Does anyone have a good web site address to keep up on the continually changing federal mortgage regulations? Any assistance would be appreciated. Thanks
Great question, but a tough one to provide an answer. There is one site, call AllRegs, which is a subscription (and expensive) site most bank owned lenders subscribe to. It gives us the capability to line the 4 agencies up against each other, or research each one individually. For example, if I wanted to know the guidelines on rental property vacancy factors......it would give me Fannie's, Freddie's, VA and FHA, all in one spot.
But the real problem for subscribing to any one site or blog, theres a very high chance additional layers are imposed by the individual lenders and investors. For example, VA does not have a minimum credit score. However, most lenders do have a minimum score that they will accept. Or, on FHA streamline refinances, credit scores are not a factor for loan approval, at least by HUD. I only know of one lender that will take a low score, regardless of a spotless mortgage payment history.
Your best bet is to find an internet real estate professional community site that is "hopping" and up to date, but that takes an investment of time. The other solution is too align yourself w/ a loan officer that keeps current with the industry, not with just the products they offer, but keeps tabs on what others are doing as well. For example, find a loan officer that may not be able to do a low score FHA streamline, but knows who to send it to. Actually, that is how I have developed and marketed to my referral sources, by keeping my industry partners current in industry changes. (And, this is not a solicitation or my contact info would be plastered everywhere and you would have a PM
).
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