Issue Publish Date

January 25th, 2012December 25th, 2011November 25th, 2011October 25th, 2011September 25th, 2011August 25th, 2011July 25th, 2011June 25th, 2011May 25th, 2011April 25th, 2011March 25th, 2011February 25th, 2011January 25th, 2011December 25th, 2010November 25th, 2010October 25th, 2010September 25th, 2010August 25th, 2010July 25th, 2010June 25th, 2010May 25th, 2010April 25th, 2010March 25th, 2010February 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

Jan 25, 2012 • Compliance Loan App Start Date: Where can I find back-up documents to determine “when” a loan application becomes “official”?

• Compliance Technical/Inadvertent Errors: Where can I find decent interpretation of “technical and/or inadvertent” errors?

Dec 25, 2011 • Compliance GFE Disclosure: If I raise a loan amount from $342,000 to $344,000, but raise no fees, and the APR has not changed by .125%, am I required to get a new 1003/GFE signed?

• Compliance Appraisal Disclosure: Are we allowed to tell the listing realtor what the home appraised for?

Nov 25, 2011 • Compliance - Reg Z & RESPA rules: A real estate agency wants to send out an e-mail blast to customers mentioning "rates as low as 3%” and also mention our mortgage company. What rules apply? [Download Mortgage Talking Points™ flyers, Advertising Rules (RegZ) for Real Estate Agents & Builders AND How the Mortgage Acts & Practices Rules affect Real Estate Agents & Builders]

Fannie Mae

Jan 25, 2012 • Fannie Home Purchase For Family Member: What are the rules for a purchase for elderly parents or a disabled kid as a primary residence? [Download Mortgage Talking PointsTM flyer, Rules for Buying a Home for a Family Member Using Conventional Financing]

• Fannie Landlord Experience: What’s the amount of time that a borrower must show that they have managed rental property before we can use the rental income to qualify?

• Fannie Condo: What does “Right of First Refusal” mean when it pertains to a condo approval?

• Fannie Delayed Financing Rule: My client paid cash for a much smaller home priced under $400K on December 15, 2011. Did Fannie eliminate the 6-month waiting period and what are the rules?

Dec 25, 2011 • Fannie Condo Occupancy: Can you help point me in the right direction on this? My underwriter is telling me that Fannie & Freddie now require a 70% owner occupancy ratio on condos as opposed to the previous 51%. Can you verify that?

Nov 25, 2011 • Fannie Second Home: My client lives in Georgia and wants to purchase a home in New Jersey. He works six months In one state, and six months in the other. Could it be considered a second home?

Fannie Mae/Freddie in Brief

Jan 25, 2012 • Fannie/Freddie Child Support: How long does a Buyer need to collect child support to use the money to qualify for a loan, and can 100% percent of the funds be used to qualify if paid monthly?

• Fannie or Freddie Deferred Student Loans: I have a client with student loans deferred until 6/2013. Do they have to be counted and what payment do I use?

Dec 25, 2011 • Fannie/Freddie Disputed Accounts: Do both Fannie and Freddie require that disputed accounts on a credit report be removed prior to being eligible for a loan approval?

• Fannie/Freddie Realtor Pays Closing Costs: If a real estate agent gives the buyer a credit at closing to offset closing costs on the HUD, is it limited to the “contribution” limits?

• Fannie/Freddie Income Trust Account: I have a borrower with an automatic withdrawal program from his trust account in the amount of $5,000 per month. Are we allowed to use this as income for qualifying?

Nov 25, 2011 • Fannie/Freddie Rental Income: Does Freddie/Freddie allow adding depreciation back in to offset total expenses? [Download 2 Charts & Checklists - Fannie Mae Rules Rental Income from Property Other than Collateral AND Fannie Mae Rules Rental Income from Subject Property]

• Fannie/Freddie: What are current guidelines regarding the use of monthly distribution of retirement assets for qualifying purposes?

