The new Uniform Residential Loan Application (URLA) will bring with it's mandatory usage, new implementation challenges.
Are you ready?
Perhaps not .... the next question..... Have you prepared an implementation time frame? Your answer to these questions may be..."I have plenty of time, it's not mandatory for a year." Don't get caught off guard! Lenders may start testing in July 2019 which will give you six months to understand the new requirements, train staff, work with your LOS's and yes, there'll be a busy selling season in the midst of it all.
Loan origination systems such as Ellie Mae's Encompass have started offering a series of helpful webinars geared toward training and implementation. Even if Encompass isn't your current LOS, be prepared and work with your vendor.
Don't Get Caught Off Guard!
You, Your Spouse, and Mortgage After Divorce - A Kindle Ebook
This guide will give you logical information that will be useful at this time of your life transition. Most likely you and your spouse will have joint credit including a mortgage on your homestead. Often your credit and more specifically what happens to the financial aspect of your home is generally overlooked.
There are also considerations you need to pay attention to if you will be purchasing a new home or if you have been awarded the homestead.
The guide will give you pointers on this topic when you travel through one of the most difficult times of your life. It’s not meant to answer all the questions however it will give you points to consider and discuss with your attorney as you move into the next stage of your life.
If you answered yes to any of these questions, I may be able to help you. Contact me at email@example.com or 320-333-0571.
Thank you Mortgage Women's Magazine! I am honored to be listed in your latest edition.
You can find me under women owned business.
Mortgage Women Magazine - September 2017 - 1
Even with all the regulations and changes in the mortgage industry since 2008, fraud still exists. This blog most specifically deals with borrower fraud and what is being termed as reverse occupancy fraud.
Borrowers will use rental income to qualify for a mortgage loan but then occupy the property instead of renting it out. The agencies, Freddie Mac and Fannie Mae, have seen an increase in use of short term rental income, i.e. Airbnb and VBRO. Borrowers will try to use this income to qualify but have no intention of putting their home in a rental pool.
Because this has become such a problem, Freddie Mac has recently updated their guidelines that state:
ncome from rental properties not owned in the prior calendar year For Borrowers who do not have a documented one-year history of investment property management experience, the Seller may only consider net rental income in an amount up to 30% of the sum of the net rental income and all other stable monthly income that is used to qualify the Borrower. This change provides support to sustainable and successful homeownership by requiring a reasonable limitation upon the reliance on a newer type of income stream. Guide impact: Section 5306.1(c)(ii)
I found an interesting calculator that will tell a potential borrower if it is cheaper overall to rent or to purchase a home. The calculator will allow the user to input specifics such as monthly rental costs and tax bracket information. The results show if buying or renting is the best option. www.calculator.net/rent-vs-buy-calculator.html
.I came across information about this program in a recent blog post. HUD has offered this program for a while but I didn't realize it was still an option. The program provides certain incentives (subject to meeting criteria) to firefighters, law enforcement officers, emergency medical technicians, and teachers.
Here is a link that further explains the program.
FHA owns homes throughout the country. Find out what properties are in your neighborhood via the Hud Home Store.
Freddie Mac's Home Possible mortgage option.
Have bad credit and wondering if you can qualify for a mortgage loan? There are some options but remember that a borrower with a low credit score will more than likely pay a higher interest rate or will be required to provide a higher down payment amount.
Read more at Realtor.com