HUD offers a number of mailing list subscription options and links to state-by-state mailing list options. Go to http://www.hud.gov/subscribe/mailinglist.cfm for a complete listing. There are some interesting opportunities for learning with subscriptions to some of these lists. Topics include Energy, Lead Based Paint Hazard Control, Affordable Housing, HOC Reference Guide, Housing Counseling, Research and Reports, Community-related topics; the list is endless!
**Important** To subscribe to HUD’s standard Single-Family Mailing list, which will provide you with notifications of Mortgagee Letters, FHA-related product and program changes and training announcements, visit http://www.hud.gov/offices/hsg/sfh/ref/hsgregst.cfm.
US Bank's wholesale division sent out a great "Top Errors of GFE's" list.
Adjusted Origination Charges (Blocks 1 & 2) needs to be completed correctly. (Page 2 Box 1 should include all income the broker/lender expects to receive, with the exception of discount points. This includes, but is not limited to, origination fees, broker fees, broker compensation (such as that typically earned from YSP), and USBHM's commitment fee. Box 2 should include any credits for over-par pricing/YSP (Box 2) or discount points paid to lower the rate/ below-par pricing (Box 3.) Only one box may be checked and only one dollar amount may appear in Block 2.)
Homeowner's insurance (Block 11) needs to be completed, especially for purchase transactions.
Important dates section needs to be completed correctly - page 1. (Box 1 must include the rate expiration date if the rate is locked, Box 2 must include a date that is at least 10 business days from the date of the GFE, excluding Saturdays, Sundays, and l
Here are some question to ask during an investigative underwriting review of a case file to determine the overall creditability of the information provided and how it relates to the corresponding underwriting decision:
1. Does the credit report exclude evidence of any undisclosed deed-in-lieu with verbiage such as “P&L Loss or “settled accounts:. 2. Is there a pattern of increasing balances on mortgage loans suggesting a dependence on cash proceeds to subsidize income? 3. Are there conflicting address references on the credit report, depository statements, and/or employment documentation?
1. Are telephone calls to the borrower’s place of employment answered on a cell phone? 2. Do current earnings evidence a declining trend?
1. Do withdrawals for rent on the depository statement match the figure on the rental verification and application? 2. Does the borrower have enough verified savings or stable cash-flow to meet his or her monthly obligation with