Potential Spot to Shelf Jumbo Loan Paper; FHA Q&A on Condo Recerts; Buyback Breakdown; Lots of Lender Updates
September 8, 2010 – 6:27 amPosted To: Pipeline Press
Lenders offering FHA products know that Mortgagee Letter 2010-24 eliminated the unlimited CLTV ratio, and reinstated the requirement that the total of any FHA-insured first mortgage and any subordinate lien may not exceed the applicable FHA loan-to-value and geographical maximum mortgage amount. (Only the FHA-insured first mortgage must be within the FHA maximum mortgage limits.) But lenders may also want to listen in to an FHA “Condo Recertification Industry Call” Q&A session today at 2PM EST . The dial-in number is: 1-877-941-1706 and the confirmation number is: 170410. Yesterday I discussed SRP’s, and how it may behoove lenders to contemplate either servicing or subservicing these loans themselves since the market is not “adequately” compensating originators for the value. Obviously…(read more)