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Compliance Articles from Q & A Issues:
- Universal: Can you give me info I can share with Real Estate Agents on the Pros and Cons of FHA MIP vs. Conventional Loan PMI? [Download Mortgage Talking Points™ flyers, Mortgage Talking Points™, FHA MIP vs. Conventional PMI - Which Is Better? - October 25, 2011
- Universal NMLS Licensing: What is the most current information/requirement for licensing of processors through NMLS for a mortgage broker? And what are the requirements by State? - September 25, 2011
- Universal Purchasing Home in Redemption: Does Fannie, Freddie, FHA or VA allow financing for a new buyer who is buying a home where the seller is still in the redemption period? [Download Mortgage Talking Points™ flyer, Rules When Selling a Home if in Foreclosure Redemption Period] - April 25, 2011
- Is there a reference chart that shows the maximum seller contributions for Fannie, Freddie, FHA, VA and USDA: [Download Chart/Checklist - Fannie/Freddie/FHA/VA/USDA Maximum Seller Contribution Chart & Mortgage Talking Points™ flyer, Maximum Seller Contribution Chart - Fannie, Freddie, FHA, VA & USDA]
- March 25, 2011
- Universal Processing Checklist: Do you have a checklist for loan officers and processors that covers most of the newer underwriting requirements? [Download Charts/Checklists - Helpful Hints Processors Cheat Sheet] - January 25, 2011
- Loan Officer Compensation: What are the other ways we can pay our loan officers, so they don’t violate the Dodd-Frank compensation rules? - November 25, 2010
- Mortgage Resource Websites: Do you have a list of government websites that I can quickly refer to using the Internet or my Smart Phone? [Download Charts/Checklists - 18 Website Resources to Find Mortgage Info Fast!] - November 25, 2010
- Credit Repair: Does a negative account have to stay on a credit report for 7 years? [Download Mortgage Talking PointsTM flyer, Credit Repair Fact or Fiction?] - September 25, 2010
- Credit No Trade Lines: Borrower only has one open trade line with Credit Union and they only report to Equifax. Underwriter states
Borrower must get 3 bureaus to report. What should they do?
- September 25, 2010
- Universal Loan Modification: I have a client who I think is being ripped off by a loan modification company. I don’t know much about them but want to help both my clients and real estate agents avoid these types of scams. [Download Mortgage Talking PointsTM flyer, Protect Your Clients From The Latest Loan Modification Scams!] - May 25, 2010
- Home Buyer Tax Credit Extension for Military: Is it true that there is a one-year extension for military, to get the homebuyer tax credit? - April 25, 2010
- Home Buyer Tax Credit: I am using parents as non-occupying co-borrowers but can they just be on mortgage and note and not the deed to receive the first time tax credit refund? - April 25, 2010
- Self-Employed Borrower: I have two questions regarding a Self Employed Borrower's (Sch "C") on a FHA Purchase Loan. - April 25, 2010
- GFE & Intent to Proceed: Do you have updated Good Faith Estimate Receipt AND Intent to Proceed with Loan Application Forms? [Download Sample Forms} - March 25, 2010
- HVCC: Can a loan officer talk to the appraiser as long as it’s not about value of a certain property? - March 25, 2010
- RESPA Checklist To Pay Referral Fees: Do you have a checklist of items/tasks to be able to legally pay a referral fee? [Download Checklist: RESPA Referral Fee Matrix] - March 25, 2010
- NMLS Display of License Number: Does NMLS require LOs to display their unique identifier (Business Cards, Advertising etc.)? - March 25, 2010
- Universal HVCC: Why do banks & credit unions, who are regulated by OTS, have different HVCC practices? - February 25, 2010
- 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] - February 25, 2010
- 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] - January 25, 2010
- Universal HUD Settlement Cost Booklets: Where can we order the new 2010 HUD settlement costs booklets Free of charge! - January 25, 2010
- Universal Question on Dual Representation: Does Fannie Mae & Freddie Mac allow Real Estate agents who represent the Buyer, to also be the Loan Originator on the transaction? Link to Rule included.
- October 25, 2009
Universal Red Flag Policy: Do you have templates for red flag policy/procedures? Can you direct me somewhere? Links to websites provided! - October 25, 2009
Universal $8000 Tax Credit & Rental Income: My buyer has owned a rental property for over 4 years, but has never owned a primary residence. Can he qualify for the $8000 tax credit? - July 25, 2009
Universal Recommending Investors: When you write about specific guidelines, can you also tell us how investors (secondary market lenders) interpret them too? - July 25, 2009
Universal: Homebuyer $8000 Tax Credit: If somebody has owned a mobile home free and clear and in a mobile home park for the last 19 years, can they receive the $8K Tax Credit as a first-time homebuyer? - June 25, 2009
Tax Credit: Would the $8000 tax credit apply to home purchase land contract or seller financing? - April 25, 2009
FTHB Tax Credit Ending Date: What is the last date that a first time homebuyer can purchase a home and still get the $8,000 tax credit? November 30 or December 1? - March 25, 2009
FTHB $8,000 Tax Credit: Will a first time homebuyer qualify for the $8,000 tax credit if his parents are co-signing on the mortgage loan? - March 25, 2009
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