Underwriting Update for Financing of Investment Property with Fannie Mae
Last Friday, when Fannie adjusted the allowance for the amount of financed properties owned from 4 to 10, other underwriting requirements on investment and second home borrowers were updated as well....
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When is a Second Appraisal required on FHA Jumbos?
The last few FHA High Balance (aka FHA Jumbo) purchases that I’ve closed, the buyers and agents thought a second appraisal was automatically required. FHA did adopt conforming appraisal guidelines for...
View ArticleMore Upcoming Changes to Underwriting
Fannie Mae issued Announcement 09-19 amending some very basic underwriting guidelines that will not only impact conventional financing; it will apply to FHA insured loans that are underwriting using...
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Calculating Income of Employed W2 Borrowers for Mortgage Qualifying
Jillayne wrote a post about the upcoming national licensing exam that mortgage originators will have to take and pass (unless they work for a depository institution) due to the SAFE Act. She provided...
View ArticleNotice of Trustee Sales v. Trustee Deeds
Each month, Alan from Seattle Bubble religiously posts the Notice of Trustee Sale (NTS) numbers for King County. I’m very appreciative of his work because it saves me time each month so thanks again,...
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Mortgage Rate Update
Underwriting guidelines continue to get tougher. This week FHA tightened her belts on streamline refinances and over the weekend of December 12, 2009, Fannie Mae’s DU 8.0 will be implemented. DU...
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Major Bank No Longer Accepting Third Party Underwriting (aka pmi)
Earlier this month, I learned that a big bank is no longer accepting “third party underwriting”. Third party or contract underwriting is “private mortgage insurance”. Private mortgage insurance is...
View ArticleThe CLUE Report: Is it Col. Mustard in the Library with the Rope?
I’ll admit, at this point I’m pretty much mystified by the frequently-discussed yet rarely-seen “CLUE Report.” For those of you even more in the dark than me, “CLUE” is an acronym for “Comprehensive...
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