Mortgage Talking Points

Originally set to take effect on October 1, I think FHA finally realized that they did not allow enough time for companies to get their arms around the condo re-approvals as outlined in their recent mortgagee letter.  Tell your RE Agents that if they have condo listings, which are likely to sell using FHA financing, that a case number needs to be ordered by NOVEMBER 1 because November 2 IS the date that everything starts all over again. 

Nothing else has changed!  If you want to learn what needs to be done to get the condo projects approved in your area, Tracey Rumsey (FHA expert and one of the speakers at Mastermind) has an online seminar, with step-by-step details on what you need to do. 

here\’s the link
http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm

www.LoanOfficerSeminars.com - which inlcudes a Mortgage Talking Points Flyer/email notice for your real estate agents called Tough TImes Ahead for Condos!

FHA fired the warning shot in December of last year when they issued Mortgagee Letter 2008-39 Revised Eligibility Requirements for FHA Roster Appraisers.  They also gave us a reprieve and extended the deadline for these requirements to October 1, 2009.

Go through your approved appraiser lists now and verify that your FHA appraisers are CERTIFIED with the state, not just REGISTERED.  If they are not CERTIFIED you cannot use them for properties with case numbers issued on or after October 1, 2009.

Certified and uncertified appraisers alike will still be in the FHA system come October 1, 2009.  If you assign an appraisal to a non-certified appraiser the appraisal will be uninsurable.  You (the lender) then get to complete (at your expense) a new appraisal performed by a certified appraiser.  You MAY NOT charge a borrower for the second appraisal.

Keep in mind that you probably won’t catch this faux pas until FHA informs you that your loan is uninsurable. Then you could be faced with rate-lock expiration issues as you wait with your fingers crossed on the second appraisal, which may or may not come in at the same value with the same property condition requirements.  What a party!