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about Mid-Island Mortgage Corp.

The latest news in an industry that is contantly changing!
Mid-Island Wholesale Lending prides itself on keeping on top of breaking news that affect the mortgage industry and passing it along to our partners and colleagues.

12/23/11

FHA EXTENDS 'ANTI-FLIPPING WAIVER' TO HELP STABLIZE HOUSING MARKET
Measure continues effort to boost home values and accelerate resale of vacant properties

WASHINGTON - In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) Commissioner David H. Stevens today extended FHA's temporary waiver of the agency's 'anti-flipping rule.' The extension announced today is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight.

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11/28/11

FHA Maximum Mortgage Limits - Effective November 18, 2011 through December 31, 2011

The floor for SFR is set at $271,050 and the ceiling is set at $729,750 - effective on 11/18/11 and apply to 203(b), 203(k), 234(c) and 203(h).

Look up a county loan limit here

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11/2/11

Mid-Island Mortgage Corp. requires all conforming loan appraisals to be ordered through Streetlinks Appraisal Management Company. Please remember this when submitting any conventional loans to Mid-Island Mortgage Corp.

To contact Streetlinks Appraisal Management https://www.streetlinks.com/BrokerSignup. If you have any questions regarding with this site, contact Justin Harris 866.794.6371 ext. 8227

   
11/1/11 Policy regarding GSA and LDP Lists
Fannie Mae has implemented a policy that requires lenders to confirm that companies or individuals involved in the origination (application through closing) of mortgage loans sold to Fannie Mae are not on the General Services Administration (GSA) Excluded Party List or the HUD Limited Denial of Participation List (LDP List) prior to delivery of the loan.
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9/30/11 In our ongoing effort to serve you better, Mid-Island Mortgage Corp. is proud to announce the integration with our internal processing system and PriceWhiz. This will be an amazing tool for all of our Brokers and Correspondents.
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3/4/11 Effective with loans submitted to Mid-Island Mortgage on April 5, 2011, the Federal Reserve is implementing Regulation Z compensation and anti-steering changes under the Truth in Lending Act (TILA). Compensation Election Form | Compensation Addendum
download the pdf
   
2/14/11 ML 2011-10 FHA Annual MIP Increase - effective on or after 4/18/11
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9/1/10 ML 2010-28 FHA decrease of UFMIP and increase of Annual MIP Effective Case Numbers Assigned on or after 10/4/10
download the pdf
   
2/11/10 FHA ML-2009-28 Appraisal Reform - Effective 2/15/10: Flow chart for Appraisal Ordering
download the pdf
   
1/28/10 MORTGAGEE LETTER 2010-02 - Increase in Upfront Premiums for FHA Mortgage Insurance
download the pdf
   
1/6/10 Announcement: RESPA Guidelines/Policy - Good Faith Estimates
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12/30/09 Revised FHA Plus and FHA Advantage loan guidelines effective 1/1/10
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12/21/09 FHA ML-2009-28 Appraisal Reform - Effective: February 15, 2010
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12/20/09 RESPA Changes: Amendments to Regulation X - Effective: January 1, 2010
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12/09/09 Important information regarding new RESPA Rules effective 1-1-10
   
11/02/09 New FHA Condo Guidelines
download the pdf
   
10/30/09 Revised FHA Streamline Guidelines
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10/7/09 ML 2008-38 Appraisal Licensing
download Word document
   
9/21/09 ML 2009-28 Appraisal Independence
download the PDF
   
9/21/09 ML 2009-29 Appraisal Portability
download the PDF
   
9/21/09 ML 2009-30 Appraisal Validity Period
download the PDF
   
9/21/09 ML 2009-32 FHA revised Streamline
download the PDF

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Currently lending in these states:
Connecticut, Delaware, Florida, Illinois, Maine, Massachusetts, Maryland, Minnesota, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Virginia


Mid-Island Mortgage Corp. 900 Merchants Concourse, Westbury, NY 11590 - call toll free 888.814.8191

Mortgagee Clause:  Mid-Island Mortgage Corp. its successors and/or assigns P.O. BOX 202028, Florence, SC 29502-2028
  
     
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