Danny Salas

Archive for the 'Home Page' Category

Introducing CreditCOMPARE

Freddie Mac and Fannie Mae requiring credit to be pulled prior to closing loans…

Instantly Detect Changes Between Borrower’s Origination and Pre-Closing Credit Reports By Utilizing CreditCOMPARE.

Credit bureaus are now offering CreditCompare. Compare two reports to comply with FannieMae’s LQI requirement to identify undisclosed liabilities. Identifies the variances, so you don’t have to!

CreditCOMPARE  Identifies Changes In: 

• Borrowers Identification Information

•  Credit Scores (if ordered on the Pre-closing Report)

•  Balances, Tradelines, Payments and Public Records

•  NEW Tradelines and Inquiries

•  Credit Utilization

 

      

 

 

 

 

 

 

 

 

  

 

What to Subscribe To:

Get Our Twitter Updates
Get Our Blog Blast
Become A Fan On Facebook
Connect With Us On Linkedin

 

FHA Mortgage Insurance Premium

New FHA Announcement

Beginning October 4, 2010, FHA is requiring FHA Mortgage Insurance Premiums on all loans with case numbers assigned on or after this date, per HUD Mortgagee Letter 2010-28.

The Changes

FHA will decrease the Up Front Mortgage Insurance Premium (UFMIP) from 2.25 to 1.00 percent while ALSO increasing the monthly Mortgage Insurance Premium (MIP) from .55 up to .90 percent.

 

 

 

 

 

What This Means

For the most refinancing FHA homeowners and home buyers, this MIP change is neutral— just different.  To carry each month, loans will COST MORE; However, procuring will be LESS COSTLY. It is a compromise that should help steady and recapitalize the government group.

Contact Access Real Estate Lending today to see if a FHA Streamline Refinance will work for you!

*Change to FHA MORTGAGE Insurance Premiums was originally to change September 7, 2010.

What to Subscribe To:

Get Our Twitter Updates
Get Our Blog Blast
Become A Fan On Facebook
Connect With Us On Linkedin

Appraiser Independence Requirements

Replacing Home Valuation Code of Conduct Code

On or around October 21, 2010  Federal Housing Finance Agency (FHFA), Freddie Mac and Fannie Mae will will have created and executed new appraiser independence requirements to follow the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).  Until the change is released in the upcoming Selling Guide announcement, existing  provisions of the HVCC will still apply.

The Change

The revised requirements will continue to help us ensure that the highest standard of appraisal reliability and appraiser independence are retained. It will also maintain the spirit and intent of HVCC, and continue to provide important protections for mortgage investors, home buyers, and the housing market.

During this process, Freddie Mac has been recieving information and other valuable input from key industry participants.

For more information, visit the Home Valuation Code of Conduct Web pages on FreddieMac.com.

What To Subscribe To:

Get Our Twitter Updates
Get Our Blog Blast
Connect With Us On Facebook