Hear HUD on New FHA Rules Today! - 12.01.09
If you're quick enough you'll be able to hear HUD talk with NAMB today about all the new FHA rules coming our way in January. Fannie Mae is tightening guidelines December 12th. Networking isn't has hard as you think, in fact you probably do it every day.
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Freemart: (December 01, 2009 7:17pm)
CORPORATE ANDROIDS AND BUREAUCRATS.
Not good for the people's economy.
Frank Garay: (December 01, 2009 5:47pm)
Pretty sure it's pacific..
Matt,Appr: (December 01, 2009 5:47pm)
Mtt App: When you post for example" Frank Garay: (December 01, 2009 5:08pm)..........." is that 5:08
EST,CST,CST or.....??
Frank Garay: (December 01, 2009 5:08pm)
NAMB is supposed to be sending me a link.. I'll get it out soon as I get it.
Pat: (December 01, 2009 4:43pm)
The link to the right for the re-broadcast doesn't work. Does anyone have a link to the audio?
Pat: (December 01, 2009 4:42pm)
I got locked out of the conference call because it exceeded 1000 people...the link to the right doesn't have a replay of todays audio. Does anyone have a link?
Frank Garay: (December 01, 2009 4:21pm)
Ya know Nor Cal... YOU'RE RIGHT! We saw that in Yahoo and then we saw it in National Mortgage News... couldn't find anything in the Fannie Site.. but the date of 12/12 was in both feeds we saw... so we figured there must have been something we missed somewhere, so we reported it... Glad to see someone is on top of this stuff.
Nor Cal Mortgage Broker: (December 01, 2009 3:33pm)
Wow, I'm really disappointed in the mis-information you both presented today. Don't get your news from Yahoo!!! Are you sure you are in the mortgage business? Fannie's guidelines in effect on 12/12 were announced 9/22/09 in Announcement #09-29 so they are not a result of any conditions between Sept & October. The MAX LTV is still 95% for SFRs. The change to max 80 LTV is for TWO UNIT PROPERTIES. And the system will allow up to 50% DTI with compensating factors. Read the DU release notes!! Seriously people, does anyone with half a brain think its a good idea to give a loan to anyone with less than a 620 FICO and more than 45% DTI anyway? No wonder there was a mortgage crisis!!
Rhodyloans: (December 01, 2009 3:15pm)
This might be a little off topic, but did I pull a Rip Van Winkle on the topic of FHA appraisals not going through the HVCC process? I could have sworn that the head of FHA stated that this would not happen and for the last few days all I'm seeing is email about how we need to start doing this on January 1st. What happened?!!
joecolorado: (December 01, 2009 2:56pm)
these people are supposed to know the business they are supposed to be helping.Its no wonder the Real Estate industry is in tatters when the "bosses" know diddly squat.How embarassing to see our "leaders" making asses of themselves and dragging our professions down with them.we need knowledgeable reps to illustrate the problems being suffered at grass roots level on ALL of the facets of this business.Where are they?The entire industry should be appalled at the knowledge base of these "leaders" and demand better representation from ambassadors that know at least a little bit of what they should be doing.
joecolorado: (December 01, 2009 2:39pm)
Unfortunately the cost to regulate AMC's will be passed on to the consumer.... US.... appraisers. One method of ensuring appraisers get working fees is to collect at the door...let the AMC's mete out the jobs,but not control the payment or the fee or get a finders fee from us,if the banks want amc's THEY should pay to get them.That way the borrower can say no directly to an appraiser if they consider the fees to be too high.If you cant afford an appraisal,then you really cant afford the mortgage.ANY mortgage/banker control of appraisers opens the door for abuse.give the borrower three option appraisers,let them do the groundwork of phoning the appraiser to negotiate. If the appraiser doesnt like the fees S/He can reject it.no pressure from corrupt yahoos.no problems from stupid rinky dink appraisers.you get what you pay for.I just dont see the problem when apps learn to say NO.I am an appraiser that says No often.its not hard, just get some nads.
reelyst: (December 01, 2009 2:05pm)
Hey Frank...Gmoney is referring to his post from yesterday where he asked if you are nuts because "Banks are not holding back property" from hitting the streets. I thought about responding to the post then, but decided not to waste my time on such a silly comment. Gmoney...what is happening with all of the property if banks are not keeping inventory from hitting the streets?
