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Will the HVCC Nightmare Ever End

Rule & Regulation Updates Issue Jun. 10, 2009 Universal Topics What's New with the SAFE Act? (Effective 7-31-09) Shot-Gunning Mortgage Fraud Rears Its Ugly Head Again! Expect U/W Delays - USDA Single Family Housing Guarantee Loan Program Fannie Mae Fannie Clarifies Several Important Changes to Guidelines - Underwriting, Eligibility & Property-Related Updates (Effective 6-8-2009) Fannie Updates Home Affordable Refinance Q&A (Updated 5-29-2009) Fannie & Freddie - High Balance - Super Conforming - (Includes - Freddie vs. Fannie Reference Chart) Fannie Updates Home Affordable (DU Refi & Refi Plus) Guidance and Pricing (Effective July 1, 2009) Freddie Mac Freddie Updates to Support Super Conforming Loans - Before and After (Effective 6-14-2009) Freddie Mac Previews Changes to the Relief Refinance Program FHA FHA Using First Time Homebuyer Tax Credits - (Includes - Mortgage Talking PointsTM flyer, Can My Buyer Really Get a Tax Credit Refund Before Closing?) Extension of Property Flipping Waiver of Mortgagee "Acquired" and Foreclosed Homes. (Includes Mortgage Talking PointsTM flyer FHA - It's "Full Speed Ahead" for Foreclosures.) (Effective 5-15-2009) Accuracy of Lender Data for FHA-Approved Mortgagees - (Includes Chapter 6 Handbook 4060.1 REV 2 - FHA Connection) FHA Manufactured Housing Policy Guidance - Consolidated Property and Underwriting Eligibility (Effective 8-21-09) New FHA Online Handbooks - What You Need to Know & Tips on How to Use VA Suspension of Master Certificate of Reasonable Value Issuance (Effective May 22, 2009) Compliance New Truth in Lending (RegZ) Laws - What's Old. What's New. What's Prohibited (Part 1). (Includes 2 Downloads - 1) LO Reference Chart 2) Mortgage Talking PointsTM flyer, Advertising Rules (Reg Z) for Real Estate Agents & Builders) (Effective 10-1-2009)

Question & Answer Issue Jun. 25, 2009 Universal Topics Universal - Homebuyer $8000 Tax Credit: If somebody has owned a mobile home free and clear and in a mobile home park for the last 19 years, can they receive the $8K Tax Credit as a first-time homebuyer? Fannie Mae Fannie 2nd Mortgage Prepay Penalty: Do the agency rules allow for a pre-payment penalty on 2nd mortgages? Fannie Inherited Home-Equity Gift: What are the guidelines for inherited properties and gift of equity, where family is gifting their portion of inherited property equity to a son? Fannie Solar Home: Will Fannie or Freddie lend to a house that does not have electricity? The house is powered by solar and wind. Fannie Kiddie Condo: Is it acceptable to buy a condo as a 2nd home for a child to live in while she/he attends college using 2nd home downpayment? Freddie Mac Freddie Maximum Acreage: What is the max acreage that Fannie or Freddie will lend to on a single family purchase loan? Freddie Condo HO-6 Insurance: The investor wants the HO-6 endorsement to specifically state that the interior walls are covered. The insurance company will not do this because they will only cover it if the Master policy will not. What should I do? Freddie NOO Property Rules: My office manager said that Fannie-Freddie loans couldn't be done if the borrower owns more than 4 properties. Is that true? (Includes Mortgage Talking PointsTM flyer Working With Real Estate Investors FHA FHA Gift of Real Estate Commission: My borrower is working with a Realtor who is also her mother. Can her mother "gift" her the commission she will be receiving on the transaction? FHA Flood Zone: Can you do FHA financing on a manufactured home in a 100-year flood zone? FHA Borrower with NO Credit: I have a first time homebuyer that has NO credit/trade lines. Can I still qualify him with non-traditional credit (rental, utility bills, etc.)? FHA In-Ground Swimming Pools: Can a buyer finance a home, with an in-ground swimming pool that is NOT WORKING, using FHA financing? FHA Shared Driveway: Is it going to be a problem if the property is located on a private, shared driveway? VA VA Funding Fee Chart: My veteran first time homebuyer has served in the National Guard for 10 years but he was deployed to Iraq last year for 6 months. What funding fee do I use? VA Eligibility: My veteran borrower purchased his first home with VA financing 20 years ago. He refinanced the property to a conventional loan 5 years after purchasing, retained the property as a rental and purchased another primary residence with his VA eligibility. He has now sold his primary residence and wants to purchase another primary residence with VA financing. VA will not restore his eligibility. Why not? Compliance Compliance Verbal Credit Authorization: I get many referrals/inquiries via the phone...people wanting to see if they qualify to purchase a home. I get their credit card info to pay for the credit report fee. Once I take the info and pull their credit, am I required to send a denial letter? Compliance New TIL Rules: What are the new Truth-in-Lending laws that become effective July 30, 2009?