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Rule & Regulation Updates Issue
Jul. 10, 2014
Fannie Mae/Freddie in Brief
Updates to Area Median Incomes for 2014 - Fannie Mae My Community Mortgage® (Effective 8-16-14) and Freddie Mac Home Possible Mortgage® (Effective 6-22-14)
Updated MI Master Policies - Fannie Mae SEL 2014-08 and Freddie Mac Bulletin 2014-13 dated June 24, 2014
Fannie Mae
Fannie Mae Underwriter Release Notes Version 9.1 –“Kinda” Clarifying Foreclosure Waiting Periods (Effective 8-16-14)
Fannie Mae Updates Various Topics, HomePath Flexible Financing Terms – Ann. 2014-07 (Effective July 1, 2014) [Download Mortgage Talking PointsTM flyer, Fannie Home Path - Flexible Financing Terms for Home Buyers]
Fannie Mae Anti-Money-Laundering - SEL-2014-09, (Effective 8-24-14) [Download Charts/Checklists - Anti-Money-Laundering Sample Template for Small Businesses]
Fannie Mae DO/DU User Interface Release Notes, July 1, 2014
Freddie Mac
Freddie Mac News Center Announcement – Effective June 23, 2014. [Download Charts/Checklists: Updated Student Loan Repayment Rules: FHA/VA/USDA & Conventional Comparison Chart 7-10-14 ]
Freddie Mac Providing Training Tutorials on their Website
Freddie Mac Selling Bulletin 2014-12 – Relief Refis, How to Count “Deferred Payments,” Large Deposits, Power of Attorney – 6-19-14
FHA Makes Big Changes Regarding HUD REO Appraisals
FHA HECM - Prohibition on Misleading or Deceptive Program Descriptions or Advertising and Prohibition on Restriction of Mortgagor’s Freedom of Choice – ML 14-10 (Effective June 18, 2014)
Expired Form ‘Conditional Commitment Direct Endorsement Statement of Appraised Value - Form 92800.5B’. [Download Chart/Checklist - HUD Form 92800.5b - Statement of Appraised Value]
VA Announced Its Qualified Mortgage Interim Rule - Federal Register, Vol 79, Number 90, May 9, 2014
USDA to implement new Handbook 3555 September 1, 2014 for the Single Family Housing Guaranteed Loan Program (Effective September 1, 2014)
Reverse Mortgage
FHA Home Equity Conversion Mortgage (HECM) Program - New Principal Limit Factors, June 27, 2014 Mortgagee Letter 14-12
FHA HECM - New Limits on Insurability of Fixed Interest Rate Products – ML 2014-11 (Effective June 25, 2014) [Download Chart/Checklist - HECM Mortgage Loan Agreement - All Borrowers] AND [Download Chart/Checklist - HECM Mortgage Loan Agreement - Non-Borrowing Spouse]
Question & Answer Issue
Jul. 25, 2014
Compliance: I want to create a USDA flyer that states “100% financing opportunity to eligible rural individuals.” Our corporate office is telling us TILA states that any program that specifies a zero down payment option must have a loan example with APR and interest rate. Are they correct?
Fannie Mae
Fannie Line of Credit Refi - I have a borrower who has had a line of credit that he has not drawn on in 2 years. Is this considered a rate and term or a cash-out refinance? :
Fannie Self-Employed Auto Loan: I have a self-employed client whose car loan is paid through the company. What proof do I need to show that the payment is made through the company?
Fannie Large Deposit Verification: Can monies on a bank statement be backed out if they are not needed for closing and cannot be sourced?
Fannie Mae/Freddie in Brief
Fannie/Freddie Trust Fund Income: If someone receives a monthly income from a trust fund, is that money tax exempt and can I gross up the income?
Fannie Mae
Fannie Total Property Owned: Borrower has 4 financed properties plus a commercial building that is also financed. Underwriter suspended the cash out NOO refi because they have over 4 financed properties. I thought commercial buildings did not count in that kind of tally? Mortgage Talking PointsTM flyer - Working with Real Estate Investors - Know the Rules!
Fannie Mae/Freddie in Brief
Fannie/Freddie W-2 vs. 1099 Income: How do I document income from a borrower who went from 1099 to W2 in the last month? 1099 income was with the same company and same pay.
FHA DACA Program: I have a client who wants to use FHA to purchase a home. They have been in the country illegally for 13 years; however they just received a Social Security card and are now enrolled under the DACA program. Can they buy a home?
VA Payoff of Debts: In the past, we have paid off clients’ debts with a lender rebate at closing. However, the underwriter says that’s not acceptable. What is the rule?
FHA 203 K Addition: On a refinance, will a 203(k) allow for an addition to the home?
FHA Maternity Leave: The underwriter is telling me that the buyer on maternity leave must return to work before we can count her income and close the loan. They have enough cash reserves to cover 3 months’ worth of monthly payments. What is the rule?
VA EEM – I am under the impression that a veteran can increase their loan amount by $6,000 for energy-efficient improvements as long as they qualify and the savings offset the increase in the loan amount. What is the rule? [See Video Training Course - Creating a Niche with Energy Efficient Mortgages] and [Download Chart/Checklist, VA Pamphlet 26-7 Energy Efficient Mortgages]
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