We all know that the mortgage industry receives more attention in the press than ever before, and often that results in the spread of misinformation. Take, for example, the recent announcement by the Department of Housing and Urban Development that they have suspended the property-flipping 90-day holding period for forclosed properties only. With news organizations constantly recycling news items researched on the internet, it doesn't take long for the news to get warped into something that isn't true, and if you are an originator the last thing you need is to lose your status as a trusted adviser by passing on false info to your clients.
In this case the announcement has been passed on and on, and many people now believe that the rule suspension applies to all FHA mortgages, which isn't true. And it didn't help that FHA commissioner Brian Montgomery said in a big press release that the new policy "will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes."
My purpose of this blog entry is to set the record straight and save originators from spreading this inaccuracy further, and also to remind you that we live in the information age, a time when supposed facts come flying at you from all angles. Don't take everything you hear or read (even on this blog) for granted. Go to the source, do your research, and make sure you know the full story.
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