My New Blog

1.) Counseling changes. All files will be required to have signed counseling certificates prior to ordering appraisals and original counseling certificates prior to funding. In addition, important to note that all counseling certificates must be signed by the borrowers and dated the same date as the counselors dated signature

2.) Many of you have heard that the FHA Modernization Bill has passed the Senate Banking committee and will be debated on and votes on in the very near future. There will be a number of changes that will take place when this Bill is finalized and passed into law. Some of if not all of the following will probably take place

a. FHA County Lending Limits raised to 417,000 nationwide

b. HECM funding limits abolished

c. HECM for purchase program introduced

d. Origination fees capped at 1.5%

3.) The infamous Fixed Rate HECM is moving forward. Financial Freedom has recently joined the bandwagon, but the product itself still has a lot of work that needs to be done before we all start selling them. I will let you know as there is progress.

4.) The HECM 100 program is not going away. Although many lenders have pulled the plug on this program, there are still a small amount still offering them and we are guaranteed to have the product through the end of the year. I don’t see this going away altogether till long after that, if it goes away at all

5.) The new LIBOR based HECM will be rearing its head in the next few weeks. Right now there is no lender offering them, but we have the inside track with a few lenders to test drive them when they are available. I will let you know as this unfolds.

That’s all the news that’s new and interesting.