March 2017
MortgageCurrentcy.com Rules and Regulation Updates

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Compliance

Compliance - Top 10 Things You Need to Know When Purchasing Leads!

Internet leads, credit bureau leads and big data aggregators are soliciting to you every day. For mortgage lenders, buying leads or participating with your referral partners on lead platforms can literally make or break your business. Read this article to educate yourself about how you should and should not buy leads to stay out of trouble with the regulators!


 
Universal Topics

Understanding Secondary Marketing Gibberish! Profit Terminology & Margins (Part 2)

Before pricing engines took over your company pricing, loan originators had to calculate a client’s pricing manually. We certainly do not want to go back to those days, but for many, the art of how mortgage loans are priced was lost. This series helps today’s originator understand how mortgage pricing works. Part One can be found in our link below.


 
Fannie Mae

Fannie Mae Updates for HomeReady® Product - Dated February 2017 - HomeReady® FAQ’s | HomeReady® Features & Benefits | HomeReady® Product Matrix | HomeReady® Education Requirements | HomeReady® Non-borrower Income Flexibility

The material for Fannie’s HomeReady® product just keeps on coming! In this update they add all sorts of materials that help you understand the program better and communicate the benefits of this program to your referral sources. If you are looking to target the Millennial population, make sure you read this update. (Fannie Mae Updates Multiple Supporting Documents for HomeReady® Product - Dated February 2017)


 

Fannie Mae Selling Guide- Announcement SEL-2017-02 (Effective 2-28-2017) Market Rent Calculations | 4506-T with Validated Income | Required Homebuyer Counseling

Updates that are effective immediately for Fannie Mae are included here. Important news on the 4506-T requirements, HomeReady® Education and Counseling, and a new update to figuring rental income. (Fannie Mae Selling Guide Announcement SEL-2017-02 – Dated February 28, 2017-Effective Immediately)


 

Fannie Mae-DU Validation Service – New FAQ’s & Approved Vendor List - Validation Service FAQ (Updated 2-14-2017) | Property Inspection Waiver FAQs (Updated 2-18-2017) | Updated List of Approved Report Vendors for Day 1 Certainty (Dated 3-3-2017)

Fannie Mae continues to update and add to their frequently asked questions for Day1 Certainty and Property Inspection Waivers. Stay in the know by reading this article about the new and updated FAQs that our expert took the time to pull out of the ever-growing list of questions. (Fannie Mae-DU Validation Service – Frequently Asked Questions – Updated February 14, 2017; Property Inspection Waiver FAQs – Updated February 28, 2017 and Fannie Mae Updates List of Approved Report Vendors for Day 1 Certainty – Dated March 3, 2017 )


 

Fannie Mae-DO/DU Release Notes – Income & Employment Messages Updated - DU Version 10.0 – Dated February 21, 2017 - Scheduled to release March 25-2017

Fannie Mae continues to release update after update on improvements to DU Version 10.0 and this month is no exception. In this month’s update, they make improvements that you must know about for Income and employment messages and income calculation. Stay current on these updates, and you will keep up with your market competition. (Fannie Mae-DO/DU Release Notes – Income & Employment Messages Updated - DU Version 10.0 – Dated February 21, 2017 - Scheduled to release March 25-2017)


 
Freddie Mac

Freddie Mac Revisions to Income & Asset Requirements Bulletin 2016-19 - Effective for loans with settlement dates July 6, 2017 or after.

Big changes are happening in Freddie Mac’s Loan Product Advisor regarding income and asset requirements. Depending on when your lenders implement these changes, they may affect your client’s underwriting approvals. The changes are effective for loans closed on or after 7-6-17 – so in this case it’s the closing date, NOT the date of application. Read through this article and the attached links carefully if you work with Freddie Mac. (Freddie Mac Announcement – Loan Product Advisor Updates – Dated March 03, 2017-Effective for loans with settlement dates July 6, 2017 or after.)


 
USDA

USDA Rural Development Rolls Out 28 Online Origination Training Modules

Curious about offering USDA financing, or seeking to learn more? If so, this is an update you will not want to miss. Our USDA expert has provided the link to the entire USDA Online Training Modules that were just released. This training is exactly what you need to know in order to offer this product or to understand USDA more fully. (USDA Rural Development Rolls Out 28 Online Origination Training Modules)