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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
Jun. 25, 2014
Universal Topics
Universal Kickbacks: Will you please clarify under what circumstances, if any, a builder can require a customer to use a preferred lender in exchange for paying closing costs?
LO Compensation
Universal LO Compensation: I have a lender that allows a flat fee of $3,000 for under $100k. what is the rule for loans under $100k and how much can be charged/collected?
Fannie Mae/Freddie in Brief
Fannie/Freddie Heat Sources: I am trying to finance a home with a wood-burning stove as the heat source. Has Fannie or Freddie released any guidance about what is considered an acceptable, permanent heat source?
Fannie/Freddie Housing for Non-Profits: Is it possible for a non-profit to purchase a residence? They want to use the home for their members to stay in when they come to town from overseas.
Fannie Mae
Fannie VA Non-Taxable Income: My underwriter just told me that I cannot gross up my borrower's non-taxable VA pension. What is Fannie’s rule?
Fannie Loan Mod: What are the guidelines for a borrower with a prior loan mod who now wants to purchase a new home?
FHA: If condo questionnaire indicates litigation against HOA, is that a deal breaker?
FHA: If a person chooses to do credit counseling and has been in the program for 3 years, how does FHA treat this?
FHA: I am working with a doctor whose student loans have been deferred for 3 years. Do the loan payments have to be counted in ratios? [Download Chart/Checklist - FHA, VA, USDA and Conventional Comparison Chart)]
VA: A VA buyer has been on her current job for 1 year and 10 months. The underwriter says that he cannot approve the loan because she has to be employed for 2 years! She had taken a year off to spend with her newborn child, and previous to that, she was employed for 3 years. What’s VA’s policy regarding a “less than” 2-year job history?
VA: My VA buyer has 4 federal tax liens and 3 state income tax liens and has set up payments to pay them off. I included them in the ratios and he still qualifies. What is the VA’s ruling on tax liens?
USDA: What are the minimum “heating” requirements for USDA loans?
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