Who says December is a “quiet” month in the real estate industry?

Here are just a couple significant happenings that will have an enormous impact on the Real Estate industry throughout 2010.

1. HUD recently postponed the implementation date of Mortgagee Letter 09-28 from January 1, 2010 to February 15, 2010. According to the letter FHA-approved lenders will be prohibited from accepting appraisals prepared by FHA Roster appraisers who are selected, retained or compensated in any manner by a mortgage broker or any member of a lender’s staff who is compensated on a commission basis tied to the successful completion of a loan. Although use of an Appraisal Management Company is not mandated when obtaining an FHA appraisal, one has to expect that most lenders will use the same channels already in place for ordering conventional appraisals under the HVCC.
2. NEW Good Faith Estimate 2010. This is the new hurdle lenders and brokers must tackle. The complexities of this new form of disclosing loan terms and fees will no doubt affect the flow of transactions but we want to make it clear that we are fortunate to work with some of the best lending partners in our industry and are implementing systems to ensure a smooth transition to this new format.

Our staff possesses a thorough knowledge of rates, loan products, and lenders programs. We use this information to structure a loan that will give you the mortgage that you deserve.
We look forward to working with all of you in 2010 –