Generation Mortgage Co., a privately owned reverse mortgage retailer and wholesaler, has made available a new jumbo reverse mortgage loan for homes valued up to $6 million. Generation Mortgage says the product is the industry’s lone fixed-rate jumbo reverse loan offered for higher-valued homes, and that it caters to a “presently [...]
|
||||||
|
Annessa found this great page on the web that helps you understand FHA Streamline procedures thoroughly. The help page is from Direct Mortgage and Chris Bowers is our AE. He can be reached at 727-642-8683 if you need more help. Look how easy it is! Shortened loan application — No employment nor assets need to be [...] Can a person living outside the U.S. be a non-occupying co-borrower? Unless otherwise exempted (e.g., military service with overseas assignments, U.S. citizens living abroad), any non-occupying co-borrowers or co-signers must have a principal residence in the United States. When there are two or more borrowers, but one or more will not occupy the property as a principal residence, the maximum mortgage is limited to a 75 percent LTV. However, maximum financing, as described in HUD Handbook 4155.1 is available for borrowers related by blood, marriage or law (spouses, parent-child, siblings, stepchildren, aunts-uncles/nieces-nephews, etc.), [...] First, APEX Lending President Steve Hays announced on January 26, 2010 that the company would be shutting down and all loans must be closed in the next 30 days or taken elsewhere. Origination is to cease after January 29 and most employees will be terminated as of that date. Click here to [...] The following provides important updates from Bank of America Home Loans Wholesale Lending on the revisions to the lending requirements under RESPA / Regulation X as announced by the U.S. Department of Housing and Urban Development (HUD). Important Clarification – Changes to Broker Origination Fees and Broker Compensation We are confident that you have educated yourself on the new RESPA reform. Under the new RESPA rules, when you select Provident Funding as the lender for your client, we are responsible for the terms of the Good Faith Estimate (GFE) issued to the Borrower. Please familiarize yourself with Provident Funding’s new policy and procedures [...] FHA is implementing three new mortgagee letters regarding appraiser independence, requirements and the appraisal process. The following information provides a brief overview of the new requirements. Beginning January 1, 2010, brokers originating FHA loans will be required to order appraisals through LandSafe Appraisal or one of the multiple FHA appraisal management companies who will provide the [...] Contributed by Robert Verrino, AE Plaza Home Mortgage. Robert can be reached at 904-343-6831. For more information visit www.plazahomemortgage.com. Effective December 1st, the Freddie Mac Relief Refinance is available! The Freddie Relief Refinance program is similar to the DU Refi Plus program in that it is a refinance product for loans that are owned by Freddie Mac [...] Is income from employment that has not begun considered effective income? Projected or hypothetical income is not acceptable for qualifying purposes. However, exceptions are permitted to this rule for income from cost-of-living adjustments, performance raises, bonuses, etc., which are both verified by the employer in writing and scheduled to begin within 60 days of loan closing. [...] |
||||||
|
Copyright © 2010 AMB Blog - All Rights Reserved |
||||||