FHA

Jan 25, 2012 • FHA More Than One FHA Loan: Can a person who was a co-borrower on a home, who never occupied the property, buy a home using FHA financing?

• FHA Streamline Refi: Will FHA allow two months’ interest to be added back to the loan on a streamlined refi?

• FHA Revolving Debt: Underwriter said I must include a revolving debt (and payment) that has been paid off and closed by the borrower. Is that correct?

• FHA Additional Land: If a property has two separate tax bills, but is being sold using the same deed, can I do an FHA loan?

Dec 25, 2011 • FHA Waiting Period to Refinance: What is the shortest period of time that a borrower can refinance after a purchase?

• FHA Cancellation of MIP: Does the annual mortgage insurance premium automatically stop when you have78% LTV based on the appraised value or purchase price? [Download Chart/Checklist, Cancellation of FHA Mortgage Insurance Fact Sheet] Supporting Resources: Cancellation of FHA Mortgage Insurance Fact Sheet

Nov 25, 2011 • FHA Well & Septic Inspections: Is it mandatory to get a well and septic inspection on an FHA loan? [Download Mortgage Talking Points™ flyers, FHA - Hooking Up Private Septic & Well - Making the Connection -“Feasibility” Defined]

• FHA Assumable Loan: Which FHA loans are assumable? [Download Mortgage Talking Points™ flyers, FHA Assumptions = More Sales]

• FHA Non-Citizen: I have a client who has a work visa with a handwritten expiration date of 2012 along with a stamp. My underwriter does not like the handwritten "2012." Any suggestions? [Download Mortgage Talking Points™ flyers, How to Get a Mortgage Loan for Non-Citizen Borrowers (FHA)]

• FHA Cash On Hand: Does FHA have any exceptions for verify “cash on hand” for people who don’t use banks?

• FHA Dropping Mortgage Insurance: I’m confused over the mortgage insurance monthly premium on FHA. Will MIP drop off at 78% and 5 years, or is it on the loan for the life of the loan on a 30-year term?

Freddie Mac

Dec 25, 2011 • Freddie NOO Co-borrower Income: Does Freddie Mac allow us to use income of a non-occupant co-borrower with the occupant's income for qualifying? An underwriter told me Freddie changed their policy and denied the loan.

Reverse Mortgage

Jan 25, 2012 • Reverse Mortgage Irrevocable Trust: A clients has a reverse mortgage and wants to move their property into an irrevocable trust. Will this trigger the payoff clause of the reverse mortgage?

Dec 25, 2011 • HECM Home Not Sold: A woman owns a condo that she has not sold yet, but she wants to move in with a boyfriend. They want to do a reverse mortgage together on another property that he owns and lives in. What is the guideline for residence since this has not been her primary until just recently?

USDA

• USDA Qualifying Ratios: What is the max front and back DTI with an Approve/Eligible on USDA loans?

Nov 25, 2011 • USDA Loan Modification: How does USDA look at loan modifications?

VA

Jan 25, 2012 • VA Power of Attorney: What documentation do I need for a Power of Attorney and an “Alive and Well statement” for a soldier serving in Kuwait?

• VA: Can a Veteran pay for the cost of pest repairs?

Dec 25, 2011 • VA Reinstate Eligibility: The buyer has a VA loan and is selling that property. They would like to be able to sell that home and at the same time purchase another home using VA financing. What steps do I need to take? [Download Chart/Checklist, VA Guaranty Calculation Examples Chart] Supporting Resources: VA Guaranty Calculation Examples Chart

• VA Energy Efficient Mortgages: What are the VA guidelines for energy efficient mortgages? [Download Chart/Checklist, Energy Efficient Mortgages & VA Loans] Supporting Resources: VA Energy Efficient Mortgages & VA Loans

Nov 25, 2011 • VA Gift Funds: My underwriter is telling me VA does not allow for gift funds. Is this true?