Recently I originated a loan for a gentleman, Mr. Smith for the purpose of this article, who at first was very evasive about what he owed on his home. When Mr. Smith applied on my website he input that his home was free and clear. (more…)
Archive for September, 2009
Reverse Mortgages – Does My Home Need to Be Free and Clear?
Tuesday, September 29th, 2009HECM Principal Limit To Decline by 10%
Wednesday, September 23rd, 2009Breaking News from Peter Bell, NRMLA President:
I [Peter Bell] just got off a phone call with FHA Commissioner David Stevens and HUD Assistant Secretary for Congressional Relations Peter Kovar, who called to tell me that HUDÂ has posted a Mortgagee Letter implementing the 10% haircut in principal limit factors, effective for all loans on which applications are taken on or after October 1, 2009. (more…)