February 2017
MortgageCurrentcy.com Question and Answer

View The Latest Rules Issue

 
Compliance

(Compliance) Disclosure Signatures: Do disclosures have to be signed or just sent within the mandated time frame?


 

(Compliance) Advertising - APR: If I email rates to a real estate agent, what disclosures do I need to send with them, and can I use a generic link to our website for this?


 
Universal Topics

(Fannie|Freddie|FHA) Student Loan Payments: If an Income-Based Payment is reporting for a student loan, on the client’s credit report, can I use this instead of the fully amortized payment? [UPDATE CHART, Student Loan Repayment Chart - FHA/VA/USDA/Fannie/Freddie (updated 1-23-2017)]

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Fannie Mae

(Fannie Mae) HomeReady™ Program - Boarder Income: Can I use a spouse’s income that is not on the loan as boarder income for the HomeReady™ Program?


 

(Fannie Mae) HomeReady™ - Reserve Requirements: I have a well-qualified borrower with a good credit score, and DU is requiring 12 months of reserves on a HomeReady™. Is this normal?


 
FHA

(FHA) Gift Funds - Donor Documentation: What is acceptable documentation for Donor’s Ability on an FHA loan? [Download Mortgage Talking Points™, Shake the Money Tree - Little-Known Sources of Gift Funds ]

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(FHA) Non-Permanent Resident Verification: Does a borrower need an EAD (Employment Authorization Document) to apply for FHA financing?


 

(FHA) New Construction - Manufactured Home Requirements: What are FHA's construction documentation guidelines for Manufactured Housing? [UPDATED CHART - FHA New Construction Documentation Chart - effective 2-15-2017]

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(FHA|VA) Disputed Accounts Rules: What are the rules for disputed accounts for FHA and VA? [UPDATED CHART, FHA Judgment/Collections & Disputed Accounts Matrix (reviewed 2-25-2017) AND UPDATED CHART, FHA/VA Derogatory Credit Cart (updated 2-22-2017) ]

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VA

(VA) Funding Fee - Excess Seller Credit: Can excess seller credit be applied to a portion of the VA Funding Fee?


 

(VA) Multiple Veterans on One Loan: How does the VA handle more than one veteran on a home when they are not married? [Download VA Handbook - Chapter on VA Joint Loans]

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USDA

(USDA) Condo Approval: When financing a condo using USDA, do you have to do a full review or is a limited review OK?

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