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Archive for February, 2011
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Review our recent Single-Family Seller/Servicer business news.
New and Updated Resources Available to Help with Implementing the Uniform Appraisal Dataset
February 23, 2011 – Check out new and updated resources to help prepare your underwriting and property valuation staff, as well as the appraisers you work with, to implement the UAD.
Update on Federal Requirement for FHFA-Required Loan-Level Origination Data
February 22, 2011 – Get details on the recent announcement that the NMLS and Registry is accepting registrations for federally regulated institutions and when these institutions must start delivering loan originator and loan origination company identifiers.
Sign Up Today to Receive the Latest Freddie Mac Servicing Technology Updates
February 17, 2011 – The Servicing Technology News e-mails will be retired in April. To continue receiving information about our requirements, system implementations, and other servicing-related information, make sure you subscribe to the Servicing category in the new Single-Family Business News Subscription Center.
Terms and Conditions for Use of the Service Loans Application Announced in Guide Bulletin 2011-3
February 16, 2011 – In preparation for the phased migration of all Servicers to the Service Loans application this year, Single-Family Seller/Servicer Guide (Guide) Bulletin 2011-3 announces our terms and conditions for use of the Service Loans application that will be effective upon a Servicer’s migration date.
UMDP Training Available, Sign Up Today
February 9, 2011 – Announcing the “Are You Ready for the Uniform Mortgage Data Program?” webinar. Register for one of our scheduled 60-minute interactive webinars that will help you prepare for the upcoming changes to our appraisal and loan delivery data requirements.
Important Reminder to Visit Our New Subscription Center; Improved Access to 800-FREDDIE; Uniform Mortgage Data Program Training
February 8, 2011 – Find out how to ensure you continue to receive important news and information about the selling system, how we’re making it easier for you to contact us at 800-FREDDIE, and about new Uniform Mortgage Data Program training. Plus, selling system operating hours for President’s Day.
Visit Us At the 2011 MBA Servicing Conference
February 7, 2011 – Come hear our servicing executives share their insights on top issues that interest you, and stop by our booth to speak with servicing experts who can provide you detailed information about the work we are doing.
Tuesday, February 15, 2011
By Brian CollinsThe Federal Reserve is giving lenders two options for determining “customary and reasonable” appraisal fees and it appears many are moving toward the more pragmatic approach instead of relying on independent surveys.
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The first option is a “two-step process” where the lender (or appraisal management company) calculates an amount that is “customary” based on recent rates and “reasonable” based on actual services performed with adjustments for each transaction, said Kerri Smith, an attorney at K&L Gates.
The second option is based on recent rates generated by third-party surveys that take into account services performed by a representative sample of appraisers in a geographic area. “In talking with our clients, it appears many creditors and AMCs would like to sit under [option] one,” Smith said during a K&L Gates webinar for clients.
Both options give lenders and AMCs a way to demonstrate their compliance with the Fed’s appraisal independence regulations that go into effect April 1.
However, there are a limited number of fee surveys available, Smith said, and it is unclear if they satisfy all of the Fed’s requirements. The surveys must exclude fees paid by AMCs to appraisers under the Fed’s rule. AMCs account for nearly 70% of all appraisals.
To adopt option one, lenders will have to identify recent rates that have been charged in a state, metropolitan area, or county. The appraisal rate is not supposed to reflect administrative or advertising costs. “The ultimate rate must be supported with data and documentation,” Smith said.
From: American Housing Survey (AHS) ListServ
Tabulations of 2009 American Housing Survey national and metropolitan data on alterations & repairs are now available on the Census Bureau website.
The National tables are available at www.census.gov/hhes/www/housing/ahs/ahs09alt/ahs09alt.html.
Metropolitan area tables are available for Chicago, Detroit, Northern New Jersey, New York City, Philadelphia, and Seattle at www.census.gov/hhes/www/housing/ahs/ahs09metro-areas/metro-alt-replace.html.
Alterations and Replacements data for New Orleans will be presented in tables 8, 9 and 10 of the “New Orleans Hurricane Katrina Related Tables.” These tables will be released on Monday, February 14 at www.census.gov/hhes/www/housing/ahs/2009NOLA/nola09.html. The New Orleans tables contain additional information about work related to Katrina damage.
U.S. Dept. HUD
I disclaim any disclaimers.
“Understanding the Newly Expanded Interagency Guidelines”
To register free for this important webinar, click here. Webinar access codes will be sent to you on the day of the webinar.
Date/Time: Thursday, February 10, 2011; 1 p.m. CST
Description: The significantly expanded Interagency Appraisal and Evaluation Guidelines were published in the Federal Registry on Dec. 10 and became effective immediately. Join FNC’s webinar to hear industry expert Neil Olson, Chief Legal Officer at FNC, discuss how these guidelines will affect your underwriting operations and address questions you may already be asking.
What’s new in this latest IAG update?
What guidelines have changed since the previous update?
What questions should you be asking yourself as you review the document?
To register for the conference, please complete the form below. Conference access information will be sent to you prior to the event.
Webinar: HUD-approved Housing Counseling Operation and Funding Overview. Reserve your place today, this training will fill up fast!
February 16, 2011 – Webinar: HUD-approved Housing Counseling Operation and Funding Overview. This webinar will provide information on operational requirements, record keeping & reporting, use of HUD electronic systems, overview of the new HUD Counseling Handbook 7610.1 Rev-5, grant writing tips, & much more. The webinar is intended for HUD approved housing counseling agencies. Registration required, no fee. Computer and internet access required. All times are eastern. More info and registration link at: http://www.visualwebcaster.com/event.asp?id=76447
Notice for HUD Approved Housing Counseling Agencies:
The deadline to submit FY10 4th Quarter (annual) and FY11 1st Quarter HUD-9902 performance reports has been extended to the end of February.
