Take the 2009-10 Cost vs. Value Survey today
Help set this valuable benchmark of remodeling’s value. Plus, qualify and you’ll be entered into a drawing for one of three $500 prizes! visit…
http://www.realtor.org/narlservredirect.nsf/pages/NT00001392?OpenDocument&WT.mc_id=LS070109&CAT=Rsrch
NAMB Applauds Bill To Suspend HVCC
in News > Residential Mortgage
By John Clapp on Tuesday 30 June 2009
The Home Valuation Code of Conduct (HVCC) may be suspended for 18 months, if one recently introduced piece of legislation has the legs to move through Congress. H.R.3044, introduced by Rep. Travis Childers, D-Miss., on June 25 and co-sponsored by Rep. Gary Miller, R-Calif., looks to impose a year-and-a-half moratorium on the heavily debated appraisal code.
Last week, National Association of Realtors Chief Economist Lawrence Yun suggested that “faulty valuations” slowed home sales transactions in May - the month the HVCC became effective.
H.R.3044 has found the support of at least one trade group, the National Association of Mortgage Brokers (NAMB). The organization’s president, Marc Savitt, released a statement urging Congress to swiftly pass the bill.
“In the period of time since its implementation, the HVCC has increased costs to consumers and decreased the quality of appraisals, and has provided a level of uncertainty in an ailing housing market,” Savitt said in the statement. “Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo’s rule.”
residential appraiser
NOFA Training Broadcast for Agencies Participating in HUD’s Housing Counseling Program:
HUD will conduct a training broadcast covering both the Housing Counseling and Housing Counseling Training Notices of Funding Availability (NOFA) on Tuesday July 7, 11:30 am - 1:00 pm EST. The training will review each NOFA, highlight major changes, and discuss key issues. The broadcast also presents an opportunity for potential applicants to ask questions. You can view the NOFAs on HUD’s website at: http://www.hud.gov/offices/adm/grants/fundsavail.cfm
How to view the Broadcast: Contact your local HUD field office to make arrangements for viewing this broadcast. A directory is available on-line at: http://www.hud.gov/localoffices.cfm You can also view the live broadcast on your computer, by visiting HUD’s website at: http://www.hud.gov/webcasts/index.cfm
If you are unable to view the broadcast live, or want to see it again, it will be archived and available on the webcast website within a few days of the live broadcast.
To find out more information about HUD Housing Counseling Programs, please visit: http://www.hud.gov/offices/hsg/sfh/hcc/hcc_home.cfm
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Notice to HUD Approved HECM Counseling Agencies:
The Department of Housing and Urban Development will publish the HECM Standardization and Roster Final Rule in the Federal Register in the near future. The rule will go into effect 30 days after the publication date in the Federal Register. This rule provides that only counselors appearing on the HECM Roster will be eligible to perform HECM counseling.
To be eligible to be on the Roster the counselor must:
1) Be employed by a HUD-approved housing counseling agency or affiliate of a HUD-approved intermediary or state housing finance agency
2) Have successfully passed a standardized HECM counseling exam administered by HUD or a party selected by HUD, within the last three years. In order to maintain eligibility, a counselor must successfully pass a standardized HECM counseling exam every three years
3) Have received training and education related to HECMs within the prior two years. In order to maintain eligibility, a counselor must complete continuing education every two years.
4) Have access to and is supported by technology that enables HUD to track the results of the counseling offered to each client
5) Not be listed on:
i) The General Services Administration’s Suspension and Debarment List;
ii) HUD’s Limited Denial of Participation List; or
iii) HUD’s Credit Alert Interactive Response System
The following training opportunities are available through NeighborWorks in the next two months:
HO111 Home Equity Conversion Mortgages - Basic/Fundamental Level Training - 2-day classroom course
This basic training from national experts in an interactive, fun environment covers everything you always wanted to know about reverse mortgages for older homeowners. Understand products and programs, analyze plans, compare costs and benefits, and identify alternatives. You will review counseling skills and ethics. Includes provocative case studies and hands-on access to product-comparison software and valuable Web-based resources. Appropriate for housing counselors and other housing, finance or nonprofit professionals new to the reverse mortgage field.
HO335 Home Equity Conversion Mortgages Advanced Level Training
This one-day course is for counselors who already have experience providing HECM or other reverse mortgage product counseling. Participants will learn advanced level counseling techniques and work through case studies. This course will also help better prepare counselors from HUD approved agencies who want to pursue certification as a HECM counselor.
