FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 New FHA rules 2010? View next topic
View previous topic



Post new topicReply to topic
Author Message
Abel
Dud?


Joined: 31 May 2009
Posts: 4
Location: Western States

New FHA rules 2010?
PostPosted: Thu Dec 10, 2009 1:22 am Reply with quoteBack to top

Has anybody heard where loan officers cannot process their own files to submit to underwriting?
View user's profileSend private message
efreet
Dyn-o-mite!


Joined: 22 Mar 2008
Posts: 287

Re: New FHA rules 2010?
PostPosted: Thu Dec 10, 2009 3:19 am Reply with quoteBack to top

you are probably thinking about the new FHA rules for ordering apprisals which HUD has their own verison of HVCC. It's not as intense as HVCC but does share some things in common.
View user's profileSend private message
Emerald
Cherry Bomb


Joined: 12 Aug 2009
Posts: 179
Location: California

Re: New FHA rules 2010?
PostPosted: Thu Dec 10, 2009 4:31 pm Reply with quoteBack to top

efreet wrote:
you are probably thinking about the new FHA rules for ordering apprisals which HUD has their own verison of HVCC. It's not as intense as HVCC but does share some things in common.


While HUD may have their own version every Wholesale Lender I am using says I will have to order my FHA appraisals through their HVCC appraisal service. So basically it will be the same process.
View user's profileSend private message
I_Like_2Mortgage
Dyn-o-mite!


Joined: 25 Feb 2009
Posts: 276
Location: Tenney, MN

Re: New FHA rules 2010?
PostPosted: Thu Dec 10, 2009 5:41 pm Reply with quoteBack to top

Abel wrote:
Has anybody heard where loan officers cannot process their own files to submit to underwriting?

If you are a loan officer. Why are you processing and submitting a file to an Underwriter?
Be smart! Go hire yourself an intelligent aggressive Loan Processor!

_________________
My friends call me Sid. You can call me Mr. Vicious.
View user's profileSend private message
StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: New FHA rules 2010?
PostPosted: Thu Dec 10, 2009 7:53 pm Reply with quoteBack to top

Quote:
If you are a loan officer. Why are you processing and submitting a file to an Underwriter?
Be smart! Go hire yourself an intelligent aggressive Loan Processor!


I am not sure if I am 100% with this statement...I think I am about 75% on board. I didn't hire my 1st processir until I had an active personal pipeline of 10 loans. After 10 loans I saw the need...

In today's net-branch world, if you are under 10 loans per month (individually) I can see not having a processor. At $400.00/file x 5 files that is 2K in "income" or an avenue to be better priced to the borrower.

_________________
“During times of universal deceit, telling the truth becomes a revolutionary act”
– George Orwell
View user's profileSend private message
frankensense
Dyn-o-mite!


Joined: 11 Sep 2009
Posts: 204

Re: New FHA rules 2010?
PostPosted: Thu Dec 10, 2009 8:16 pm Reply with quoteBack to top

How did you do your voe or vod without a processor?
View user's profileSend private message
Do_the_math
The WhistleBlower


Joined: 14 Mar 2007
Posts: 2564
Location: Groovy Town

Re: New FHA rules 2010?
PostPosted: Thu Dec 10, 2009 11:27 pm Reply with quoteBack to top

The whole part about having a processor is to protect file integrity. There is a conflict of interest for a loan officer to process files. This is why it has been an industry standard.

While employees of the lender or broker may obtain documentation, interested parties should never be allowed to obtain written verifications.

With that said, considering alternative documentation, a loan officer can turn in a file with a complete credit package. With so many years in processing and underwriting, I would often turn in complete packages to processing that had already been submitted to underwriting. The processor would obtain appraisal, title, and escrow and third party documentation.

I can't fault an experienced loan officer who has the skills to expedite their files by obtaining underwriting approval directly. However, if the underwriter and company knowingly accept the file from a loan officer, they should held to a higher QC standard.

_________________
"Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe." -Albert Einstein

http://contributor.yahoo.com/u.....ailey.html
View user's profileSend private message
Do_the_math
The WhistleBlower


Joined: 14 Mar 2007
Posts: 2564
Location: Groovy Town

Re: New FHA rules 2010?
PostPosted: Thu Dec 10, 2009 11:50 pm Reply with quoteBack to top

And before anyone jumps down Stephen's throat, be aware that FHA regulations do not allow verifications and documents to be transmitted through an interested third party. Verifications must be obtained by an employee of the lender.

_________________
"Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe." -Albert Einstein

http://contributor.yahoo.com/u.....ailey.html
View user's profileSend private message
StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: New FHA rules 2010?
PostPosted: Fri Dec 11, 2009 1:35 am Reply with quoteBack to top

frankensense wrote:
How did you do your voe or vod without a processor?


I don't know...I have been "old school" since I started in 1994. I do not recall going the VOE route, other than the typical Verbal VOE authored by the lender. To this day, including the application I took yesterday I always require
    30 days of pay stubs
    Last 2yrs W2's
    2yrs 1040's
    60 days of assets; all pages/all accounts
    Drivers Lic & SS Card (FHA or Conventional)
    Fully executed AoS (if necessary)
    Homeowners Dec Page & Tax bill (if refi)


I have not found following the DU or LP certs to be very taxing...

This has worked pretty well to date, as I have not had a a buyback, foreclosure, 1st payment default on my record to date...This is always subject to change with unemployment @ 10%

I am not a "pipeline guy" I close 8 out of 10 loans taken. I did work for a company that was about "pipeline" as the owner believed that you would close 3M out of every 10M in the pipe...I do believe that his numbers worked, but upon review his O-head was much higher and the stress always seemed to weigh on him...He was/is a flim-flam man and I did not last there to long.

I am certainly not saying that my approach is fool proof...and in fairness, when I did grow a branch to 8 originators (2000-2004) I did have a processor on staff.

_________________
“During times of universal deceit, telling the truth becomes a revolutionary act”
– George Orwell
View user's profileSend private message
RICHARD D. FRANK
Dud?


Joined: 01 Jan 1970
Posts: 18
Location: FLORIDA

We can maintain your relationships
PostPosted: Sat Jan 16, 2010 1:19 pm Reply with quoteBack to top

Emerald wrote:
efreet wrote:
you are probably thinking about the new FHA rules for ordering apprisals which HUD has their own verison of HVCC. It's not as intense as HVCC but does share some things in common.


While HUD may have their own version every Wholesale Lender I am using says I will have to order my FHA appraisals through their HVCC appraisal service. So basically it will be the same process.


We set up panels of preferred and established appraisers for users, anywhere in the USA. Then, we need your assistance getting set up with your Wholesale Lenders. We are a cooperative of appraisers, participation is open. Your preferred appraisers can compliantly be assigned and utilized through a personalized panel.

_________________
National Valuation Service Cooperative
http://implode-explode.com/forum/index.php?c=11

772-978-0954
richard.frank@nvs.coop
http://www.nvs.coop

Mortgage Lending representatives, please contact us directly.
View user's profileSend private messageSend e-mailVisit poster's websiteYahoo Messenger
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT