Questions from this Issue:

• VA Streamline Refinance: Does VA have the same 5% minimum payment reduction in their Streamline loans as FHA?
• FHA No Foreclosure But Default Notice: I have a customer who had a notice of default filed, brought the loan current and then sold the home over a year ago. Does a Notice of Default constitute a foreclosure?
• FHA Gift Funds: Is it acceptable for parents to obtain gift funds for down payment and closing costs from an advance on the parent’s credit card? [Link to FHA Handbook Gift Letter Requirements]
• VA Adding Funding Fee: Can you add the VA funding fee on top of the 100% loan amount without the home appraising for the extra money the VA funding fee adds to the loan? [Link to VA Underwriting-At-A-Glance Chart]
• FHA MIP Refund: Is the MIP refunded in part if homeowner sells after 2 years? [Link to ML 2005-03 & Mortgage Talking Points^TM “Rules for Dropping Mortgage Insurance (Both Conventional & FHA)]
• FHA Up Front MIP Changes April 5, 2010: When does the UFMIP change for FHA loans? [Download Mortgage Talking Points^TM flyer, How to Deflate FHA Pumped Up Premiums]
• FHA 203K Worksheet: Do you have a copy of a worksheet for 203K Loans? [Download 203(k) and Streamlined(k) Maximum Mortgage Worksheet]
• GFE & Intent to Proceed: Do you have updated Good Faith Estimate Receipt AND Intent to Proceed with Loan Application Forms? [Download Sample Forms}
• HVCC: Can a loan officer talk to the appraiser as long as it’s not about value of a certain property?
• Service Provider Form: If a purchaser has already selected the title company (and other service providers) even before making application with me, do I still have to give them a service providers’ form?
• USDA Flipping Rule: Does USDA have a flipping rule?
• Fannie/Freddie Non-Arms Length Transaction: I have a Realtor who wants to purchase one of her own listings. I am being told that since she is the listing agent on the property, it would be a non-arms length transaction. What are the rules?
• Fannie Mae 5% Rule: Our new compliance manager has stated we are not allowed to charge discount points unless we count them in the 5% rule. Am I correct to say as a mortgage banker I can charge discount points that do not count against the 5% rule?
• Dropping MI Insurance: Did the FNMA rule for dropping PMI change recently? I was always told with a borrower request you could have it removed at 80%, not 78%. [Download Mortgage Talking Points^TM flyer, Rules For Dropping MI Insurance]
• 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
• Fannie Non-Taxable Income: Where can I find FNMA's stance on "grossing-up" income for Social Security, child support, etc.?
• NMLS Display of License Number: Does NMLS require LOs to display their unique identifier (Business Cards, Advertising etc.)?