TheDreammaker: (December 01, 2009 1:49pm)
I listened to the webinar today, and must admit it was the worst I've EVER heard! The HUD lady didn't have any idea what she was talking about!
The others wern't much better, and then that guy who kept butting in about the technical issues that we weren't having! Sheesh! What a waste!
I know they were trying, but they just were not prepared.
I'm actually teaching my 50LO's this on Thursday with an hour of the BMG video below, an hou of my presentation and an hour coming from a Title Rep!
Here's the good news though--Black, Mann and Grham have an hour long video with 42 pages of printable handouts--although they are a little light to read!
Here's the link: (You may have to cut and paste)
http://www.bmandg.com/Articles/ArticleView/tabid/94/smid/426/ArticleID/46/reftab/57/t/The-New-GFE-Video/Default.aspx
Enjoy!
Frank Garay: (December 01, 2009 1:28pm)
Just got off the phone with NAMB.. they had over 5000 people on the webinar, so not all were able to make it in. The recorded webinar will be posted to their site either this afternoon or tomorrow and they are sending us the link. We will get it to you soon as we get it.
Par4: (December 01, 2009 12:57pm)
What Happened... Registered for the event today... but couldn't get into go to meeting... couldn't listen and now can't see it on NAMB site.
Any suggestions?
Old Timer: (December 01, 2009 12:01pm)
Brian, It sounds like the Harley people stopped to help you. Maybe it's time for you to get the original American machine. I do a lot of loans for my biker buddies.
If I have to explain, you wouldn't understand.
Ride Safe!
muted: (December 01, 2009 11:37am)
Anyone else having problem with the webinar?
Frank Garay: (December 01, 2009 11:31am)
If you can't get in to the webinar it is being recorded and posted to the NAMB site when it's done. We'll also post the link for the recording.
Socal Appraisal Gal: (December 01, 2009 11:20am)
Okay I signed up for this webinar went out and bought the recommend head set put in my special to me only supposedly code and can not get on. It says its full..gee anyone else have this problem? I reschedule my entire day for this...not very happy with this at all!
ANGRY APPRAISER: (December 01, 2009 11:16am)
WOW!!!!!!!!!!!!!!
Does anyone thing our corrupt Congress and Goverment leaders will change, I DON'T THINK SO.
We have leaders in out Goverment who only listen to the lobbyest who control what happens in all bills that come down the pike. If you don't beleive it look at what has happen in the last 10 or so years and where we are at today.
Rhodyloans: (December 01, 2009 11:07am)
Well, I registered for the NAMB webinar, received a "unique" link which would make me believe that I have a "reserved" spot, and yet, when I went into the webinar, I got a pop-up that said that the meeting was full. What the heck?!!!
Frank Garay: (December 01, 2009 10:50am)
Gmoney - I have no idea what you're talking about...
pegasus2005: (December 01, 2009 10:43am)
Political Self-dealing. Like Cheney giving $billions in contracts to his cronies in Iraq, Cuomo has destroyed the truly independent fee appraiser profession and has thrown the consumer under the bus in order to plump up the AMC industry he has a financial interest in. Aren't Atty Generals supposed to investigate and stop this sort of corruption rather than create it and profit by it? This should be thoroughly exposed as he is now trying to increase his self-importance by becoming NY Governor!
Gmoney: (December 01, 2009 10:41am)
Hey Frank, any black ops helicopters been following you today?