Both of these HECM courses will be offered at the remaining HUD multi-course trainings (Denver week of July 20-24 and Philadelphia week of August 3-7). Both courses will also be offered at the Chicago NTI, August 17-21st. NFCC is sponsoring a place-based training (PBT) for their affiliates in September.
We are looking into increasing the number of scholarships for the above 3 HUD courses and perhaps even add a 2nd section where possible. We may also look at adding a stand-alone PBT as needed - August/September.
Visit NeighborWorks Training Institute on line at: http://nw.org/network/training/training.asp
In addition to this, HUD will be hosting several webinars/conference calls that will provide training on the new HECM Counseling Protocol and will be considered eligible training for the purposes of applying to the HECM Counselor Roster. More information will be available about these sessions soon.
Please provide HUD with information on any HECM training offered by your state housing finance agencies or other non-profit or governmental organizations. We will review these and make a determination as to their acceptability for meeting the Roster training requirement. Please submit this information to housing.counseling@hud.gov
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FHA Training Around the Nation:
July 13, 2009 - Mars, PA. FHA Update Seminar. The Philadelphia Homeownership Center is conducting a one-day “FHA Update Seminar” for lenders. The seminar will cover basic borrower & property qualification as well as recent changes to FHA programs including: Appraisals in Declining Markets, Non-Traditional Credit, HECMs, Down Payments, & more. Registration required, no fee. For more info: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.addRegisterEvent&eventId=27&update=N
July 16, 2009 - Indianapolis, IN. FHA Loss Mitigation Training for HUD approved housing counseling agencies, local servicing lenders and nonprofits. This training includes information on the basics of FHA Loss Mitigation options, Making Home Affordable Program and the Hope For Homeowners Program. Registration required, no fee. For more info: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=127&update=N
July 15 2009 - Portland, OR. FHA Update & Training. FHA representatives will present one-day FHA training to industry professionals on the latest news at FHA along with highlights of FHA underwriting guidelines. Registration required, no fee. For more info: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=107&update=N
July 15, 20009 - Independence, OH. FHA Update Seminar. The seminar will cover basic borrower and property qualification as well as recent changes to FHA programs including: Appraisals in Declining Markets, Non-Traditional Credit, HECMs, Down Payments, using the $8,000 tax credit and more. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEventSearch&year=2009&month=7&d=15
July 16, 2009 - Fresno, CA. FHA Update & Training. Spend a day with FHA to learn what’s new at HUD, FHA refinances, borrower qualifications & more. This training is for underwriters, processors, & loan officers. Registration required, no fee. For more info: http://www.hud.gov/apps/calendar/event.cfm?state=ca&record=9581&scheduleID=9342&calendarID=8
July 22, 2009 - San Diego, CA. HUD Application & Compliance Training for Housing Counseling Agencies. Participants will learn: HUD requirements, Handbook 7610.1, Application process, Housing Counseling Agency Plan, Biennial Review Checklist, Understanding compliance requirements, Record Keeping, Foreclosure, & Best Practices. Sponsored by RCAC & HUD. Registration required, no fee. For more info: http://www.rcac.org/events.aspx?339
July 23, 2009 - Los Angeles, CA. HUD Application & Compliance Training for Housing Counseling Agencies. Participants will learn: HUD requirements, Handbook 7610.1, Application process, Housing Counseling Agency Plan, Biennial Review Checklist, Understanding compliance requirements, Record Keeping, Foreclosure, & Best Practices. Sponsored by RCAC & HUD. Registration required, no fee. For more info: http://www.rcac.org/events.aspx?339
July 23, 2009 - Blue Ash, OH. The Philadelphia Homeownership Center is conducting a one-day “FHA Update Seminar” for lenders. The seminar will cover basic borrower and property qualification as well as recent changes to FHA programs including: Appraisals in Declining Markets, Non-Traditional Credit, HECMs, Down Payments, and more. Registration required, no fee. For more info: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.addRegisterEvent&eventId=104&update=N
July 29, 2009 - Casper WY. “A Day with FHA”. This FREE course consists of an informational overview on what’s new with FHA-insured mortgages & selling HUD homes. Additionally. Course provides continuing education credits for licensed Wyoming & Colorado Real Estate agents & Appraisers. Registration Required. For more info: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=86&update=N
