FHA weekly Update - From The Mortgage Standard (NAMP)

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FHA WEEKLY UPDATE
Bank of America Chief Ousted as Chairman
The applause thundered inside the Belk Theater on Wednesday for a fading star of American finance: Kenneth D. Lewis, the beleaguered head of Bank of America. But all those huzzahs, offered up by loyal employees and steadfast believers, did not sway Mr. Lewis’s...Read Full Story >>

U.S. to pay off mortgage investors
The U.S. Treasury Department will Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said...Read Full Story >>

Mortgage applications fall
U.S. home loan applications fell last week to the lowest level since mid-March, driven by a big drop in refinancing demand even as mortgage rates clung to record lows...Read Full Story >>

THE FHA BLOG CAFE
Anchorage Requirements on a Manufactured Home. What does HUD require?
Written By: Paul Hayman, P.E.
The September 1996 Permanent Foundation Guide to Manufactured Homes (PFGMH) is not very clear on exactly what it requires by way of anchorage (also referred to as “tie downs”). There are two kinds of anchorage: vertical anchorage to resist uplifting forces due to wind or seismic events and lateral anchorage to resist side-to-side movement. The PFGMH has this to say about...Read Full Blog >>

Post Endorsement Technical Reviews
Written By: Bonnie Wilt-Hild, Senior FHA DE Underwriter
We have seen a lot of changes in the past two several years where mortgage underwriting is concerned and it now seems as if things have come full circle. Several years ago we watched as Automated Underwriting Methods replaced more traditional risk assessment methods and documentation requirements lessened just to return to a more traditional risk...Read Full Blog >>

Finally - Updated HUD Handbooks with CURRENT Guidelines!
Written By: Stacey Sprain, NAMP-CALP
Though I had planned to discuss FACTA this week, HUD recently issued a very important Mortgagee Letter with some long awaited news for all of us so let’s take a break from my series on credit and talk about Mortgagee Letter 2009-14! We’ll pick up right where I left off on the credit series next week. Earlier in the month, HUD issued ML 2009-14 which announced the newly updated online versions of several HUD Handbooks, including HUD...Read Full Blog >>

NAMP IN THE NEWS
FHA Engineering Firm Partners with NAMP to Help Educate Consumers
Hayman Residential Engineering announced today that it has selected The National Association of Mortgage Processors (NAMP) to educate consumers on FHA/HUD Engineering Certifications. Hayman Residential Engineering is the first company to cater to the engineering needs of the residential housing industry on a national level. A preferred engineering vendor....Read Full Story >>