Some big buzz going around is about the new policy changes that the FHA is considering.  We get some great emails from Chris McLaughlin who sends out some of the most informative emails I get about the latest changes in the real estate world. I highly suggest signing up for his email newsletter.  Below is an update he sent out yesterday.

The Federal Housing Administration (FHA) is

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RISMEDIA, May 1, 2010—(MCT)—As a consumer with good credit and a 10-year history of paying his mortgage on time, Ed McLaughlin expected that his record would put him in good stead with his bank.

But when he approached his lender, Charlotte, N.C.-based Bank of America, about refinancing his existing mortgage or qualifying for a new loan, McLaughlin felt like a brand-new customer just off the street.

“They said…

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First American CoreLogic’s index of home loan fraud shows that the rate tied to non-subprime loans has declined to 84 from a 2007 peak of about 112. Still, the firm says a quarter of foreclosures reflect “some evidence of fraud” in the mortgage application. First American estimates that 0.55 percent of mortgages made in 2009 were fraudulent and that the fraud rate for loans insured by the FHA is 1.22 percent. Fraudulent mortgages totaled $14 billion last year; and fraud rates in hot spots like Orlando and Miami, Fla., Atlanta, and Detroit are three to four times the national average. Source: The Wall Street Journal, James Hagerty (03/15/10)Read more