Industry News - 2.3.11 Are you federally regulated? The National Mortgage Licensing Registry (NMLS) began accepting registration from federally regulated originators January 31st. The 180-day initial registration ends July 29, 2011.
Industry News - 2.3.11
Are you federally regulated? The National Mortgage Licensing Registry (NMLS) began accepting registration from federally regulated originators January 31st. The 180-day initial registration ends July 29, 2011.
Freddie Mac announced that they have discontinued their streamline refinance programs. Today is the last day Wells Fargo will accept registrations for this product, and all Freddie streamline refinances must fund by March 3.
The FHA flipping waiver was extended. FHA's "temporary" waiver of the agency's 'anti-flipping rule' was extended through 2011. With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days, but this is now waived. "Since the original waiver went into effect on last February, FHA has insured more than 21,000 mortgages worth over $3.6 billion on properties resold within 90 days of acquisition."
Reunion Mortgage has a portfolio fixed program that allows the following:
• Recently listed within the past 6 months for conforming cash out up to 70% LTV
• Investment Property Purchase – Up to 10 financed properties allowed.
• Minimum Income documentation – determined by DU
Mountain West is now offering a 5/1 FHA arm. Don’t forget: Mountain West still offers the CalSTRS and DAP program as well.
ICON Residential wants you to know that they have extended their FHA and VA price specials until the end of February.
CMG Mortgage is offering training on their HOA program, the Home Owner Accelerator, a very unique jumbo program. One of the features is that it will allow asset depletion as income. Look for pricing at www.readyprice.com , and contact your CMG account executive for training on their HOA program.
Look for more programs and lenders at www.readyprice.com.
Tip of the Week: You can make changes in your lender set up screen – manage, add, delete, adjust your incentives in the Lender Set Up screen in ReadyPrice. For assistance, click on the following link for a very quick tutorial Lender Setup
Thank you -
The ReadyPrice Team