August 10–13, 2009 - Sacramento, CA. Pre-Purchase I: Fundamentals of Pre-Purchase Homebuyer Counseling & Predatory Lending. Presented By National Council of La Raza & the National Consumer Law Center. Registration required, fee. For more info: http://nhnla.org/index.cfm?fuseaction=Page.ViewPage&PageID=538
August 19-20, 2009 - Oklahoma City, OK. National Servicing Center Early Delinquency Servicing Activities and HUD’s Loss Mitigation Program. This training is for HUD-approved mortgagees, HUD-approved Housing Counselors, & Nonprofit Housing Counselors. Registration required, no fee. For more info: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm
September 15-17, 2009 - Sea-Tac, WA. FHA Lender Training. Learn about FHA processing, documentation requirements, FHA underwriting, mortgage calculations, underwriter responsibilities, automated underwriting, FHA appraisal & more. Recommended for Underwriters, Processors & Loan Officers. Earn 8 hrs WA CEU & originators can earn 24 hrs of CEU from ID. Sponsored by HUD & WMLA. Registration required, Fee. For more info: http://www.hud.gov/offices/hsg/sfh/events/swa091509.pdf
July 14, & July 28, 2009 – Think FHA Webinar for CAR Realtors®. 2 one-hour sessions, from 1:00 to 2:00 p.m. PST on FHA topics such as borrower & property requirements, FHA Streamline, Rehabilitation Programs, & Energy Efficient Mortgages. Sponsored by HUD & the California Association of Realtors® (CAR). Registration required, no fee. For more info: http://www.car.org/education/FHA/
National Council of La Raza presents on-line webinar training for housing counselors. Visit their website for a schedule of upcoming courses. For more info: http://nhnla.org/index.cfm?fuseaction=Page.ViewPage&PageID=538
Foreclosure Prevention Workshops for Consumers. Looking for foreclosure prevention advice? Attend a workshop for homeowners sponsored by a community-based organization in your area. Visit the calendar on FreddieMac’s website. For more info: http://www.freddiemac.com/avoidforeclosure/workshops.html
The Illinois Mortgage Bankers Association (IMBA) conducts frequent training workshops for mortgage professionals on FHA subjects. Visit their website for a calendar of upcoming training opportunities. Fee. For more info: http://www.imba.org/i4a/pages/index.cfm?pageid=1
NeighborWorks® Training Institute conducts frequent training workshops around the nation for non-profit housing professionals. Scholarships are available on a limited basis for qualified non-profit agencies. For more info: http://nw.org/network/training/training.asp
The Basic Training Course for Home Equity Conversion Mortgage (HECM) counselors is now available on-line. For more info: http://www.hud.gov/offices/hsg/sfh/hcc/HECMonline050706.pdf
HUD has Webcasts that provide training for housing industry partners. A Webcast is a video you can watch right from your computer screen. HUD offers live Webcasts & an archive of previously aired training sessions & programs. For more info: http://www.hud.gov/webcasts/
The Illinois Association of Mortgage Professionals has frequent training courses for mortgage industry professionals. Visit their website for more information. Fee. For more info: http://www.imba.org/i4a/pages/index.cfm?pageid=1
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fha appraiser
Home Affordable Refinance Eligibility Expanded to 125 Percent LTV
Fannie Mae has issued the following Announcement:
· Announcement 09-23: Updates to Home Affordable Refinance — 125 Percent LTV Limit for Refi Plus Loans
As announced today by Secretary of Housing and Urban Development Shaun Donovan, the Home Affordable Refinance Program will be expanded to permit refinancing of existing Fannie Mae and Freddie Mac loans with current loan-to-value ratios (LTVs) up to 125 percent (up from the current LTV limit of 105 percent). This expansion will help lenders serve more borrowers with a demonstrated track record of paying their mortgages, but who have been unable to refinance due to significant property value declines. Details on the implementation of the LTV expansion are provided in Announcement 09-23.
Loans with LTVs above 105 percent will be eligible for a same-servicer refinance under the Refi Plus™ manual underwriting option, and the new loan must be a fully amortizing fixed-rate mortgage with a term greater than 15 years up to 30 years. Fannie Mae is evaluating potential updates to Desktop Underwriter® to allow LTV ratios above 105 percent.
In conjunction with the LTV expansion, Fannie Mae is offering a 0.50 percentage point reduction in the loan-level price adjustment (LLPA) charged for manually underwritten Refi Plus loans with LTVs above 105 percent and loan terms greater than 15 years up to 25 years. The Refi Plus Pricing Matrix has been updated to reflect these changes.
Refi Plus mortgage loans with LTV ratios that exceed 105 percent are eligible for whole loan purchase or delivery into MBS on or after September 1, 2009. Please refer to Announcement 09-23 for information about a new MBS prefix and other operational and delivery details for loans with LTVs above 105 percent.
