While one would usually expect a VA lender to entice military borrowers to take out a VA loan, AAFMAA Mortgage Services defies convention by giving military families the option of choosing a mortgage that best suits their financial needs. That means presenting the pros and cons of every product type – conventional conforming, FHA, VA and USDA loans – for prospective veterans and active duty military and boiling it down to the best possible loan choice, said Andy May, chief operating officer of AAFMAA Mortgage Services. AAFMAA stands for American Armed Forces Mutual Aid Association, a member-owned, tax-exempt nonprofit that provides life insurance, survivor assistance, financial planning, investment management and trust services to military communities nationwide. The association has an interesting history. According to Wikipedia, a group of U.S. Army officers ...
The Department of Veterans Affairs has issued guidance regarding various aspects of the VA Home Loan program. On Valentine’s Day, the VA sent out a reminder to VA lenders regarding the continued use of the current National Pest Management Association (NPMA) Department of Housing and Urban Development Forms NPMA-99-A and NPMA-99-B. Circular 26-17-07 has instructions for filling out both forms. HUD NPMA-99-A, Subterranean Termite Protection Builder’s Guaranty, is completed and certified by the builder. The licensed pest control company completes the HUD-NPMA-99-B. Also on the same day, the VA announced a new requirement for staff appraisal reviewers (SARs). In 2015, VA released guidance, that established a low-risk and a high-risk appraisal review process. This requires SARs to review the LoanSafe Appraisal Manager product during the issuance of the ...
Nominee for HUD Secretary Purchases House Prior to Confirmation. With his Senate confirmation still up in the air, Ben Carson, President Trump’s pick to head the Department of Housing and Urban Development, has bought a $1.3 million house in an affluent neighborhood in Fairfax, VA, the Washingtonian has reported. According to the magazine, Carson’s new abode is a 6,400-square-foot traditional-style house with five bedrooms and four and a half baths. It is located on a 1.5 acres, a short distance from the Wolf Trap concert venue and the Meadowlark Botanical gardens. The 65-year-old neurosurgeon and his wife Candy also own million-dollar homes in Florida and Baltimore County, MD. The Senate Banking Committee approved Carson’s nomination on Jan. 24 but the full Senate has yet to vote on it. No date for a confirmation vote has been set ...
The secondary market for bulk agency mortgage servicing rights is beginning to pick up a decent head of steam, but one factor is holding it back from a full-throttle: worries about prepayment speeds. “We’ve had one month of low prepayment numbers,” said Mark Garland, president of MountainView Servicing Group, Denver. “A couple of more months would be better.” According to investment bankers who work the market, although rates have been on a steady climb since the November election – the yield on the benchmark 10-year Treasury is...
Sponsors can generally meet the requirements by retaining the most subordinate tranches of the securitization equaling at least 5.0 percent of the deal…
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