Important News- National Flood Insurance Program Set to Expire AGAIN!

Important News- National Flood Insurance Program Set to Expire AGAIN!

Written By: Stacey Sprain

As we all dealt with back in March, the National Flood Insurance Program (NFIP) is set to expire yet again at midnight on May 31st. With a holiday weekend looming, it’s somewhat doubtful congress will have this resolved by the forthcoming expiration date.


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.

USDA Availability of Funds and Conditional Commitments

USDA Availability of Funds and Conditional Commitments

Written By: Stacey Sprain

On May 11th, USDA announced that they would continue to issue Conditional Commitments for Guaranteed Rural Housing loans until even after 2010 appropriated funds has been exhausted. Their bulletin stated that such Conditional Commitments would be issued with a condition stating “subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans.”


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.

Credit Reports Prior To Closing

Credit Reports Prior To Closing

Written By: Bonnie Wilt-Hild

Just when we think we have a handle on documentation requirements where mortgage underwriting is concerned, they go and change the rules and further complicate our lives. The past year has found us embracing due diligence in underwriting with all of the gusto we could muster, seriously limiting the use of documentation waivers provided by AUS as well as embracing all of the old school methodology of underwriting and still, beginning June 1, 2010 we will scrutinize our borrowers further.


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.

Some Of The More Interesting Loans I Have Done Recently...

Some Of The More Interesting Loans I Have Done Recently...

Written By: Jane Harford

In my many years of underwriting, there are always interesting things that require research, further clarification, getting feedback from third party sources or getting “official” answers from the senior level credit policy folks. Today’s blog deals with some of my experiences over the years and what/how I solved situations that needed to be resolved prior to being able to approve a loan.


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.

Agency Disaster Policies

Agency Disaster Policies

Written By: Stacey Sprain

Lately the news has been filled with images of flood-ravaged areas like Nashville and Kentucky, of tornado damage and destruction in the central plains, and of other natural disaster areas throughout the U.S. Therefore, I thought it appropriate to start coverage on Disaster Policies for the agencies. 


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.

The Perfect Test Case

The Perfect Test Case

Written By: Bonnie Wilt-Hild

I have had several conversations’ regarding this subject matter and that again being the submission of the perfect test case to HUD. Quite frankly, the mortgage industry as a whole really believes that the only cases that are to be submitted to HUD for test case purposes are perfect, plain vanilla files that require little if any underwriting ability to assess except of course for the one mortgage credit reject that they will consider and this is far from accurate.


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.

Federal Register Confirms Implementation of Increased Net Worth Requirements for FHA-Approved Lenders

Federal Register Confirms Implementation of Increased Net Worth Requirements for FHA-Approved Lenders

Written By: Stacey Sprain

For the first time since 1993, HUD has announced that it’s upping net worth requirements for FHA-approved Mortgagees as part of the risk management initiative; a move to assure that Mortgagees have sufficient capital to withstand today’s market risks.


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.

Which Is Harder-HUD Guidelines Or Lender Overlays?

Which Is Harder-HUD Guidelines Or Lender Overlays?

Written By: Jane Harford

The recent blogs I have been writing have been written based on actual things happening on my job as an underwriter for one of the top lenders here on the East Coast (where I live). Nothing really larger than life has been happening this week at the office, so I decided to write about one of my pet peeves on underwriting loans in these most unusual times in our business….so, my dilemma this week is………………….


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.