Latest News and Industry Updates
Don’t look now, but condos just got cooler. The Federal Housing Administration has finally issued a long-awaited update to its condominium rules by announcing that it will now allow “spot approval” on individual units and is taking further steps to loosen requirements that make these properties eligible for FHA financing. Effective for case numbers assigned on or after October 15, 2019, Cardinal Financial is aligning with FHA’s updates to condos. Our project review for FHA condominiums will follow the FHA’s requirements for approving condos and condo projects, and these changes are estimated to qualify 20,000 to 60,000 more units for FHA financing.
Despite the increased exposure to content and online resources, consumer understanding of what it actually takes to qualify for a mortgage is not improving. This provides an important opportunity for lenders, including us, to make efforts to bridge that knowledge gap. In order to help provide consumers with such knowledge, we sought a more effective way to utilize modern technology.
CHARLOTTE, NC, June 1, 2019 - This past weekend, Cardinal Financial partnered with Genworth Mortgage Insurance and Raleigh-based charity Rise Against Hunger to package over 20,000 meals for people around the world who may be getting just one meal a day. The charity has a goal of ending world hunger by 2030, and several team members from the Charlotte office volunteered their time to help make a difference.
We’d like to take a moment to congratulate Ralph Dibugnara and Frank Capobianco on making the switch to Cardinal Financial! We’re excited to have them on board.
CHARLOTTE, NC - In light of the current partial Federal government shutdown, the VA announced that it is still open for business and actively working to provide its veterans with support and relief at this time. Every American is likely impacted by the shutdown in one way or another and the VA is aware that some veterans may be experiencing significant stress, both personally and financially. Veterans and Federal employees who are currently furloughed can still receive benefits from the VA’s Veterans Benefits Administration.
CHARLOTTE, NC - The Federal Housing Finance Agency (FHFA) recently announced another increase in the conforming Conventional loan limit from $453,100 at the start of this year to $484,350 for one-unit properties not in Alaska and Hawaii. This new base limit represents a $31,250 increase and applies to single-family residential loans closed after November 27, 2018. The maximum limit for super-conforming and high balance loans secured by a one-unit property will now be $726,525.
CHARLOTTE, NC - Cardinal Financial’s Marketing team was recently awarded the W³ Silver award in four categories for the company’s website, cardinalfinancial.com. The W³ Awards Competition is open to all organizations and individuals involved in creating, designing, maintaining, or promoting websites, mobile sites and apps, online marketing, social content, and original video content created for the web. To win a W³ Award is to be honored as the best of the web.
CHARLOTTE, NC - Alex McGuire, Sheedeh Dorri, and Liz Caron of Cardinal Financial’s engineering team attended an event on September 24 to represent Cardinal as panelists and mentors at the State of Grace – A Celebration of Women in STEAM at the State University of New York at Albany. At the event, women studying science, technology, engineering, and math were able to hear from, interact with, and network with experienced women in the fields they intend to pursue.
CHARLOTTE, NC - Our very own executive Erica Price had the honor of representing Cardinal Financial as a panelist at the latest Freddie Mac CONNECT Conference in Chicago, IL, earlier this week. Panelists discussed the benefits of seeing all your options by running both GSEs and AUS on every loan. She also had the pleasure of discussing creative ways to expand homeownership and reimagine the mortgage experience.
CHARLOTTE, NC - We’re proud to announce that Cardinal Financial was recently awarded the 2018 WebAward for Outstanding Achievement for the Financial Services Standard of Excellence by the Web Marketing Association. Each year, the Web Marketing Association honors the Best Financial Services websites as part of their annual WebAward Competition. Best Financial Services websites are selected by judges who review each entry based on seven criteria:
DALLAS, TX - Last month, Erica Price had the opportunity to be honored as a guest speaker at the NEXT™ Women in Technology Conference in Dallas, Texas. The NEXT™ Conference touched on many industry topics, namely, the new one-click dual AUS submissions for Fannie Mae and Freddie Mac loans and the increasing need for automation and efficiency in the mortgage transaction. Price, who recently moved into a Chief of Credit role after several years of acting as Chief of Mortgage Operations, proudly represented Cardinal Financial at this event and talked about the ways in which we’re well positioned for the future of the mortgage industry.
CHARLOTTE, NC - This week we witnessed the 10-year Treasury yield reach 3% for the first time since January 2014, and it’s expected to rise even higher. This shift is likely because the Fed is expected to hike interest rates again in the near future. And with the economic growth the nation is experiencing comes debt that’s necessary to finance it and more inflation. If the 10-year Treasury yield continues to rise, it could affect business and consumer loans—including the possibility of an increase in mortgage interest rates.