Issue Publish Date

February 25th, 2010January 25th, 2010December 25th, 2009November 25th, 2009October 25th, 2009September 25th, 2009August 25th, 2009July 25th, 2009June 25th, 2009May 25th, 2009April 25th, 2009March 25th, 2009February 25th, 2009January 25th, 2009December 25th, 2008November 25th, 2008October 25th, 2008September 25th, 2008

Compliance

Feb 25, 2010 • 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]

Jan 25, 2010 • Compliance YSP Disclosure GFE: If we are receiving YSP in the amount of 1%- do we have to disclose a cost to the borrower in that amount (and then the credit) so that the “adjusted” origination fees are reflected accurately?

• Compliance GFE Timing: Can we give a borrower an estimate of closing costs prior to giving them a GFE?

Dec 25, 2009 • Compliance: HUD Information Booklet - Where can I find the new HUD Special Information Booklet that is mandatory on Jan. 1, 2010? [Download HUD Special Information Booklet]

Fannie Mae

Feb 25, 2010 • 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?

Jan 25, 2010 • Fannie Calculating Rental Income: In refinancing an owner occupied 3-unit home, can you add back in mortgage interest, taxes or insurance since either of these 3 are being taken into account in our loan on page 2 of the application since its our subject property?

• Fannie Consumer Credit Counseling: A borrower putting 20% down and has one account open with Credit Counseling Service since 2006. What is Fannie’s rule?

Dec 25, 2009 • Fannie Cash-out Refi: A borrower has 15 financed properties. Anything stopping them from a cash-out refinance of their PRIMARY residence?

• Fannie Condo Certification: For a conventional loan on a condo, is a cert required and will things such as HOA delinquency and owner occupancy rate make or break the deal as far as getting an approval goes?

Fannie Mae/Freddie in Brief

Feb 25, 2010 • 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?

Jan 25, 2010 • Fannie/Freddie Cash Out Refi: Client is paying cash to pay off credit cards. I’m being told that Fannie has a guideline that even if you are paying down the credit card debt, you still cannot reduce the DTI on the file. Does Freddie have the same guideline?

Dec 25, 2009 • Fannie/Freddie Seller Holds 2nd Mortgage: What are the guidelines for a private, seller-second mortgage for both agencies? [Includes Mortgage Talking PointsTM flyer, Seller-Held Second Mortgage Rules]

• Fannie/Freddie Escrow for Repairs: There is an underground oil tank that leaked and the soil needs to be removed and replaced. The property is being sold as is. Can the home be financed with an escrow holdback for the remediation?

FHA

Feb 25, 2010 • 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?

Jan 25, 2010 • FHA Bridal Registry Account: I've seen several ads about the FHA Bridal Registry Account. What's it all about? [Mortgage Talking PointsTM flyer, "Say I Do" to FHA Bridal Registry Account]

• FHA 2-4 Family: What's the down payment for a 3-unit home and the borrower occupying one unit? [Download FHA Underwriting At-A-Glance Worksheet]

• FHA Gift: Is a gift from a friend or cousin acceptable and if so how do I document it? Link to FHA Handbook & Gift Rules

• FHA Streamline Refi: Do we need an appraisal when removing a co-borrower from an FHA Streamline refi? [Download FHA Streamline Refinance Worksheet}

Dec 25, 2009 • FHA Two HUD Mortgages: A borrower currently owns a home financed with a FHA insured mortgage and wants to purchase a new home using FHA financing due to an increase in family size. Can you tell me what proof we will need for this situation? [Including Mortgage Talking PointsTM Growing Family? FHA Can Help!]

• FHA Non-Taxable Income: Seems to be inconsistency amongst underwriters relating to grossing up non-taxable income with FHA loans...some say 25%, some say you MUST determine the borrower's tax rate? If so, how best to determine tax rate?

• FHA Non-Owner Cosigner: In a non-occupant cosigned transaction, does FHA require the occupying borrower to have any income? I've had several major banks reject a loan with this scenario, and in fact, one stated the non-occupant co-borrower could only offset the debt ratio, not the housing ratio!

• FHA Seasoning of Funds: Where can I find clarification in the FHA handbook on seasoned funds and accounts recently opened?

Universal Topics

Feb 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]

• Universal HVCC: Why do banks & credit unions, who are regulated by OTS, have different HVCC practices?

Jan 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]

• Universal HUD Settlement Cost Booklets: Where can we order the new 2010 HUD settlement costs booklets Free of charge!

USDA

Dec 25, 2009 • USDA Flipping Rule: Does USDA have the flipping rule?

• USDA Rate & Term Refinance: Can I do a rate and term refi of a conventional loan with a new USDA rural loan? If not, can I do a refi for home improvement?

VA

Feb 25, 2010 • 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.]

Jan 25, 2010 • VA Condo Approvals: Is it true that VA is no longer accepting FHA approved condos or something along those lines? [Link to VA Approved Condo List]

Dec 25, 2009 • VA Funding Fees: Where can I find the tables for funding fees for VA loan? [Link to VA Funding Fee Chart]