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Rule & Regulation Updates Issue Jan. 10, 2010 Fannie Mae Fannie Issues FAQ Updates to Announcement 09-19 Fannie Rejects FHA-Approved Condos and Improves the Refi Plus Products (Effective Immediately) and February 1, 2010 – Announcement 2009-37 Freddie Mac Freddie Mac Clarifies Rules for Current Home Not Sold/Current Home Sold But Not Closed/Current Home Converted to Rental Home – Bulletin 2009-27 [Includes Mortgage Talking PointsTM flyer, Rules for Buying a Primary Residence Without Selling Current Home!] FHA FHA Delays Implementation of ML 2009-28 - Appraiser Independence and ML 2009-51 - Adoption of the Appraisal Update and/or Completion Report (Effective 2-15-2010) FHA Short Sales and Short Pay Offs - New Credit Policy - ML 2009-52 (Effective 12-16-2009) FHA Issues FAQs on the New FHA Condominium Approval Process – ML 2009-46A & ML 2009-46B. [15-Page HUD FAQ Included] FHA RESPA and FHA Related Policies - The 1% Origination Cap is Gone - ML 2009-53 (Effective January 1, 2010) VA VA Loans and Their Deal-Saving Secrets – Seller Concessions! [Includes Mortgage Talking PointsTM What You Need to Know About Seller Concessions & VA Loans] VA No Longer Accepting HUD/FHA Condominium Approvals – Cir. 26-09-19 [Link For List of VA Approved Condos] (Effective December 7, 2009) VA Issues Cir. 26-10-01: Impact of New RESPA Rule on Fees. Sec 8 “Borrowers Fees & Charges” Included. (Effective May 1, 2010) Compliance New HUD Settlement Cost Booklet – Shopping For Your Home Loan (Effective Jan 1, 2010)

Question & Answer Issue Jan. 25, 2010 Universal Topics Universal APR Fees: Do you have a list of what fees are included in the APR? [Fees That Need to be Included When Figuring APR Checklist] Universal HUD Settlement Cost Booklets: Where can we order the new 2010 HUD settlement costs booklets Free of charge! Fannie Mae/Freddie in Brief Fannie/Freddie Cash Out Refi: Client is paying cash to pay off credit cards. I’m being told that Fannie has a guideline that even if you are paying down the credit card debt, you still cannot reduce the DTI on the file. Does Freddie have the same guideline? Fannie Mae Fannie Calculating Rental Income: In refinancing an owner occupied 3-unit home, can you add back in mortgage interest, taxes or insurance since either of these 3 are being taken into account in our loan on page 2 of the application since its our subject property? Fannie Consumer Credit Counseling: A borrower putting 20% down and has one account open with Credit Counseling Service since 2006. What is Fannie’s rule? FHA FHA Bridal Registry Account: I've seen several ads about the FHA Bridal Registry Account. What's it all about? [Mortgage Talking PointsTM flyer, "Say I Do" to FHA Bridal Registry Account] FHA 2-4 Family: What's the down payment for a 3-unit home and the borrower occupying one unit? [Download FHA Underwriting At-A-Glance Worksheet] FHA Gift: Is a gift from a friend or cousin acceptable and if so how do I document it? Link to FHA Handbook & Gift Rules FHA Streamline Refi: Do we need an appraisal when removing a co-borrower from an FHA Streamline refi? [Download FHA Streamline Refinance Worksheet} VA VA Condo Approvals: Is it true that VA is no longer accepting FHA approved condos or something along those lines? [Link to VA Approved Condo List] Compliance Compliance YSP Disclosure GFE: If we are receiving YSP in the amount of 1%- do we have to disclose a cost to the borrower in that amount (and then the credit) so that the “adjusted” origination fees are reflected accurately? Compliance GFE Timing: Can we give a borrower an estimate of closing costs prior to giving them a GFE?