flipping rule really been waived?
- 03/05/10 02:19 AM
Lenders accross the land are taking different twists on the FHA flipping rule waiver. Just to demonstrate how major lenders are treating this tender topic, I will list some examples from the largest national leaders. Some things are simple, others not. On January 15, 2010, HUD issued a Waiver of Requirements of 24 CFR 203.37a(b)(2) revising exceptions to the FHA Flipping Rule policies. (Notice that HUD did not actually issue a Mortgagee Letter.) The FHA Flipping Rule prohibits FHA financing if the contract of sale for the purchase of the subject property is executed within 90 days of the prior acquisition … (2 comments)
hud: More challenges to lenders and brokers...the lending industry contracts
- 01/11/10 05:25 AM
How many companies out there won't be able to do FHA loans if HUD moves toward a minimum $2.5 million net worth to do FHA loans? Some estimates peg the loss at 70% of all current lenders! HUD estimates that about 40% of all currently approved lenders have less than $1.0 million net worth. Maybe they'll grandfather small companies in... maybe not... Would this be good for consumers, eliminating those firms from FHA origination that are on shakier financial ground? Or would the loss of competition hurt a consumers ability to shop? Both good questions that have been partially answered by history. … (0 comments)
Lenders accross the land are taking different twists on the FHA flipping rule waiver. Just to demonstrate how major lenders are treating this tender topic, I will list some examples from the largest national leaders.
;)
;)