Slim Shady: (December 01, 2009 10:19am)
Not sure why but in case anyone missed it; all the lending acronyms including FHA stated at the same convention just a couple weeks ago that even if HVCC is allowed to Sunset or is congressionally over-turned AMC's are here to stay and mortgage companies will not be allowed to order apprasials anymore. They seem to think that appraisal quality has improved over the past few months and appraiser independence has been achieved. The direction of the bullet has changed and so must our thinking if this business is truly going to get any better. They virtually killed HVCC at that convention and it fell in the woods with hardly anybody really hearing.
sus so cal appraiser: (December 01, 2009 9:50am)
I want to thank everyone for all the interest in the "picketing" idea yesterday. I really would like to see us take a National Stand to show that we as "the people" do have a voice. As an Appraiser - I've been trying to think of ways to get our message out & to add support to all that Frank & Brian have been doing. Will this get rid of HVCC/AMC's - NO - it's a cash cow for the lenders/AMC'S - BUT maybe we can shed some light on the FACTS: how HVCC came to be & WHY. Add some PRESSURE on getting the AMC's REGULATED (removed would be BETTER)- so AMC's MANAGEMENT FEEs are NOTED & NOT TAKEN out of the Appraiser Fee (50%+), the appraisers have better fee sturctures: based on the complexity of the assignment, control on turn time, ability to Communicate with all parties involved in the transaction, maybe some health & EMPLOYMENT Benefits (we are now "employees" no longer "Self employed". HVCC opened the door to many issues - none of which have been resolved by this agreement.
The Old Man: (December 01, 2009 9:38am)
TIME OUT: I would like to believe I paid attention but I never heard it said that Cuomo wasn't at the meeting. Just his hacks?
That's insulting.
"Brokerd's" comments may be a bit harsh but regarding the suit and tie: You were representing the industry, not your enterprise. Politicians wear suits. Good or bad, you step into their territory, you wear their garb. Not your choice. BACK TO WORK.
ANGRY APPRAISER: (December 01, 2009 9:23am)
HEY EVERYONE,
Has anyone heard of USPAP, I have watched this blog for months and everyone who is not an APPRAISER needs to realize that all this bull---- was never needed if the Banks/lenders in this country did there job. Has anyone in nthe banking industry heard of REVIEW. Anytime MONEY is involved there will be someone who will lie, cheat and steal. Lets face the facts guys there will be always be a bad apple in the basket. USPAP is the GUIDLINES all appraisers are to follow, and we do not need any others. The Banks/lenders are the ones who need to follow the rules.
bay area app: (December 01, 2009 9:18am)
I appreciate what you guys are trying to do. As far as fixing HVCC I think of the saying: you can’t polish a turd. This is just my opinion but if you came to my office trying to burn the candle at both ends I would make you choose which end you really wanted. I would consider this a show your good faith. Flip this around. How would you react if someone used this strategy on you? Love the show by the way and hope to have a beer with you guys some day.
Danny Flucke - NaMoEx.com: (December 01, 2009 9:05am)
Here is the link for the NAMB seminar... https://www2.gotomeeting.com/register/543442546
ameriworks: (December 01, 2009 8:56am)
Frank or Brian, please explain why it must take an act of congress to kill the HVCC when it didn't take and act of congress to implement it. Alll it took was King Andrew and his flunkies at Fannie and Freddie! Something is seriously wrong with this picture, don't you think?
GODLIKE: (December 01, 2009 8:41am)
For those of you FNMA naysayers, think of this - what will replace Fannie? A pure governmental agency? Probably. That won't be good. I'm a firm believer in the FNMA system as being the best that we can get under our present level of governmental intervention.
joecolorado: (December 01, 2009 8:16am)
HVCC isnt going away,we may adapt it,but as appraisers we R all to blame for permitting the situation to get out of control.now we have to put the genie back in the bottle with the least amount of damage.We need 2 get control back from AMC's on how we do our job.we need to enforce the provisions already on board to help eliminate bad appraisers.we need to get our credibility back and we need to learn how to keep and keep it from it from being abused.Then maybe we wont have a problem with idiots changing the system for their own benefit.
joecolorado: (December 01, 2009 8:12am)
Marc who was also at the meeting was wearing a suit and tie,clothes DONT matter,I guess F&B had the Tees washed prior to the meeting so what IS the problem?Cuomo,didnt see them,his demons did.I am surprised at the fact that they GOT a meeting even tho'he deigned not to be there.He cant meeet to discuss the problems with HVCC...he created it,he's a politician,he is NEVER wrong,just misinformed.he is making money off it,he is never going to admit its wrong 'cos he is getting paid to tell everyone that it is correct!gotta go,need to meet a client(non mortgage)
Frank Garay: (December 01, 2009 8:07am)
Oh and by the way... 70% of the 1000+ people that answered the poll question yesterday agreed that we should burn the candle at both ends with respect the HVCC.
