$35B To Mortgage Markets

Filed under: State and Local Housing Finance Assistance — Tags: state and local housing finance agencies — admin @ 11:52 pm

e-Daily Rate Market Report states that Obama will provide $35B to the mortgage markets. It will go to help state and local housing finance agencies. State housing programs were hit hard by the economic crisis and forced to curtail or suspend tax-exempt bond programs that allow them to provide affordable mortgages. The time frame for $20B of the assistance may close by the end of the year. Under the program, the Treasury would make a market for tax-exempt multifamily and single-family HFA bonds by purchasing up to $20B of them through government-sponsored enterprises Fannie Mae and Freddie Mac. The administration also would provide up to $15B of liquidity to help HFAs remarket their variable-rate debt obligations

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FHA HVCC Appraisal Guidelines

Filed under: Appraisal guidelines — Tags: Appraisal Guidelines, FHA, HUD, HVCC — admin @ 3:33 am

Allregs has issued a synopsis from HUD’s recent mortgagee letter with regard to appraiser independence. Some key guidelines include:

Non commissioned employees must select the appraiser
Loan production staff may not have any substantive communication with the appraiser
Lenders may not attempt to influence the appraiser by threatening the appraiser or withholding payment
Lenders may not provide appraisers with anticipated value
Lenders may not add an appraiser to an exclusionary list without written notice and evidence of violations
Lenders may not order a second appraisal unless there is reasonable evidence that the first appraisal was flawed. Exception: a second appraisal is requested for pre or post closing quality control

These guidelines take effect for case numbers ordered on or after 1/1/2010.

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September 30, 2009

$35B To Mortgage Markets

September 24, 2009

FHA HVCC Appraisal Guidelines