Loan Processor Blog

Written By: Stacey Sprain, NAMP-CALP

One of the things I like to do at the start of each New Year is provide what I refer to as my lists of “freebies.” These are lists of websites and resources that have helped me over the years in one way or another and that often provide ongoing information that is helpful and informative on an ongoing basis. With USDA 100% financing being such a high demand product in today’s market, this week I offer my list of favorite...Read Full Blog >>

Part 2 of Annual “Freebies” - VA Resources

Written By: Stacey Sprain, NAMP-CALP

One of the things I like to do at the start of each New Year is provide what I refer to as my lists of “freebies.” These are lists of websites and resources that have helped me over the years in one way or another and that often provide ongoing information that is helpful and informative on an ongoing basis. This week I offer my list of favorite VA resources. These are websites and resources that I have saved to my internet...Read Ful

Part I of Annual “Freebies” - FHA Resources

Written By: Stacey Sprain, NAMP-CALP

Happy New Year to everyone and best wishes for health and happiness in 2012! As we all return from the holidays a few pounds heavier, it’s a great time to reflect on the successes of 2011 and set realistic goals for our new year. One of the things I like to do at the start of each New Year is provide what I refer to as my lists of “freebies.” These are lists of websites and resources that have helped me over the years in one...Read Full Blog >>

The Scoop on MIP Refunds

Written By: Stacey Sprain, NAMP-CALP

I had a loan officer ask me this week “how does a borrower check the status on her MIP refund?” I informed the loan that HUD no longer automatically issues a refund check to borrowers whose FHA loans are paid off with non-FHA refinances. I was actually quite surprised the loan officer wasn’t aware that HUD’s prior stance regarding MIP refunds had gone by the wayside years ago. But I figure she is...Read Full Blog >>

The Scoop on MIP Refunds
Written By: Stacey Sprain, NAMP-CALP

I had a loan officer ask me this week “how does a borrower <whose refinance we paid off> check the status on her MIP refund?” I informed the loan that HUD no longer automatically issues a refund check to borrowers whose FHA loans are paid off with non-FHA refinances. I was actually quite surprised the loan officer wasn’t aware that HUD’s prior stance regarding MIP refunds had gone by the wayside years ago. But I...Read Full Blog

Something happened this week and it was big enough that I’m sure you’ve heard or read about it unless you’ve been camping out under a rock. Let me say this- Allied Home Mortgage. So you’ve heard? I can only imagine the water cooler conversations that have taken place in the past few days since the announcements were made of federal suits being brought against Allied Home Mortgage, it’s CEO and...Read Full Blog >>

10 Reasons Why it’s Still Great to be in the Mortgage Business
Written By: Stacey Sprain, NAMP-CALP

For those of us who have been in the mortgage business through all of the various booms both positive and negative, one thing’s for certain: None of us have ever seen anything like the past few years of change in the industry. Constant changes, major changes, changes to how we’ve always done business, form changes, licensing changes, compliance changes, payday changes, … and there’s...Read Full Blog >>

Important Tips and Reminders for the Refinance Boom
Written By: Stacey Sprain, NAMP-CALP

Right now we all have much to be grateful for. Record low interest rates have brought us record numbers of refinances which are boosting business for all of us in the industry. But while business is plentiful, so also can be the frustrations that come along with it. When times are as busy as they are right now, it’s important we all think ahead and do our part to make the processes as smooth as possible from the...Read Full Blog

FHA Sweat Equity Making a Comeback
Written By: Stacey Sprain, NAMP-CALP

I learned about something recently that I’ve never dealt with before in all my years processing FHA loans. I’d heard the term “sweat equity” maybe once or twice over the past 20+ years but never actually had a transaction cross my desk that involved it. However, apparently sweat equity options are making a come back in certain areas of the country so...Read Full Blog >>

Finally-Major Changes Effective October 1st!
Written By: Stacey Sprain, NAMP-CALP

If you’re like me, you can’t wait to be done with September and into October so that we can implement all of the major changes we’ve known have been coming for quite some time. In case you’ve forgotten or misplaced your list, here are some reminders: October 1- Temporary High Balance Loan Limits are replaced by permanent high balance loan limits Refer...Read Full Blog >>

10 Reasons Why it’s Still Great to be in the Mortgage Business
Written By: Stacey Sprain, NAMP-CALP

For those of us who have been in the mortgage business through all of the various booms both positive and negative, one thing’s for certain: None of us have ever seen anything like the past few years of change in the industry. Constant changes, major changes, changes to how we’ve always done business, form changes, licensing changes, compliance...Read Full Blog >>

The Changes & Updates Keep Coming- This time- VA Funding Fees Changing October 1!
Written By: Stacey Sprain, NAMP-CALP

As anticipated for quite some time, VA finally formally announced changes to VA funding fee structure that will be effective for VA loans not closed on and after 10/01/2011-See VA Circular 26-11-12. On the positive side is that the funding fees are decreasing which is great news for our U.S. veterans! Lower funding fees may give a boost to VA home loan financing...Read Full Blog >>

Rural Housing Guarantee & Annual Fee Requirements Effective 10/01/2011
Written By: Stacey Sprain, NAMP-CALP

As you’re likely aware, USDA Guaranteed Rural Housing is changing guarantee fees from 3.5% to 2.0% for purchase transactions and implementing a new annual fee of .3% effective for all GRH loans that are not committed before October 1, 2011. This news was originally announced in RD AN 4551 which was issued February, 3rd. Because of the upcoming...Read Full Blog >>

For those of us in the upper Midwest, we are fortunate not to deal much with Mother Nature’s unpredictable hiccups. We get occasional tornado outbreaks, some nasty thunderstorms, we deal with wind damage, hail damage and occasional flooding in low lying areas but for the most part, aside from our sometimes unbearable winters, we’re pretty...Read Full Blog >>

FHA multifamily loan originations at record high
Written By: Stacey Sprain, NAMP-CALP

The rise in loans for multifamily units reflects an underlying trend in demand for rental property. The FHA has endorsed nearly 1,100 multifamily loans this fiscal year, which runs until October 1, more than seven times the amount it backed three years ago. For the second time, loan activity exceeded $10 billion. "FHA has never been more relevant in making sure the...Read Full Blog >>