Questions from this Issue:

• Compliance RESPA : Is it considered a RESPA violation for a settlement agent to offer a "tolerance guarantee" as a promotional tool because it is considered a "thing of value." Example Title company uses an automated quote system to produce guaranteed quotes. As a marketing tool, we tell lenders to use the quote system, and if it's wrong and leads to a tolerance violation, then the title company will indemnify the lender for the penalty.
• Fannie/Freddie 401K Loan: Does Fannie or Freddie count the payment for a 401K in the ratios if used for the down payment?
• Fannie No-Cash Out Refi: If I do a Fannie to FANNIE refi as a no cash-out can the borrower still get back the lesser of 2% of the loan amount or $2000. I had someone tell me it had to be a principal reduction.
• Compliance Credit Report Before Closing: Could you send me the information stating that the credit will be pulled prior to closing?
• Compliance: Redlining - My Credit Union wants to offer 1% discount, to rate, for members who apply for a mortgage at one of their branches. Could this be considered “disparate treatment” or “redlining”?
• Freddie Non-Occupy Co-Mortgagor: What are the Freddie guidelines for non-occupying co-mortgagors?
• Fannie Home Listed Sale: I have a client that wants a rate/term refi on her home. However, she recently had it listed for sale. She withdrew the listing this week. Will we have an issue with this application and will I need additional docs??
• VA Non-Taxable Income: Does VA allow grossing up social security income?
• FHA 203K Repairs: I have a customer buying a HUD home that was appraised in March for $52,500 as is. It needs a new roof for $5K. Can I do a 203K loan on this property?
• FHA 203K HUD Foreclosure: Can HUD-owned properties be purchased using the 203(k) loan?
• VA Power of Attorney: I have a client whose husband was deployed to Afghanistan before they could complete the loan. His wife has a Power of Attorney. The title company said he has to be home to sign the papers. Is it possible to do a loan, without him here?
• FHA Escrow For Repairs: I have a client who wants to purchase a home that needs floors and appliances. Can they do a 203b FHA loan and add the repairs into the calculation for maximum loan amount, and do a repair escrow at closing? [Download Mortgage Talking Points^TM flyer, FHA Repair Escrows - How and When They Work!
• FHA Adding Borrower To Title for Refi: How long does FHA require that the new borrower be on the title? For example, can the borrower be added to the title today, process the loan, and close in 45 days from today?
• FHA Identity of Interest Refinance: A father is buying a home for his son to live in and paying cash, because the FHA loan is taking too long to meet contract dates. Then the son would like to reapply and purchase from his father down the road. Is there a seasoning requirement or anything else we need to know?
• FHA Buying Home W/O Selling Other Home: Does FHA have specific guidelines on how to qualify a client with a purchase (new primary) when current primary has not yet sold.