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MWOLF
33 Posts |
 Posted - 08/29/2008 : 10:20:59 AM
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| Anyone know the statistics on an FHA foreclosure 3 years old. i have a client that is approaching his 3 years and we are about to close on his new property but cant clear cavrs, i was told it wont clear but is eligible after the 3 year mark and that i just need an loe?? |
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nowbroker
1364 Posts |
Posted - 08/29/2008 : 10:27:53 AM
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Past Delinquencies and Defaults on FHA-Insured Loans. The three-year waiting period to regain eligibility for another FHA insured mortgage begins when FHA pays the initial claim to the lender; this includes deeds-in-lieu of foreclosure, as well as judicial and other forms of foreclosures. Information regarding the date the claim was paid, date of initial default, etc., may be obtained through the appropriate Homeownership Center (HOC), i.e., the HOC having jurisdiction where the property subject to the default is located.
Although eligibility for an FHA-insured mortgage may be established by performing the actions described above, the overall analysis of the creditworthiness must include consideration of a borrower's previous failure to make payments to the Federal agency in the agreed-to manner.
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MWOLF
33 Posts |
Posted - 08/29/2008 : 10:35:04 AM
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| thats perfect. thanks! |
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ehm3
978 Posts |
Posted - 08/29/2008 : 11:07:36 AM
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as far as just needing an LOE and not a clear CAIVR number, I think that is not true.
as I understand it, if you can't clear CAIVRs you are screwed no matter what documentation you can provide. And, it is really hard (maybe impossible?) get get CAIVRs cleared up by any means other than letting it take its natural course.
I've never had to do it myself, I am just relating what I have heard and read over the years.....you probably should start calling some UW supervisors and/or HUD for clarification. |
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MWOLF
33 Posts |
Posted - 08/29/2008 : 11:16:11 AM
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| yep, thats what i found out.... |
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nowbroker
1364 Posts |
Posted - 08/29/2008 : 11:44:07 AM
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Next section of manual addresses this:
C. Source of Information. Lenders must screen all borrowers using HUD's Credit Alert Interactive Voice Response System (CAIVRS) (except on streamline refinances). If CAIVRS indicates the borrower is presently delinquent or has had a claim paid within the previous three years on a loan made or insured by FHA on his or her behalf, the borrower is not eligible. When lenders apply for FHA insurance via FHA Connection, CAIVRS is automatically checked to ensure that there are no Federal delinquencies or debts. Lenders also may check CAIVRS by accessing FHA Connection at https://entp.hud.gov/clas/ or by calling 301-344-4000 on a touch-tone telephone, entering their FHA-assigned lender identification number, and entering all borrowers' social security numbers (SSNs). Lenders must write the CAIVRS authorization code for each borrower on the HUD-92900-WS/92900-PUR.
If the lender has reason to believe the CAIVRS message is erroneous or must establish the date of claim payment, the lender must contact the appropriate HOC for instructions or documentation to support the borrower's eligibility. The appropriate HOC can provide information regarding if the three-year waiting period has passed or the SSN in CAIVRS is erroneous. The appropriate HOC also can provide instructions to lenders regarding processing requirements for other HUD-related defaults and claims (e.g., Title I loans).
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ehm3
978 Posts |
Posted - 08/29/2008 : 12:54:09 PM
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quote:
Originally posted by nowbroker
Next section of manual addresses this:
C. Source of Information. Lenders must screen all borrowers using HUD's Credit Alert Interactive Voice Response System (CAIVRS) (except on streamline refinances). If CAIVRS indicates the borrower is presently delinquent or has had a claim paid within the previous three years on a loan made or insured by FHA on his or her behalf, the borrower is not eligible. When lenders apply for FHA insurance via FHA Connection, CAIVRS is automatically checked to ensure that there are no Federal delinquencies or debts. Lenders also may check CAIVRS by accessing FHA Connection at https://entp.hud.gov/clas/ or by calling 301-344-4000 on a touch-tone telephone, entering their FHA-assigned lender identification number, and entering all borrowers' social security numbers (SSNs). Lenders must write the CAIVRS authorization code for each borrower on the HUD-92900-WS/92900-PUR.
If the lender has reason to believe the CAIVRS message is erroneous or must establish the date of claim payment, the lender must contact the appropriate HOC for instructions or documentation to support the borrower's eligibility. The appropriate HOC can provide information regarding if the three-year waiting period has passed or the SSN in CAIVRS is erroneous. The appropriate HOC also can provide instructions to lenders regarding processing requirements for other HUD-related defaults and claims (e.g., Title I loans).
thats the part I was thinking of, but with all the damn changes we've seen lately its hard to retain everything
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