On behalf of the state regulatory agencies using NMLS, the State Regulatory Registry LLC is seeking comments from the public on the proposed background check policies and functionality in NMLS. The deadline for comments is October 14, 2009.
Comments are sought on background check policies and processes as well as the following specific areas:
1. Flagging credit history data for specific items in order to decrease the processing time required for regulators to review credit report data. SRR is concerned that applications for licensure or renewal could be significantly delayed if all state regulators must manually review each credit history report for each state licensed MLO. State regulators are proposing to flag for manual review only those credit histories that contain certain incidences.
2. SRR specifically invites comments to identify a score they believe to be an appropriate threshold to trigger manual review. Credit scores can be a means to provide a general assessment of overall credit worthiness. Given the mortgage industry's experience in using credit scores, SRR invites feedback concerning the value of a credit score as only one element of the flag process that can allow a regulator to forego a manual review and expedite processing.
Comments are requested to be limited to the content of this document as it relates to background checks and NMLS.SRR's Mortgage Licensing Policy Committee (MLPC) will review all comments and publish a final document outlining NMLS Background Check Processing.
Comments can be submitted by email to: comments@stateregulatoryregistry.org.
Comments may also be submitted in physical form to:
Conference of State Bank Supervisors
Attn: Tim Doyle Background Check Public Comments
1155 Connecticut Avenue,
NW Fifth Floor
Washington, DC 20036-4306
Thursday, September 24, 2009
NEW FHA appraisal guidelines
The FHA released Mortgagee Letter 2009-28 last Friday, September 18, 2009, and it will likely have a dramatic impact on the FHA appraisal business.
This document, which can be viewed in its entirety by clicking on the following link, /offices/adm/hudclips/letters/mortgagee/files/09-28ml.doc is described by the writer, David H. Stevens, Assistant Secretary for Housing-Federal Housing Commissioner, as follows: "This Mortgagee Letter provides clarification and reaffirms Federal Housing Administration (FHA) appraisal requirements related to appraiser independence and announces new requirements pertaining to entities that are eligible to order appraisals for FHA insured mortgages."
The new requirements of importance to appraisers contained in this mortgagee letter are:
1) Mortgage brokers and commission based lender staff are prohibited from involvement in the appraisal process.
2) FHA-approved lenders have new responsibilities to ensure that FHA appraisers are ".compensated at a rate that is customary and reasonable for appraisal services in the market area."
3) "The fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process or any activity other than the performance of the appraisal." "AMC and other third party fees must not exceed what is customary and reasonable for such services provided in the market area of the property being appraised."
The Appraisal Institute, in a news release on Saturday, hailed this as an overall victory for appraisers, describing the FHA's actions as ".reversing a policy that inadvertently capped fees for real estate appraisers." The news release also noted that ".FHA's new policy separates the services (and fees) charged by appraisers from those charged by AMCs, allowing each to float at reasonable and customary levels. The previous policy inappropriately restricted the combined fees to just the customary and reasonable fee for the appraisal in the market area where the appraisal is performed." Obituary: Comp Check, 1994-2009
It appears as though this mortgagee letter has driven the final stake into the Comp Check as the FHA has reminded lenders and AMCs that they are prohibited from requesting that appraisers provide ".an estimated, predetermined or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that an appraiser provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal report." This is expanded upon in the mortgagee letter under the heading "Appraiser Independence Safeguards".
This document, which can be viewed in its entirety by clicking on the following link, /offices/adm/hudclips/letters/mortgagee/files/09-28ml.doc is described by the writer, David H. Stevens, Assistant Secretary for Housing-Federal Housing Commissioner, as follows: "This Mortgagee Letter provides clarification and reaffirms Federal Housing Administration (FHA) appraisal requirements related to appraiser independence and announces new requirements pertaining to entities that are eligible to order appraisals for FHA insured mortgages."
The new requirements of importance to appraisers contained in this mortgagee letter are:
1) Mortgage brokers and commission based lender staff are prohibited from involvement in the appraisal process.
2) FHA-approved lenders have new responsibilities to ensure that FHA appraisers are ".compensated at a rate that is customary and reasonable for appraisal services in the market area."
3) "The fee for the actual completion of an FHA appraisal may not include a fee for management of the appraisal process or any activity other than the performance of the appraisal." "AMC and other third party fees must not exceed what is customary and reasonable for such services provided in the market area of the property being appraised."
The Appraisal Institute, in a news release on Saturday, hailed this as an overall victory for appraisers, describing the FHA's actions as ".reversing a policy that inadvertently capped fees for real estate appraisers." The news release also noted that ".FHA's new policy separates the services (and fees) charged by appraisers from those charged by AMCs, allowing each to float at reasonable and customary levels. The previous policy inappropriately restricted the combined fees to just the customary and reasonable fee for the appraisal in the market area where the appraisal is performed." Obituary: Comp Check, 1994-2009
It appears as though this mortgagee letter has driven the final stake into the Comp Check as the FHA has reminded lenders and AMCs that they are prohibited from requesting that appraisers provide ".an estimated, predetermined or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that an appraiser provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal report." This is expanded upon in the mortgagee letter under the heading "Appraiser Independence Safeguards".
HUD Announces HECM Principal Limit Reduction
HUD Announces HECM Principal Limit Reduction
HUD has just released Mortgagee Letter 2009-34, which will reduce principal limits for all HECM loans with FHA case assignments dated October 1, 2009, or later.
While this is an unexpected change, HUD has taken this step to protect the viability of the HECM program, and ensure the continued accessibility of HECM products to qualifying seniors. It is important to note that the principal limit reduction affects all lenders and all products.
