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Rule & Regulation Updates Issue Mar. 10, 2010 Universal Topics Rules for Eliminating Mortgage Insurance for Conventional & FHA loans – [Includes Mortgage Talking PointsTM flyer, Rules for Dropping Mortgage Insurance: What you and your clients should know! AND Estimated Number of Years to Drop Mortgage Insurance Chart] Lapse in the National Flood Insurance Program Fannie Mae/Freddie in Brief FHFA Extends Home Affordable Refinance Program (HARP) for Another Year (Expires June 30, 2011) Fannie Mae Fannie Changes More Than a Dozen Messages and Requirements – DU Version 8.0 (Effective April 17, 2010) Fannie Brings Post-Closing Reviews to Pre-Closing Auditing – Introduction to Loan Quality Initiative – LL 2010-03 – [Most Effective June 1, 2010 (Various dates)] Fannie Approves New Mortgage Insurers – LL 2010-02 (Effective February 18, 2010) Fannie Selling Guide Going Thru Huge Transformation - Announcement SEL 2010-02 Freddie Mac Freddie Mac Homeownership Series Now in Spanish - [Link to Download Brochures.] Freddie using Loan Prospector to Improve Appraisal Quality Using Home Value Explorer® (Effective February 28, 2010) Freddie Updates LP Credit Requirements & HVE Feedback (Effective February 28, 2010) FHA FHA New Construction Document Requirements plus Cert. of Occupancy Equivalency Details – [Includes Chart: Requirements for Proposed, Under Construction and Existing, Less Than 1yr] (Effective February 2010) HUD tells Loan Correspondents to “Hold Off” on their Audited Financial Statements FHA Changes Time Period for REO Appraisal Validity Period and Second Appraisals VA VA Regional Loan Center Appraisal Fees and Timeliness Requirements – [Includes Website Link & RLC Rules (All 10 Regions) Provided.] Compliance Pass or Fail - What Every Mortgage Broker Should Know About SAFE Act Training Reverse Mortgage FHA Revisions to Model Home Equity Conversion Mortgage (HECM) Loan Agreement – ML 2010-07 – [Download 5 Updated HECM Forms.]

Question & Answer Issue Feb. 25, 2010 Universal Topics Universal Condo Projects: Would you create a condo project comparison chart for existing and new construction projects, comparing Fannie, Freddie, FHA, VA and USDA? I'm so confused! [Download Condo Project Eligibility Quick Reference Chart] Universal HVCC: Why do banks & credit unions, who are regulated by OTS, have different HVCC practices? Fannie Mae/Freddie in Brief Fannie/Freddie Elimination of Mortgage Insurance: Do you have anything in writing that says Lender can eliminate monthly mortgage insurance when LTV reaches 78%? Fannie/Freddie Seasoning Requirement: What is the ownership seasoning requirement before the borrower is able to use the appraised value on an investment property? Fannie Mae Fannie Origination Fee Exceeds 5%: I am being asked to reduce the origination fees since I am over the 5% allowed. What are the rules to this requirement? Fannie Borrowed Funds for Down Payment: Can a borrower draw funds from a home equity line of credit (on current home) for a down payment on another home? What are the rules? FHA FHA Credit Trade Lines: Can a borrower, who has a credit score, but only 1 trade line in the last 6 months and no alternative credit, get an FHA loan? FHA 90-Day Flipping Rule: My underwriter says I can’t do the loan, based on the 90-day flipping rule until an “official” announcement is made via Mortgagee Letter. Is there an “official” ML about this? FHA Property Ownership Limit: Can borrowers do a rate & term refi on primary residence, even if they own 8 other rental properties? VA VA New Construction Rules: Can I do a VA loan on a new construction home that was foreclosed on by the bank when I don’t have any construction documents or builder warranties? [VA Minimum Property Standards included. ] VA H06 Condo Insurance: Are the condo insurance rules (HO6 "walls in") the same for VA condo loans (as they are for FHA)? VA Seller Concessions: I've heard that the seller's contribution can EXCEED 4%. What are the rules and allowed fees? [VA Policy on Fees and Charges by the Veteran Borrower included.] Compliance Compliance Broker Fee Agreement: My current Broker Fee Agreement Form does not seem to be consistent with the new RESPA GFE rules and regulations? Do you have an updated version? [Download Mortgage Broker Fee Agreement Form.] Compliance Reg Z Rules: Where do I find the guidelines for advertising - rates in the newspapers and radio? [Includes Mortgage Talking PointsTM flyer, Advertising Rules (RegZ) for Real Estate Agents and Builders]