Innovation in Primary & Secondary Markets; Every FHA Lender Following HUD v. Nova

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Posted To: Pipeline Press

Earnest Hemingway was born in the comfortable Midwestern suburb of Oak Park, Illinois, a place he described as full of, "wide lawns and narrow minds." But at least it is affordable - unlike out west where the San Francisco Bay Area, relative to other parts of the nation, is literally ballooning in property values . Try explaining that to an underwriter in Nashville or Des Moines reviewing an appraisal from San Francisco. Hey, I know I mentioned this yesterday, but I continue to hear from smart folks around the nation that this HUD action impacts nearly every FHA lender out there . On July 9 th HUD Office of Inspector General issued an Audit of Nova Home Loans in Arizona. This audit appears to make down payment assistance from IDA Bond loans and many HFA loans like California's CalHFA, Nebraska...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/07162015-hud-versus-nova.aspx

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