mortgage: 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)
mortgage: 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)
mortgage: FHA Breaking News: HUD’s 203(k) Rehab Program Gains Popularity
- 01/07/08 12:02 AM
HUD's 203(k) Rehabilitation Program Effectively Restores Communities and Increases Homeownership Opportunities Rehabilitating a home through HUD's 203(k) Rehab Program involves various single family mortgage insurance programs administered by the FHA. According to HUD, the mortgage loans are obtained through FHA-approved lenders, which submit applications to conduct credit approval of the buyer and have the property appraised. The lenders fund the mortgage loans that are then insured by HUD. Importantly, the 203(K) Rehab Program is HUD's most effective and used program for the rehabilitation and repair of single family homes. Thus, it is an invaluable resource for community and neighborhoods that wish … (8 comments)
mortgage: Realtor Marketing Idea you have to read!
- 11/03/07 10:31 AM
My colleague and I always attend Realtor and REO Conferences to learn as much as we can about our Realtor partners and their expectations when it comes to business transactions. On one of our trips we ran into a Lowe's representative. At first the rep had mistaken us for Realtors as many vendors do however after about 15 minutes into his presentation we stopped him and asked if the services he was offering was for mortgage professionals as well. Needless to say his answer was no but we walked away with an idea that most Realtors would love if given the … (6 comments)
mortgage: For REO Agents Only (Georgia)
- 10/25/07 03:20 AM
Dear Agents: Allow me to introduce our company as experts in renovation lending. Our Home Improvement Purchase Mortgage's (HIPM) are ideal for REO inventory for many reasons. We have over 10 years experience in renovation lending and we are members of REOMAC. I'd welcome the opportunity to visit with you to share how we can help you sell your inventory faster. Regards, Diego Hodge, Wizard of WOW! … (3 comments)
mortgage: 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)
mortgage: 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)
mortgage: The Art of the Thank You
- 06/10/07 03:12 PM
I would like to share a technique that is not new however it is effective with generating quality leads and awareness of your personal brand. I was recently at a restaurant with a real estate agent friend of mine discussing the next 6 months of 2007 and what our goals and objectives were. Our waitress was excellent and performed over and above our expectations to the point that we both commented her and thanked her for her service. As usual at the end of the meal I signed the slip for the bill and left my business card. Upon leaving the … (11 comments)
mortgage: REO's and Owner-Occupant Buyers
- 06/07/07 06:58 AM
A majority of my referral partners are REO Listing Brokers. In an effort to assist them with moving 1-2 additional properties per month we established a campaign to focus on Owner-Occupant Home Buyers. Now this may not work for every market but for Georgia it has taken off. Because we specialize in the Home Improvement 1st. Mortgage which allows home buyers financing to purchase and renovate property many home buyers have called for financing, workshops and RMP Orientations. We have also created a Renovation Lending CE Course for real estate agents to assist them with understanding how Renovation Lending works. While … (0 comments)
mortgage: Face Time
- 06/06/07 12:38 PM
My colleague, who is Mortgage Coach at Renovation Mortgage Plus, had a buyer who was referred to him buy a current client. After he was able to get a Firm Lender Commitment Letter (FLC) from the underwriter on the buyer he contacted an agent and sent approval letter verifying that a FLC was on file. What happened after that amazed me. The agent sends the buyer a list of homes to choose from rather than going to pick up the buyer and spend some personal time with him accessing his goals and objectives. I feel like the Great Jerry McGuire when I say "Where is the Personal Attention?" Where is the love. … (2 comments)
mortgage: How to Score with a Mortgage
- 06/06/07 01:18 AM
There are thousands of horror stories that are told regarding the home buying process especially when it comes down to mortgage financing. Many of the stories of fraud, closing table surprises and predatory lending situations could have been avoided if home buyers were empowered with the knowledge of how mortgage financing really works. If you are purchasing your first home as a primary residence or getting your "feet wet" in the world of investment property purchases knowing how mortgage financing works with put you steps ahead. When you are building your team for the purchase of a home and your team … (0 comments)
mortgage: 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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