Filed under FHA news, Mortgage News · Tagged: FHA loan, FHA mortgage
California based mortgage mitigation company called Interthinx recently extended their regulatory compliance services in an effort to provide added value services to help underwrite and balance FHA mortgage originations. They have introduced their automated solutions for the mortgage industry with a product to help FHA lenders comply with the HUD’s fee limitations on FHA loan programs.
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The Department of Housing and Urban Development maintains a strict enforcement of fair lending practices that encourage full disclosures to borrowers considering a FHA home loan with a mortgage broker or lender providing a refinance or purchase loan transaction. PredProtect, an 8-year old home financing compliance product, now has an automated analysis designed to aid lending companies with risk management.
Filed under FHA news, Mortgage News, Published Articles · Tagged: FHA mortgage
Once again, California ranked 1st in nearly every home loan category of FHA mortgage lending as 2008 finished out. According to a source regarding the FHA Lending analysis of state lending data, California leads the way for market share of FHA loans all-time high. The FHA mortgage surge significantly in the second half of the year appeared to take significant business from Fannie Mae and Freddie Mac in numerous states.
In an effort to keep foreclosure rates down, many FHA mortgage lenders recently began imposing their own minimum credit score requirements.
Filed under FHA news, Mortgage News, Published Articles · Tagged: FHA loan guidelines, FHA mortgage, income documentation
In an effort to keep foreclosure rates down, many FHA mortgage lenders recently began imposing their own minimum credit score requirements. These are additional lending requirements that go beyond the scope of FHA loan guidelines. Mortgage lenders continue to require more income documentation to help prove that borrowers have the ability to repay the loan.
Clearly, they’re trying to protect themselves: if a particular mortgage broker or lender’s default rate exceeds neighboring lenders, they can be audited and even removed from the program.“In the last month and a half, there has been a dramatic increase in the minimum credit score required,” said Michael Moskowitz, president of Equity Now, a New York FHA mortgage lending that makes FHA home mortgages. “Some lenders increased their credit score minimums to 580 and other lenders raised the minimum requirements up to 620.”