AMB Blog

HUD has issued Mortgagee Letter 2010-02 that will change the UFMIP factors for FHA loans effective with case numbers assigned on or after April 5, 2010. FHA will collect an upfront mortgage insurance premium of 2.25% (2.00% on Home Equity Conversion Mortgages and HOPE for Homeowners). The policy change will increase premiums for purchase money [...]

Ray Stevens came up with the greatest idea! We were speaking yesterday and he asked, “Why don’t we use the seller column to add in the expenses for owner’s title and doc stamps on the deed since most contracts have the seller pay these items anyway?”

His reasoning was prompted by the difficulties he was having in reconciling the [...]

A couple of Florida loan officers have asked me about contract processing. We had originally been told that all processors in Florida has to be licensed as of January 1, 2010. I now understand that licensing is being required in Florida as of October 1, 2010. At that time or earlier, AMB will make an [...]

Brad Fincher recently was asked to execute an assignment of mortgage for a loan he closed in February 2009. Apparently, Chase never got an assignment in connection with this loan when it closed. The confusion came about because Chase closed the loan in the name of Fincher and Associates. Well there is no legal entity [...]

John Bohannon in GA wrote -

Hey Mark,  I just went to the Georgia Mortgage Brokers Association website and pasted the news about Georgia SB57 in the body of the email below.   There is also a Think Big Work Small video that gives a few details on the bill too.  Can you tell me if this [...]

Richard Tillett recently asked about two private loans he was taking. He wrote:

“I have two possible private deals that I am working on and just want to make sure that the way that I have done them before still works. Both privates charge 12%. Neither customarily charges up front points, but both will [...]

Clicking here should take you to the most recent FAQ report. HUD issued its first round of FAQs in August. At that time, the guidance spanned 16 pages and provided insight on a little less than 100 questions. Now, the document is 57 pages and includes a table of context that categorizes about 275 Q&As.

Late [...]

I made an important business decision today and opted to renew only one HUD license number per state. I have revised the Olympic Lending Policy to reflect how originating FHA loans in 2010 will vary from the way that they were originated in the past. In a nutshell, here is why I made this decision.

1.       [...]

Luke Andrews wrote: “Did AMB come up with their own AMC for FHA Appraisals?  I know you had us email you FHA appraisers that we work with to do this a while back, but I haven’t heard anything recently.”

And Marla Loggins added: “We’d like to add another appraiser to our rotation list for FHA appraisers.”

In [...]

Contributed by Steven McCarty, Compliments of www.ProducersWeb.com

Reverse mortgages are growing in popularity; no surprise given retiree worries about their future retirement income. But regulators are now expressing concern that financial advisors may be encouraging clients to purchase unsuitable financial products using reverse mortgage proceeds.

Case in point: A recent U.S. Government [...]