Fannie Freddie Are NOT Relaxing the UW Rules
Fannie/Freddie are NOT Relaxing Underwriting I’m sure you’ve heard the news—that Fannie and Freddie will be relaxing the underwriting guidelines so more people qualify. Well, I’m here to tell you that...
View ArticleMaximum Mortgage Broker Compensation for 2015
Maximum Mortgage Broker Compensation for 2015 The following changes will go into effect on January 1, 2015. The limit for loans where points and fees may not exceed 3 percent of the total loan amount...
View ArticleWhat’s a Mortgage Credit Certificate?
What You need to Know about Mortgage Credit Certificates It’s seems like what is Old, is new again—and Mortgage Credit Certificates are making a comeback. A little bit about the history of the...
View ArticleMtg Currentcy – FHA Chart of the Month
If you originate FHA loans, you’ll find a chart that you need to download is included as part of the articles about the new FHA 4000.1 Handbook. So FHA’s new handbook goes into effect on June 15–but...
View Article7 Major FHA Rule Changes – Eff. June 15, 2015
7 Major FHA Rule Changes – Effective June 15, 2015 As you probably know, HUD has scrapped their old underwriting handbook and has re-written the whole darn thing which they will be implementing on all...
View ArticleWhat is an FHA Credit Alert Sanction?
What is a credit alert sanction , what does it mean and can we get it removed? Answer: The FHA Connection (FHAC) case warning, “Borrower(s) have Credit Alert Sanction”, may be the result of a prior...
View ArticleVeterans Cannot Pay Buyer-Broker Fees
From VA Handbook – Ch. 8, 3-c: Brokerage Fees (11/08/10) Fees or commissions charged by a real estate agent or broker in connection with a VA loan may not be charged to or paid by the...
View ArticleFHA Now Up to 64 New Updates: Handbook 4000.1 – Effective 9-14-15
Just wanted everyone to know that FHA came out with a 171-page FAQ clarifying the new rules that have been either added or updated regarding the HUD 4000.1 Handbook. Last month I reported that...
View ArticleWhat you can do to get credit bureaus to delete old collections!
One of our subscribers asked this question: My client has an old collection from 2008. Two credit bureaus have removed it from the report but one of the credit bureaus will not remove it. What steps...
View ArticleFHA New Rule: Who is considered a “relative”.
Important news for all of your first time and millennial buyers that want to buy their own place. FHA allows a non-occupying co-borrower family members to co-sign with only a minimum down payment. A...
View ArticleFHA Temporary Condo Project Approvals Rule Synopsis – ML 2015-27.
Mtg Currentcy Special Notice – FHA Temporary Condo Project Approvals Rule Synopsis: Mortgagee Letter 2015-27 “Additional Temporary Approval Provisions for Federal Housing Administration (FHA)...
View ArticleFHA Changes How to Figure Rental Income for 2-4 Family Homes
FHA has made huge changes to how to figure rental income for 2-4 family homes. Be sure to notify your appraisers. Freddie Mac Form 998. Reference: 4000.1, II, A, 4, c, xii (I) Rental Income (TOTAL) (1)...
View ArticleChecklist of Compliance Documents Required – Mortgage Company Office/Branch
Mortgage Compliance Documents Required: On-Site Inspection Checklist For Mortgage Companies (Effective 2-15-16) This is a generic checklist that will help you formulate your own, to make sure your...
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