Questions from this Issue:

• 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]
• 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 Points^TM 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.
• 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 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 Assumable Loan Rules: My FHA borrower disclosures mention the ability to assume an FHA loan - How does that work? [Download Mortgage Talking Points^TM 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 Points^TM flyer, FHA Short Sale Rules]
• 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.
• 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?
• FHA Streamline Refi: What is the max. loan amount for a FHA streamline refinance without an appraisal? [Download FHA Streamline Refi Worksheet]
• 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!
• 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?