credit: Risk-Based Premiums for FHA Mortgage Insurance
- 07/11/08 04:11 AM
Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages. The premium matrix is shown below, replacing the premium matrix in Mortgagee Letter 00-38, which identifies the current mortgage insurance premiums for FHA's single family programs.
Systems
Lenders are reminded of the importance of data integrity to ensure that the appropriate premium is charged and that the data submitted to TOTAL and FHA Connection is accurate. Also, system edits will prevent lenders from Streamline Refinancing FHASecure loans that were previously delinquent non-FHA ARM … (0 comments)
credit: Temporary waiver of certain part of FHA property Flipping rule
- 07/09/08 10:37 PM
HUD will now allow all mortgage lenders tosell foreclosed property with FHA financing without regard to the date theyacquired the property. Previous to this, only Federally chartered banksand credit unions and the GSEs (FannieMae and FreddieMac) and HUD were allowthis exemption.Please be aware this does not apply to private investors or any otherindividuals, who still must wait the 90-day seasoning period before they cansell a home with FHA financing. Also, the two appraisal requirement (whenapplicable) is still required for private investor sales.Temporary Property Flipping Waiver:The temporary waiver of the property flipping rule will permit lenders tomore easily sell properties acquired as … (2 comments)
credit: New Program for Buyer Agents Specializing in Bank-Owned Properties
- 10/18/07 06:22 AM
REO Premier Program "We absolutely love this program" says Mario Boles a Mortgage Advisor at Renovation Mortgage Plus "This program will allow a buyer's agent the ability to get engaged in the Bank-Owned Property Market and develop a niche in a maturing real estate environment." Click here for a program flyer … (3 comments)
credit: New Program for REO Listing Agents
- 10/18/07 06:18 AM
REO Listing Advantage Program For agents that list and market Bank-Owned Properties, Renovation Mortgage Plus has created the REO Listing Advantage Program. "We both (Agents and RMP) have the same goal which is to put a family into the home of their dreams. What better time to team up with our realtor partners and enforce that commitment than now" said Diego Hodge who is a RMP Mortgage Advisor. Click here for a program flyer … (1 comments)
credit: How to Score with Credit: What They Don't Teach You in High School about Credit
- 06/06/07 01:15 AM
The most important document after you graduate from high school is your credit report. Your credit report is being used to obtain employment, purchase a car, secure a competitive mortgage for a home and activate utilities, start and maintain a business and in some cases to obtain a hand in marriage. How To Score with Credit gives you the inside scoop on what you should have been taught in high school about credit and what you need to know today about how to manage, protect and increase your scores. Click here to preview your copy … (0 comments)
credit: Firm Lender Commitment (FLC) vs. Pre-Approvals/Prequalifications
- 06/06/07 01:10 AM
As a mortgage professional I always look for ways to make real estate agents' job much easier and the one thing at the top of my list is to have buyers not just pre-approved but have a a Firm Lender Commitment form an underwriter before making an offer on a home or in some cases even looking for a home. Everyone has their own system when prequalifying a person however the final approval is going to come from the underwriter and not the loan officer or the processor unless all three are the same person, then that's an entire different issue. … (2 comments)
Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages. The premium matrix is shown below, replacing the premium matrix in Mortgagee Letter 00-38, which identifies the current mortgage insurance premiums for FHA's single family programs.
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