Frank Garay: (December 01, 2009 8:02am)
Brokerd - Thanks for the post. Yeah, a lot of people didn't get what we meant about the new GFE. HUD is not going to "strictly enforce" it for 120 days.... so.... what does that tell you? It tells us that some lenders won't be compliant and some will come Jan 1st.. So.. BE CAREFUL, because if you submit a new GFE to a lender that isn't prepared for it, it WILL KILL YOUR DEAL with them and your lock. That's what we said. Barney Frank is all over the board... If you caught us on a day that we said he was anti-broker, well on that day he probably was. For the record we wore slacks, nice shoes and yes... TBWS T-Shirts. Why, we wanted to stand out, and we did. Trust me, it had no influence on the AG's office (we got invited back didn't we?). And for the last time, we want HVCC dead. But, if we can try to "work" it with the AG's office so it's livable... why not. It would be irresponsible to miss that opportunity for all of us. I believe we should burn the candle at both ends. Thanks for the post.
brokerd: (December 01, 2009 7:52am)
guys- can you post accurate info? first, you posted a blog stating the new hud will not go into effect until april 10 and that lenders will "select" which hud they will use in the meantime. Both are totally inaccurate. The new hud goes into effect jan 1 and all need to abide. Second, you stated barney frank was out to kill brokers. not true again, barney frank said he was not going to support handing out tarp funds to "nonfinancial" entities- brokers. btw, next time you get a meeting with the attorney generals staff perhaps you should lose the tshirt and jeans and wear a suit? i like you guys, but i think we need to present ourselves as the professionals we are not the greedy monsters the media makes us out to be. also, you agreed w the ags staff's recommendation to "modify" HVCC. When did you change your minds? We need to rid the industry of HVCC not modify it!
Frank Garay: (December 01, 2009 7:51am)
DL - we don't arrive till Sunday afternoon... but PLEASE look us up! We'd love to have a cold one with you.
DL Braden: (December 01, 2009 7:42am)
I hope to meet you both this weekend in Vegas for the NAMB/West conference so I can thank you in person for your support and efforts to maintain Freedom for loan originators. Be sure to attend the opening reception Saturday night it will be my band rocking the house. Tighten up your boot straps We are not a Mustang Sally wimmpy band!
Rock On
Tony: (December 01, 2009 7:38am)
Just heard AmTrust filed for Bankruptcy this morning.
Lender: (December 01, 2009 7:38am)
I loved the bouncing kid on the bus. I had to show my wife that one.
I think FNMA will still do less than 20% down, they just made the DTI's tighter, but I could be wrong. I have been going FHA with anything less than 20% down for months anyways. FHA is the way.
Anonymous: (December 01, 2009 7:35am)
Hey, I unfortutely have had a few hours to do nothing this morning so I have been just looking at aspect's of things regarding HVCC.
Did anyone knwo or did I just miss that Andrew Cuomo as well as the late HUD Secretary Jack Kemp sat on the board of AMCO during (and maybe still now for Cuome) the positioning of HVCC. AMCO which actually now goes under the name DWELLWORKS is an AMC. Cuomo must have been a part of this while than and still now bing AG. For those interested just match up corporate office location of AMCO in 2006 and Dwellworks at this time.
Frank Garay: (December 01, 2009 7:19am)
Continue posting.. I am on the way to the office and will release them once there in about 30 mins. Thanks guys.
Regular Joe: (December 01, 2009 7:13am)
Over the past few months I have not bothered to tune into TBWS because I found the discussion stream to be non professional. I happened to tune in yesterday and I understand that the discussion board is now being monitored. ….a little monitoring allows the professionals to go forward. Thanks for raising the bar for our profession.
