A man in New Jersey is accused of having sex with five cows…
Or as he is known in Wisconsin: a player.
I can’t believe that I heard a comedian use that line (or that I would even repeat it) – Wisconsin folks are fine folks. In an unrelated incident, an originator from Wisconsin wrote to say that the State of Wisconsin’s Department of Financial Institutions take on the SAFE Act is they won’t give a license to anyone who has had a foreclosure or non-medical bankruptcy in the last three years. Any originator with open judgments is iffy for licensing. And it appears that this is not only Wisconsin.
Another originator wrote, in response to RESPA and the new GFE, “If a broker understands how to do the new GFE, they are still able to make the same point structure as always – but everyone’s going to have to eat the escrow and processing fees on RRR’s.” As I have said all along, it is a controversial topic, but it appears that, once again, most firms are adjusting and moving forward.
But how many companies out there won’t be able to do FHA loans if HUD moves toward a minimum $2.5 million net worth to do FHA loans? Some estimates peg the loss at 70% of all current lenders! HUD estimates that about 40% of all currently approved lenders have less than $1.0 million net worth. Maybe they’ll grandfather small companies in… maybe not…
Anyone originating VA loans knows about “Circular 26-10-01”, issued last week and reiterating that the 1% cap on origination fees would continue, stating new documentation requirements and the elimination of the interest rates and discount disclosure statement. The fees a veteran may pay are limited when obtaining a VA guaranteed home loan: the lender/broker may only charge the veteran a flat fee up to one percent (1%) of the loan amount to cover the lender/broker’s costs and services, which are not reimbursable as “itemized fees.” For an IRRRL, the 1% origination fee may not exceed one percent (1%) of the existing VA loan balance of the loan being refinanced plus the cost of any energy efficient less any cash payments from the veteran, and if an origination fee is charged, lenders/brokers may NOT assess veterans any other fees other than the allowable fees shown below (as long as they are reasonable and customary). Check it out:http://www.homeloans.va.gov/new.htm