Nancy West of HUD #72

Bruce Norris is joined once again by marketing and outreach specialist for U.S. Department of Housing and Urban Development, Nancy West. Bruce and Nancy discuss home owner month and the outreach FHA is involved in for the event and throughout the year, foreclosure prevention workshops, who the buyer is now entering the market, FHA rehabilitation loans to consumers willing to rehab homes, rehabilitation loan program 230k, streamline rehabilitation loans, how no special inspection is necessary if under $15,000 in repairs, which loan is appropriate depending on the amount of work needed, how the consumer can receive up to 110% of after approved value, the way the Realtor would structure the transaction if these loans are used, if an investor can take over an FHA loan, how FHA was replaced by other loan products, the seasoning period for FHA loans and why it exists, tweaks to the property flipping rule in 2003, if FHA loans are assumable between two owner occupants, the 1980s and the simple assumption and the elimination of the program in 1989, why the program was eliminated, if HUD was satisfied working with investors in the last cycle, why the last downturn was different and why we could be hurt because the financing can’t move forward, if bankruptcy prevents consumers from getting an FHA loans, how FHA requires at least two years to laps but less time granted if consumer had extenuating circumstances, how the consumer typically waits two years for bankruptcy and three years for foreclosure to receive an FHA loan, talk of FHA buying defaulted loans by Barney Frank with the Banking Committee, how it will take an act of Congress and Senate and President approval, daily proposals trying to create solutions, how FHA is not really talking about these solutions until something looks real, if an election year will matter, other states that are still appreciating, the states with the most problems, how states and local areas differ, how FHA focuses on the positive things when dealing with consumers, rent approximating rent for first time in some areas, how the interest rate might become more important than the price, how the consumer needs to be educated, if FHA will be hiring, and FHA.gov.

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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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, hud.gov compared to fha.gov, 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 fha.gov.

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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