A few weeks after most lender set a minimum credit score of 580 for FHA loans. FNMA announces revisions to its Automated Underwriting System (Desktop Underwriter) that will include a minimum 580 credit score.
Fannie Mae sets the benchmark for all conventional loans. This is going to raise the bar even further for conventional loans, in […]
We ended up last week with mortgage rates moving lower in Friday due to a high number of job losses. As we all know, bad news for the economy is good news for mortgage rates. This is why in many cases when the fed cuts rates mortgage rates actually get worse (the fed cutting rates […]
A new set of Fannie Mae loan level price adjustments have hit the market for Conventional Loans. These move to further punish lower credit scores and greatly increase the cost of accessing equity through a cash out refinance. These adjustments are going to push even more borrowers into FHA as FHA becomes much cheaper than […]
Some of my readers have asked about my company.
Our name is R P Funding, you can access our HUD Approval here: R P Funding FHA Approval, or website R P Funding
We currently have two offices in Florida, but we are in the process of opening a third and expanding into Mississippi and Georgia. We are a […]
As with everything else in the mortgage business right now, State Surety Bonds are HARDER to get than ever and at the same time the amounts required by the state licensing boards are HIGHER than ever!
I HOPE NOT! This statement angers me more than anything else I am hearing in the mortgage industry right now. Even more than FHA not raising the HECM Limits as a part of the Economic Stimulus Package (but that’s another article all together).
I just completed the process of obtaining my non-supervised mortgage approval for FHA loans. This approval allows my firm to underwrite, close and service FHA loans. Unfortunately HUD is currently SWAMPED, every lender and their brother wants to be FHA approved. There is this sentiment that FHA is the New Sub-prime, unfortunately if this is […]
I am currently in the process of obtaining warehouse lines for my start-up mortgage banking firm. After 10 years in the industry this turned out to be a much more daunting task than I would have imagined.
Understanding and Controlling