Friday, June 6, 2008

Nancy West of HUD #71

Bruce Norris is joined by marketing and outreach specialist for HUD, Nancy West. Bruce and Nancy discuss when HUD was created, the FHA program and its primary goals, how home ownership levels and foreclosure levels are related, compared to, the FHA Secure program that allows borrows who have fallen delinquent to come into an FHA program if the delinquency was caused by reset, what happens if the consumer owes more than the house is worth, when FHA secure is due to expire, the three option for delinquent consumers, renegotiations and modifications, loan forgiveness, how well the program is going, where money comes from when an FHA loan is funded, loan correspondents when working with FHA, how FHA differs from Fannie Mae and Freddie Mac, how FHA differs from PMI, the enacted Stimulus Act, FHA and manual underwriting, how FHA views a consumer’s willingness to pay obligations, FHA as a more common sense approach to lending, FHA requirements and standards for property, the process to become an approved FHA appraiser, gift programs for down payment allowable for FHA, single family for FHA includes up to four units and manufactured loans, loan limits in FHA, how often loan amounts are revisited, current loan limits and the Stimulus Act, how limits will go back to original limits on December 31, 2008, loan limits set by Congress, Section 8 rental program, foreclosing on FHA loans and when FHA steps in to protect a lender’s loss, if there’s a situation when the lender would be forced to take a loss, if fraud has been a problem with FHA, where the money come from when a claim is made, if FHA is expecting a huge number of foreclosures, the issue of the consumer being a victim in the mortgage mess, how long the FHA Secure process takes, loans available through FHA including fixed rate, adjustable, energy efficient, rehabilitation program (203K), and the streamlined rehabilitation program, why the 203K loan is not available to investors, why the program was available to investors in the 90s, how can investors get involved to get that reversed, do most buyers obtain fixed rate loans, and

Nancy West has been in mortgage lending industry since 1977, and has worked in a variety of positions within the industry from branch manager, small business owner, account executive, and mortgage loan underwriter. Nancy underwrote mortgage loans for major U.S. lenders; both government insured and non-government backed. Nancy holds two degrees; Real Estate, and in Education. Nancy is also a licensed California Real Estate Broker.

Nancy joined the U.S. Department of Housing and Urban Development in 2004 in the Processing and Underwriting Division. In 2006, Nancy accepted one of four nationwide Marketing and Outreach Specialist’s Positions for the Department. Nancy currently works out of the Santa Ana Homeownership Center, which services the eight western United States. Nancy travels throughout the Santa Ana Homeownership Center’s jurisdiction, providing presentations and information on FHA and FHA programs to consumer groups, industry partners, external agencies, as well as providing internal staff with up-to-date information on industry changes and practices.

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