Rhodyloans: (December 01, 2009 7:04am)
Thanks Frank. I was looking UNDER the RateAlert logo.
joecolorado: (December 01, 2009 6:57am)
Hard*ss-I have adapted,my individual income stream is unaffected by the HVCC as I have always worked to a high standard(38yr).The app's I had working for my Co.lost out(due 2 cheap fees offered)as did ALL of the interns,I dislike comments like yours and Bono bitchin about the app's probs,then you do exactly the same thing.I work for AMC's but I work for what I am worth, not what they decide I am worth.I have scads of work,I am selective in the jobs I take,but never have had problems with outside pressure for value.I dont pontificate about someone else's problems being a pain.adapting helps but its not always the answer,I lost good experienced app's 'cos AMC's are cheap.They wont be replaced.interns wont get educated,your industry will suffer also due to this as you're next in line.maximizing profit margin is the key for banks,you are in the way of that process.HVCC wont go away easily.but I make it work for me.F&B's blog is a great sounding board,listen to it.
higginson: (December 01, 2009 6:56am)
Ummm, didn't Fannie lose a bunch of money by allowing borrowers with bad credit and not much money down who ended up foreclosing? Why doesn't it makes sense to expect the borrower to be more prepared when buying a home? Isn't that really better for the lender and the buyer in the end? Oh yeah, it's not that great for the broker/banker who doesn't have any skin in the game but can make $$ on every transaction. Come on guys. I'm a broker and can see why Fannie may want to do this. How about a balanced view on this instead of how terrible it is for "the borrowers". I have no problem expecting the borrowers to be more prepared when making such a huge investment. We all have a responsibility to make sure these loans don't foreclose...if you haven't learned that in the last 2 years you haven't been paying attention.
FSB Man: (December 01, 2009 6:52am)
Don't forget Freddie Mac. Freddie, at least for now, is still going to 55% dti. Like FHA, they also allow non-occupant coborrowers and blended ratios
mtgcafe: (December 01, 2009 6:37am)
I spent 17 years in the industry, so I started in the industry back in 1990, when we pretty much said:
"do you have a job, do you pay your bills on time and can you prove it?" -- the running joke long about 2002 became "well, we can probably work around that" - -- I was saying for YEARS that we shouldn't be approving ppl for loans who had no down payment, and tight ratios - and look where it's gotten us...I was laid off for the LAST time in 8/2007, and have resorted to substitute teaching for my daughter's school system -
I know they've gone a bit overkill with the appraisal stuff, but we should be qualifying ppl based on NET income, and making a monthly budget with EACH borrower to include ALL monthly expenses...
Sad thing is, I personally look GREAT on paper, so probably won't be able to get help w/my mtg even though hubby took a pay cut of 37% (laid off, new job), but when you add all of our expenses, it doesn't work...lots of ppl did this, now it doesn't work ;(
Nuke 'em 'til they Glow: (December 01, 2009 6:20am)
the closer - I've experienced the same. I'm waiting for Lenders to do something crazy like Raise min FICOs to 680 with 10% down
SIMPLETON: (December 01, 2009 6:18am)
That is a great idea Brian. I am going to start pimping out my processors now.
just sayin': (December 01, 2009 6:15am)
@ the closer...excellent point. most MI companies have pulled 100% out of FL. the remaining company will insure up to 90% with a 740+ score and , 41% back end.
the closer: (December 01, 2009 5:49am)
regardless of whether or not fannie tightens up, the MI companies have ALREADY made it impossible to close an approve/elligible deal above 90ltv! perhaps fannie is just doing what the MI companies have already done
Frank Garay: (December 01, 2009 5:21am)
JetLoan - No, they just made it tougher for people with less than 20% down.
Frank Garay: (December 01, 2009 5:20am)
Rhodyloans - scroll down and look right. There is a box called "links and docs".. there it says "click here to register for NAMB webinar". just click it.
just sayin': (December 01, 2009 5:19am)
FNMA = EPIC FAILURE!
more proof governmental involvement dooms everything...just sayin'
jetloan: (December 01, 2009 5:07am)
Borrowers need 20% down on purchase for FNMA losns now?
LIAppraiser: (December 01, 2009 3:36am)
I like the Snake River thing, great analogy.
Rhodyloans: (December 01, 2009 3:35am)
Good Morning Guys. I don't see the link for the teleconference. Can you tell me how to get to it so I can register? Thanks.
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