WHAT ARE THE NEXT CHANGES ON THE HORIZON?
How are you manuvering the maze?
- September 1 - Fannie Updates and Clarification to Appraisal Policies - SEL 2010-09 (Effective 9-1-10)
Some reasonable guidance on dealing with value and deficiencies... will our appraisal pains be relived?? (Fannie Mae SEL 2010-09)
- September 7 - "New" Combined Loan-to-Value Requirements for Refinance Transactions - ML 2010-24 (Effective September 7, 2010)
And we are back to 2007… Check your pipeline and get case numbers ordered now if you need to exceed these new limits. Sept. 7th is right around the corner. (FHA Mortgage Letter 2010-24, Combined Loan-to-Value Requirements for Refinance Transactions, August 6, 2010)
- October - Fannie & Freddie Loan & Appraisal Data Uniform Data Collection - The Next Big One! (FHFA News Release - Effective June 2010 for Loans; Effective October 2010 for Appraisals)
FHFA forces everyone to get on with uniformity and accurate data collection as part of an overall risk management strategy. The changes will be hard for all as the work load hits operational areas and general business practices. https://www.efanniemae.com/sf/lqi/umdp/index.jsp
- October 1 - VA Clarifies Itemization of Credits/Title Charges on HUD-1 – VA Cir. 26-10-9 (Effective October 1, 2010)
October 1 - Fannie Clarifies Underwriting Foreclosure Borrowers – SEL 2010-08 – What are the waiting periods and underwriting requirements? This is a clear incentive for those borrowers dealing with the uncertainty of their property disposition;as long as they can hang on until October 1.
- October 4 - New FHA HECM – Reverse Mortgage - [Charts/Checklists - HECM Case Binder Submission Form] ML 2010-22 (Effective 10-4-10)
Another form for our packages…they never stop coming.
- October 4 - HUD Announces Upcoming Change to FHA Mortgage Insurance (Effective October 4, 2010) This is a BIG change and is happening fast! Make sure you review all your FHA files that you have issued GFEs on and get those case numbers ordered. Stay on top of this with your compliance department for any re-disclosure and company procedures.
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