Cashtration (n): The act of buying a house, which renders the subject financially impotent for an indefinite period of time.
Maybe this is some “ok” news? In a story that I first noticed in Mortgage News Daily, enactment of ML 2009-28 (“Appraiser Independence”) will be delayed until February 15, 2010. “ML09-28 (originally planned for a January 1, 2010 implementation) has two parts: a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process, and b) appraiser selection in FHA Connection. The effective date for both sections of this guidance will now take effect for all case numbers assigned on or after February 15, 2010. This extension will provide FHA and lenders additional time to adjust systems to accommodate the changes… lenders should be aware that the requirement for inputting the appraiser ID and the appraisal assignment date in the FHA Connection case number assignment screen will be removed. Instead, lenders will be required to enter all appraisal data, including the appraiser ID, in the Appraisal Update Screen once the completed appraisal is received by the lender and prior to closing the loan.”
In addition, ML 2009-51 (“Adoption of the Appraisal Update and/or Completion Report”), which was slated to start next weekend, is being extended and will now apply to all case numbers assigned on or after February 15, 2010. FHA lenders know that all FHA Mortgagee Letters can be read online at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/