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Tag Archive: Mortgage

90 Day FHA Anti-Flip Rule Waived

by on Jan 27, 2010 | Careers and Training

If you didn’t see the press release from HUD on January 15th, I’m sure you’ve heard about it’s talking points.  This was the notice that explains HUD will be waiving their 90 day no flip policy on FHA loans. The waiver is scheduled to go into effect Feburary 1st, 2010 and last 1 year.

Ken Janzen of Counsel Mortgage talks more about the requirements needed to take advantage of this waiver.

Are you ready for the new GFE’s?

by on Dec 30, 2009 | Careers and Training

Effective January 1, 2010 we’ll be seeing new Good Faith Estimates (GFE) and new HUD-1 statements.  John Rapasky (Counsel Mortgage) and Allison Hudgins (Old Republic Title) ROCK!  They prepared an awesome class for agents at the PV office Tuesday.  It was packed with excellent information.  Not only did the class shed some light on the in’s and out’s of the new forms, it also covered what to expect as title companies and lenders get used to them.

Did you notice in the slideshow above that a property address is now required for a lender to issue a GFE?  That’s a big change.  Expect to see more “Loan Worksheets” for home shopping borrowers in 2010.

After the class John Rapasky posted an article on his blog about the new GFE. You want to bookmark his article so you can reference it the first time you’re presented with the new version.  As he says, “…a closer examination of this form is necessary to safeguard against misleading information.“  Also from his article are some of the new GFE omissions that loan-shopping borrowers may need to be aware of.

Thanks again John and Allison for the excellent info!