Refer to Announcement 09-23 and the updated Home Affordable Refinance FAQs and other resources for more information.
fha appraiser
http://www.harriscompanyrec.com/fhaappraiserroster.pdf
Get set for some free Lender Training from CalHFA!
CalHFA is offering a series of Webinar Lender Training sessions to introduce and outline several financing options for first-time homebuyers. You can also learn about CalHFA’s policies, procedures, eligibility requirements, documentation and more. See the attached invitation to find out how you can register for this free and functional training from CalHFA.
http://www.harriscompanyrec.com/WebinarJuly09.pdf
BLOG VIEW: Much Ado About HVCC
in From The Orb
By John Clapp on Thursday 25 June 2009
comments: 1
June is National Homeownership Month, but after this past week, whatever committee it is that’s tasked with making such pronouncements may want to consider renaming it National Point-Out-HVCC-Flaws Month.
I admit my suggestion does not roll off the tongue quite as nicely as National Homeownership Month does, but I think it is, nonetheless, worthy of consideration.
The HVCC, or Home Valuation Code of Conduct, went into full effect May 1. The result of a joint agreement among the Federal Housing Finance Agency, Freddie Mac and New York Attorney General Andrew Cuomo, the code’s objective was to eliminate collusion between lenders and appraisers. The appraisal industry, as has been well documented, provided fertile ground for fraudulent behavior in years past.
But now, barely a month after the HVCC went into full swing, the code’s shortcomings have become all too apparent.
On Tuesday, the National Association of Realtors released its monthly report on existing-home sales, and there was some good news to be found: Sales showed another gain in May – the first back-to-back monthly gain since September 2005. The $8,000 first-time home buyer tax credit has apparently succeeded in spurring activity among buyers who, prior to the credit’s enactment, had been largely constrained to a sideline view.
http://www.mortgageorb.com/e107_plugins/content/content.php?content.3760
Fha Appraiser
This is the HUD national homeownership center reference guide mailing list for real estate industry professionals that are interested in updates to HUD Mortgagee letters, notices and guidebooks, & FHA Housing Industry Training. Please visit our homepage at: http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm Servicing lenders can visit HUD’s National Servicing Center at: http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm This list does not provide HudHome property listings.
All-
FHA will be holding an industry conference call on “FHA Mortgagee Letter 2009-19, Condominium Approval Process – Single Family” on Wednesday, July 1, 2009 at 3:00 pm Eastern Standard Time (EST). The conference call will feature a brief overview of the mortgagee letter, followed by an open question and answer session.
To participate in the FHA condo conference call on July 1, 2009 at 3:00 pm EST, please dial: (866) 207-0413 and provide to the operator the conference ID #17834469.
Please note: FHA Mortgagee Letter 2009-19 represents the implementation of legislative changes established under the Housing and Economic Recovery Act of 2008. We do plan to hold another call to discuss the market-related problems you may be experiencing in condo developments. On both this week’s call and the future call, we welcome your comments and / or recommendations for programmatic changes that you would like for FHA to consider to address these problems.
You can obtain a copy of “FHA Mortgagee Letter 2009-19, Condominium Approval Process – Single Family” in advance of the conference call by visiting: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
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HUD Housing Counseling Training comes to Southern California:
July 22, 2009 - San Diego, CA. HUD Application & Compliance Training for Housing Counseling Agencies. Participants will learn: HUD requirements, Handbook 7610.1, Application process, Housing Counseling Agency Plan, Biennial Review Checklist, Understanding compliance requirements, Record Keeping, Foreclosure, & Best Practices. Sponsored by RCAC & HUD. Registration required, no fee. For more info: http://www.rcac.org/events.aspx?339
July 23, 2009 - Los Angeles, CA. HUD Application & Compliance Training for Housing Counseling Agencies. Participants will learn: HUD requirements, Handbook 7610.1, Application process, Housing Counseling Agency Plan, Biennial Review Checklist, Understanding compliance requirements, Record Keeping, Foreclosure, & & Best Practices. Sponsored by RCAC & HUD. Registration required, no fee. For more info: http://www.rcac.org/events.aspx?339
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http://www.harriscompanyrec.com/APFormReqv3final.pdf
Sorry - a number of you have already reported continuing issues with the modified file I sent.
I’ve rebuilt the file from scratch and verified with those that already emailed me that this version is working.
This one should work fine. If it doesn’t though, let me know.
Thanks,
Lowell Parker
Sr. Communications Manager
Fannie Mae - NPDC
