Recently interest rates have declined to their lowest levels since the initial drop in January, 2009. This latest reduction creates a refinance opportunity for homeowners whose current mortgage rate is in the mid 5% range or higher! If you previously considered refinancing but determined your monthly savings would not be sufficient to offset the cost, it is definitely time to take another look. It is likely that your savings will be significant. This latest reduction coupled with outstanding home pricing is also the perfect combination for that new home purchase you have been contemplating. Interest rates are volitile. Don’t miss out on this incredible opportunity. Contact your CFS Mortgage Corporation loan officer today!
HUD has issued in the Federal Register a FHA Proposed Rule on loan correspondents (mortgage brokers) no longer needing independent FHA-approval for origination eligibility, as well as increasing the net worth for FHA-approved mortgagees. The deadline to submit comments on the proposed rule is December 30, 2009.
To view the proposed rule, click
here.
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.