We encourage you to speak with your clients as soon as possible to discuss how this principal limit change may affect their loan terms. As a reminder, the FHA case assignment date must be made prior to October 1, 2009. Remember, an FHA case assignment cannot be made until the HUD counseling requirement has been met.
Genworth is committed to working with brokers and their clients to ensure sufficient staffing to process every new application received as a result of this change.
We are currently making modifications to our Reverse Mortgage calculator to accommodate the principal limit factor changes. As more details become available, we will communicate them to you via our standard Broker Alert process.
http://www.hud.gov/offices/hsg/sfh/hecm/hecmhomelenders.cfm
Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
HUD has just released Mortgagee Letter 2009-34, which will reduce principal limits for all HECM loans with FHA case assignments dated October 1, 2009, or later.
While this is an unexpected change, HUD has taken this step to protect the viability of the HECM program, and ensure the continued accessibility of HECM products to qualifying seniors. It is important to note that the principal limit reduction affects all lenders and all products.
We encourage you to speak with your clients as soon as possible to discuss how this principal limit change may affect their loan terms. As a reminder, the FHA case assignment date must be made prior to October 1, 2009. Remember, an FHA case assignment cannot be made until the HUD counseling requirement has been met.
Genworth is committed to working with brokers and their clients to ensure sufficient staffing to process every new application received as a result of this change.
We are currently making modifications to our Reverse Mortgage calculator to accommodate the principal limit factor changes. As more details become available, we will communicate them to you via our standard Broker Alert process.
http://www.hud.gov/offices/hsg/sfh/hecm/hecmhomelenders.cfm
Please contact Broker Care at (866) 871-1353 or brokerprogram@genworth.com with additional questions.
Tuesday, September 22, 2009
Appraiser Info- New Horizons
Please find my company information along with my fees and the area's I travel. Thank you for passing my information along to your loan officers. I do have references that people can call if needed. If you would also note that I have worked with Mary Catok, George Taho and just started with Richard Turner.Please visit my web site for more information.
FHA $350.00
Condo's $350.00
2-4 Family $500.00
Drive By $250.00
Vacant Lnd $225.00
Counties traveled are: Pinellas, Pasco, Hillsborough, Hernando.
Thank you again for your help.Rebecca Piernik
New Horizon Appraisal Services, LLC.
Rebecca L. PiernikState Certified Residential Appraiser #RD6802
Ph: 727-698-8153
Fx: 727-935-4127
email: www.rpiernik@newhorizonappraisalsvc.com
website: www.newhorizonappraisalsvc.com
FHA $350.00
Condo's $350.00
2-4 Family $500.00
Drive By $250.00
Vacant Lnd $225.00
Counties traveled are: Pinellas, Pasco, Hillsborough, Hernando.
Thank you again for your help.Rebecca Piernik
New Horizon Appraisal Services, LLC.
Rebecca L. PiernikState Certified Residential Appraiser #RD6802
Ph: 727-698-8153
Fx: 727-935-4127
email: www.rpiernik@newhorizonappraisalsvc.com
website: www.newhorizonappraisalsvc.com
Monday, September 14, 2009
FHA condo changes
If you didn’t get the word already, FHA Spot condo approvals have been eliminated as of 10/1/09. We can submit for project approval via our sponsors, but I am sure it will be a very tough process, as the Lenders are now responsible for issuing the FHA project approval not HUD.
Per Mortgagee Ltr 2009-19, this is part of the Housing and Economic Recovery Act, HERA and HUD will continue to maintain a list of approved condo projects.
FHA to FHA streamlines do not require project approval.
FHA REO’s don’t require project approval.
Project approvals are good for 2 years, after 2 years they will require a re-certification to determine they still meet FHA criteria. This also applies to all projects currently on the list of approved condos.
Per Mortgagee Ltr 2009-19, this is part of the Housing and Economic Recovery Act, HERA and HUD will continue to maintain a list of approved condo projects.
FHA to FHA streamlines do not require project approval.
FHA REO’s don’t require project approval.
Project approvals are good for 2 years, after 2 years they will require a re-certification to determine they still meet FHA criteria. This also applies to all projects currently on the list of approved condos.
Loan Registrations
Just a reminder that ALL loans must now be registered online at www.TheMortgageIsRight.com/LoanRegistration.
You may also log onto the Support Page at www.TheMortgageIsRight.com/Support and select the link for the Loan Registration page.
It takes less than a minute to register a loan on the Registration Page and I believe you will find it a convenience as opposed to the form we were previously using.
The old form has been removed from the website and will no longer be accepted. Thank you for your attention to this message.
You may also log onto the Support Page at www.TheMortgageIsRight.com/Support and select the link for the Loan Registration page.
It takes less than a minute to register a loan on the Registration Page and I believe you will find it a convenience as opposed to the form we were previously using.
The old form has been removed from the website and will no longer be accepted. Thank you for your attention to this message.
Friday, September 4, 2009
Loan Registrations!!
Please be advised that beginning tomorrow, 9/4/2009, all Loan Registrations must be completed online at our website.
Log onto www.TheMortgageIsRight.com/LoanRegistration and complete the fields of the Loan Registration as applicable.
Note that all ‘Valid’ loan applications must be registered with Innovative within 3- mail days.
Log onto www.TheMortgageIsRight.com/LoanRegistration and complete the fields of the Loan Registration as applicable.
Note that all ‘Valid’ loan applications must be registered with Innovative within 3- mail days.
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