Submit your 9902 reports using your CMS applications if possible; otherwise submit manually directly in HCS no later than February 28, 2011.
This message has gone out to the email addresses provided by all active Counseling agencies in HUD’s Housing Counseling Program. Nevertheless, all Parent Agencies should make sure their sub-agencies receive this information. Please direct questions or comments to your respective HUD point of contact or email Housing.Counseling@hud.gov
New Federal Register Notice:
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5397-N-03] RIN 2502-ZA05
TITLE: Federal Housing Administration (FHA): Temporary Exemption From Compliance With FHA’s Regulation on Property Flipping Extension of Exemption
AGENCY: Office of the Assistant Secretary for Housing–Federal Housing Commissioner, HUD.
SUMMARY: This notice announces that FHA is extending the availability of the temporary waiver of its regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, until December 31, 2011…
To read this Federal Register notice in its entirety, please visit: http://edocket.access.gpo.gov/2011/pdf/2011-2434.pdf
New FHA Training for Lenders and Housing Counselors:
These classes will fill up fast, register today to reserve your place!
Financial Management Basics Course comes to CA:
February – March 2011 – Financial Management Basics Course. Presented by the Rural Community Assistance Corp (RCAC) & HUD. Do you understand the difference between a debit and a credit? Have you ever wondered what a current ratio is & how to use it? Does analyzing financial statements seem like a foreign language? We recommend this live workshop to Housing Counseling Agency executive directors, board members, program managers & staff needing to have a basic understanding of financial statements.
February 23, 2011 – Los Angeles, CA.
February 25, 2011 – San Diego, CA.
March 17, 2011 – Fresno, CA.
Registration required. Visit RCAC on-line for more information and to register: http://www.rcac.org/
February 15, 2011 – Endorsement & Lender Insuring Webinar. Presented by HUD-FHA. This FREE Webinar training is for HUD-approved mortgagee employees that are responsible for the insuring process. This training will provide an overview of insuring procedures for lenders who want to become an Lender Insurance (LI) Lender and a refresher for current LI Lenders. Webinar-online only. Registration required, no fee. All times are Mountain Standard Time. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=723&update=N
February 15, 2011 – Santa Ana, CA. Live Housing Counseling Training, “From the Nightmare to the American Dream”. This course covers the basics of how to be an effective counselor, (HUD, NeighborWorks/CalHFA minimum requirements) will give all participants a good description of the different resources available to First Time Homebuyers & how to get access to them (Down Payment Assistance, First Look, CHDAP, CalHFA & FHA financing, Self Help USDA financing, grants, WISH/IDA’s, subsidy assistance, etc) Additionally, this course will prepare counselors on how to coach borrowers & make them aware of the potential for a bundle of conditions the Real Estate market calls for, before a full approval & funding of a new first mortgage loan. Will also include basic information about how to establish strong partnerships, specially with non-profit developers, financial institutions, localities & real estate professionals. Finally it will also provide participants with Healthy Homes basics & the basic information on how your potential borrowers can acquire energy efficient new homes & how to get a rating for existing energy efficient retrofitted properties. Open to non-profit organizations or government entities. Registration required. To Register please visit: http://www.rcac.org/doc.aspx?708
February 15-16, 2011 – Oklahoma City, OK. Early Delinquency Servicing Activities & HUD’s Loss Mitigation Program Training. This live training includes coverage of: HUD Handbook 4330.1 REV-5, Chapter 7, Delinquencies, Defaults, Mortgage Collection Activities & Initiation of Foreclosure & HUD’s Loss Mitigation Program. Additionally, overviews will be presented pertaining to Extension of Time Requests & Variances, Single Family Default Monitoring System. Registration required, no fee. For more information: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm
February 17, 2011 – FHA 203(k) Webinar. This FREE webinar will provide a review of qualifications and the application process for 203(k) consultants, provide update on policies & procedures and discuss eligible properties, possible uses of the 203(k) loan & appraisal reporting requirements. This webinar is intended for current & prospective 203(k) consultants, appraisers & underwriters. Registration required, no fee. All times are Mountain Standard Time. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=709&update=N
February 23, 2011 – FHA Real-Estate Owned (REO) Property Webinar. Don’t miss out on the remarkable real estate and lending opportunities available through HUD’s REO disposition program! All times are in Mountain Standard Time. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=722&update=N
February – March 2011 – Webinar Series on FHA Programs. Housing Counselors are invited to attend these webinars on FHA Mortgage programs. Presented by the FHA Santa Ana Homeownership Center. This series covers the different mortgage loan programs within FHA & how they may help the clients you serve when purchasing or refinancing a home. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/events/sca031111.pdf
March 09, 2011 – Seattle, WA. “How To’s” of Applying for HUD Grants. A free, 1 day, live training course focused on nonprofit agencies who want to learn about the requirements of competitive HUD funding grants, how to prepare in advance to respond to grant opportunities & organizational structures that help lead to successful grant applications. Focus is on Housing Counseling processes but also general enough to be relevant to all nonprofit agencies curious about the HUD NOFA processes. Includes helpful tips to better grant writing & provides some hands on examples to help reinforce what has been learned. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=724&update=N