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Mortgages

12 POINT APPRAISAL CHECKLIST – How prepared are you?

By | Appraisals, Appraisers, Borrowers, Lenders, Loans, Mortgages, NAN University, Real Estate, Valuation, Webinar | No Comments

Before your next home appraisal, be sure to review and discuss our 12 Point Appraisal Checklist with your lender. Our team at Nationwide Appraisal Network has all the tools you need to prepare for your appraisal day. To learn more about appraisals, please visit our NAN University loaded with FREE webinars and whitepapers!   ABOUT NATIONWIDE APPRAISAL NETWORK- NAN is an industry leader in appraisal property valuations, providing a unique…

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FHA publishes additional sections of its SF Handbook

By | Mortgages | No Comments

This FHA Single Family Policy Handbook (Handbook 4000.1) is being published to provide updates to the content initially published September 30, 2014 and incorporate several additional sections. Click here: Handbook 4000.1, FHA Single Family Housing Policy Handbook (Handbook 4000.1):     Doing Business with FHA – Lenders and Mortgagees     Doing Business with FHA – Other Participants – Appraiser     Origination through Post-Closing/Endorsement for Title II Forward Mortgages     Origination through…

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NAN NEWSFLASH! Keeping you informed…

By | Mortgages | No Comments

INSTRUCTIONS UPDATE FHA INFO #15-06: Case Number Cancellation Authority  This Single Family Housing News is to update and clarify to stakeholders on the Federal Housing Administration’s (FHA’s) temporary case number cancellation authority instructions that were issued to support Mortgagee Letter 2015-01, Reduction of FHA Annual MIP Rates and Temporary Case Cancellation Authority that was reissued on January 13, 2015. Mortgagee Letter 2015-01  implemented the reduction of FHA Annual Mortgage Insurance…

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Understanding Appraisals

By | AMC Communication, Appraisal Compliance, Appraisals, Appraisers, Borrowers, Customer Service, Dodd-Frank, Fees, Mortgages, Nationwide Coverage, Valuation | No Comments

Effective January 2014, rules adopted by the Consumer Financial Protection Bureau (CFPB) allow borrowers to receive copies of all valuation products ordered with their loan (even if the lender did not rely on them three days prior to closing.) Various valuation products (appraisals, AVMs, BPOs) may produce different values and cause confusion for borrowers. 

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High cost mortgages and the new CFPB appraisal rules

By | Appraisal Compliance, Appraisals, Mortgages, Nationwide Coverage | No Comments

With the new CFPB rules taking effect in January of 2014 all lenders need to be very aware of the rules and make plans now to ensure they remain compliant. One of the new rules involves appraisals when funding a high cost mortgage. Of course before you can prepare for the changes to come you must first have a basic understanding of what makes a loan a high cost mortgage….

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The 8 factors in the ATR (Ability to Repay) rule

By | AMC Communication, Borrowers, Mortgages | No Comments

The ATR (Ability to Repay) rule is set to be fully implemented soon and if you are not ready for it then fasten your seatbelts, it’s going to be a bumpy ride. The current effective date for the ATR rule (as set forth under the Dodd-Frank Act) is January 14, 2014, this means you have less than 9 months to get your systems, marketing, training, etc.. in place to face…

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What do the New Loan Originator Rules Really Mean?

By | AMC Communication, Appraisal Compliance, Mortgages, Nationwide Coverage | No Comments

New CFPB rules got you down? Wondering if you can still earn a paycheck? Pay your mortgage and save for your kid’s college? Rest assured although it may be challenging, there is still income to be made for mortgage professional. Of course the days of easy money, big rebates and neg-am loans may be gone, that’s not necessarily a bad thing. It has cleaned our industry of lots of dead…

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New Loan Originator rules from the CFPB

By | AMC Communication, Appraisals, Dodd-Frank, Fees, Mortgages | No Comments

As most of us are aware the Consumer Financial Protection Bureau (CFPB) is amending Reg Z to implement amendments to the Truth in Lending Act (TILA) mandated by the Dodd-Frank Act, which leaves loan originations in very familiar territory. Asking them same questions they have been asking for several years now “How does this affect me”? The answer is just as confusing as ever. Let’s try to make some of…

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Housing Market targeted by Republicans

By | Mortgages | No Comments

The Republican National Convention is in full swing and practically in our backyard! Mitt Romney was officially nominated as the Republican presidential nominee this week in Tampa. As part of the GOPs platform, the Dodd-Frank Act was singled out as a specific failure in the current attempt to boost the housing market, stating it was “a massive labyrinth of costly new regulations that deter lenders from lending to creditworthy homebuyers…

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