• Subscribe
• Subscription Options
• Testimonials
• Latest Rules Issue - $45
• Latest Q & A Issue - $45

• Current Subscribers
• Current Rules Issue
• Current Q & A Issue
• Mortgage Talking Points™
• Charts & Checklists
• E-mail a Friend

• Archives
• Past Rules Issues
• Past Q & A Issues
• Keyword Search
• Universal Topics
• Fannie Mae
• Freddie Mac
• FHA
• VA
• USDA
• Compliance
• Reverse Mortgage

• Search

• Products
• Products Online
• Purchase Past Issue

• Free Things
• How to Figure out
  Cash Flow for
  Self-Employed Borrowers
• View Free Articles

• About Us
• Contact Us
• Advisory Board
• Mortgage Speaker

Rule & Regulation Updates Issue Feb. 10, 2010 Universal Topics MDIA & GFE - Are Your Agents Confused? [Includes Mortgage Talking PointsTM flyer, How to Adapt to the New Disclosure Rules] Official Website for Consumers to Check Your Mortgage License Online - Links to NMLS Website, FAQs & State Authorities Fannie Mae/Freddie in Brief An Updated 1003 is Coming Your Way (Effective 7-1-10) Fannie Mae Fannie Sweetens the Deal for REO Properties thru HomePath® [Includes Mortgage Talking PointsTM flyer, Incentives to Buy Foreclosed Properties: HomeSteps® versus HomePath®] Fannie Mae Provides Florida Condo Financing Some Relief - Lender Letter 2010-01 Freddie Mac Freddie Joins the Chorus - Just Say NO to FHA Condo Approvals (Effective 2-1-10, Bulletin 2010-2) FHA FHA Waives the 90-Day Flipping Policy (Effective 2-1-10 to 2-1-11) [Includes Mortgage Talking PointsTM flyer, Investors Wanted: FHA Issues Moratorium on the 90-Day Flipping Rule] FHA Increases in UFMIP - ML 2010-02 (Effective April 5, 2010) FHA Cleaning House with a Bigger Broom - Procedures for Terminating Underwriting Authority (ML 2010-03) FHA Issues FAQs Related to ML 09-51 (Adoption of the Appraisal Update Report) FHA 203K: The Process & The Players! USDA USDA Underwriting and Loan Closing Reminders: Multiple Subjects (January 20, 2010) RD Instructions

Question & Answer Issue Feb. 25, 2010 Universal Topics 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? Fannie Mae/Freddie in Brief 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? Fannie Mae 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? FHA 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? VA 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.] Compliance 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]