• Subscribe
• Subscription Options
• Testimonials
• Latest Rules Issue - $45
• Latest Q & A Issue - $45

• Current Subscribers
• Current Rules Issue
• Current Q & A Issue
• Mortgage Talking Points™
• Facebook^® Posts
• Charts & Checklists
• E-mail a Friend

• Archives
• Past Rules Issues
• Past Q & A Issues
• Keyword Search
• Universal Topics
• Fannie Mae
• Freddie Mac
• FHA
• VA
• USDA
• Compliance
• Reverse Mortgage

• Search

• Products
• Products Online
• Purchase Past Issue

• Free Things
• How to Figure out
  Cash Flow for
  Self-Employed Borrowers
• View Free Articles

• About Us
• Contact Us
• Advisory Board
• Mortgage Speaker

Rule & Regulation Updates Issue Jul. 10, 2010 Universal Topics S.A.F.E. Act Mortgage Licensing Rules: By State. [Download Charts/Checklists - SAFE Act Compliance Chart by State!] Fannie Mae Fannie Clarifies Underwriting Foreclosure Borrowers – SEL 2010-08 – Effective October 1, 2010. [Includes Mortgage Talking PointsTM flyer, Foreclosure/Bankruptcy: Summary of All Waiting Periods & Underwriting Requirements AND Reference Chart: Fannie - Summary of All Waiting Periods for Foreclosures, Bankruptcy, Deed-In-lieu & Short Sales Fannie Updates and Clarifies Appraisal Policies - SEL 2010-09 (Effective 9-1-10) Freddie Mac Freddie Rescinds PUDs Rule (Eff. 6-15-10); Relief Refi Adding/Deleting Borrowers (Eff. 6-15-10) LO & Appraiser ID’s (7-1-10) – Bulletin 2010-13 – [Download Mortgage Talking PointsTM flyer, Planned Unit Developments: Keeping It Simple] Freddie Offers Help on Chinese Drywall Problem - Industry Letter 6-25-10 [Download Mortgage Talking PointsTM flyer, Some Relief for Chinese Drywall Problem] Freddie Releases Their Implementation Guide for Loan Delivery Data – Bulletin 2010-15 (Effective 9-1-11) FHA FHA Assistant Request Form: Case Number Transfers and Uncooperative Lenders – What to Do? [Includes Charts/Checklist: FHA HOC Assistant Request Form for Case Number Transfer.] FHA Final Rule on Approved Lenders – ML 2010-20 – 1st Phase (Effective 5-20-10) FHA-Letter from Commissioner David H. Stevens – June 2010, Re: RESPA, Home Warranties, Pre-Approvals, Use of Worksheets, SAFE Act. VA VA Extends Expansion of Ownership Interests Allowable for Specially Adapted Housing – Cir. 26-08-5

Question & Answer Issue Jul. 25, 2010 Fannie Mae/Freddie in Brief Fannie/Freddie Financed Mortgage Insurance: What's the difference between Fannie/Freddie, when it comes to Financed PMI? [Chart Included - Comparing Fannie/Freddie Financed Mortgage Insurance] Fannie Mae Fannie Delayed Paycheck: I have a borrower who is scheduled to receive their 1st SS check in Oct. Do we have to wait to close the loan so the first payment due date falls on Oct.? (I guess the same question would apply if someone is starting a new job and wants to close before receiving their 1st paycheck!) Freddie Mac Freddie Rules if Prior Foreclosure: I would like to know if Freddie’s rules are different than Fannie's on short sales & deed-in-lieu! FHA FHA Assumable Loan Rules: My FHA borrower disclosures mention the ability to assume an FHA loan - How does that work? [Download Mortgage Talking PointsTM flyer, FHA Assumptions=More $ales] FHA and Short Sales: What are the rules for obtaining a new FHA loan if a borrower has had a short sale? [Download Mortgage Talking PointsTM flyer, FHA Short Sale Rules] FHA Streamline Refi: What is the max. loan amount for a FHA streamline refinance without an appraisal? [Download FHA Streamline Refi Worksheet] FHA Assumable Loan Rules: What is FHAs policy for collection accounts? I have a high credit score borrower, however, he has a $16k and a $9k (recent) medical collection. Reverse Mortgage FHA Reverse Mortgage: I have a mother/daughter that have been living in the subject property for years. The property is in the daughter’s name. The daughter is 6 months late on her mortgage. Can we transfer the deed to the mother and do a reverse mortgage? VA VA Flipping Policy: I have a borrower purchasing a home that Fannie Mae just took over 1 month ago. The new purchase will be a VA loan. Does VA require 2 appraisals, as FHA does, if the property is purchased within 90 days of the previous sale? VA Cash-Out Refinance: Can you do a VA Refinance, cash-out or rate and term, on a property that currently does not have a mortgage? The VA Handbook is really vague on this issue! Compliance Compliance LQI Credit Inquiries: I am trying to find out how to comply with LQI if new inquiry? Is the borrower’s statement enough? Or do you have to check with Creditor or credit bureau? [Download Mortgage Talking PointsTM flyer, Credit Do's & Don'ts Before You Close - Coaching Your Clients!] GFE 10-Day Closing Cost Guarantee: I was under the impression that 10 days was the standard, but an Attorney told me yesterday that we (Lender) could decide on how long we will honor the closing costs on the GFE.