usa help: FHA Acceptable Compensating (Comp) Factors To Go Beyond 33/43 Ratios - 05/25/12 12:27 AM
2-13 COMPENSATING FACTORS.Compensating factors that may be used to justify approval of mortgage loans with ratios exceeding our benchmark guidelines are those listed below. Underwriters must record on the “remarks” section of the HUD 92900-WS/HUD 92900-PUR the compensating factor(s) used to support loan approval. Any compensating factor used to justify mortgage approval must be supported by documentation.
A. The borrower has successfully demonstrated the ability to pay housing expenses equal to or greater than the proposed monthly housing expense for the new mortgage over the past 12-24 months.
B. The borrower makes a large downpayment (ten percent or more) toward the … (0 comments)

usa help: HARP 3.0 (Responsible Homeowner Refi Act of 2012 ) Supported By NAR - 05/25/12 12:16 AM
May 24, 2012: NAR releases Press Release in support of HARP 3. But fails to even acknowledge investors!!!
I may sound like I pick on NAR, I don’t mean to, but for all their millions of dollars in resources one would think they could hire a speech writer so their Presidents can sound well versed instead of possessing a myopic perspective.
The part I like A LOT;
“Eliminating the refinancing barriers homeowners face with Fannie Mae and Freddie Mac loans will help bring them relief by lowering monthly payments and reducing the risk of default.”
But, without acknowledging the losses to … (1 comments)

Chris Sorensen

Chris Sorensen

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