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Karen Deis, Publisher

July 2010

Universal Topics

 S.A.F.E. Act Mortgage Licensing Rules: By State. [Download Charts/Checklists - SAFE Act Compliance Chart by State!]
Do you know the current rules for your state in regards to the S.A.F.E. Act? The deadlines? Do you want to know the rules for other states that you want to do business in? [Download Charts/Checklists - S.A.F.E. Act Compliance Chart by State!]
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Fannie Mae

 Fannie Clarifies Underwriting Foreclosure Borrowers – SEL 2010-08 – Effective October 1, 2010. [Includes Mortgage Talking PointsTM flyer, Foreclosure/Bankruptcy: Summary of All Waiting Periods & Underwriting Requirements AND Reference Chart: Fannie - Summary of All Waiting Periods for Foreclosures, Bankruptcy, Deed-In-lieu & Short Sales
This officially demonstrates a good decision by Fannie, to really give a clear incentive to borrowers for working with their servicers regarding property disposition. However, Fannie SEL-2010-05 rules are still in effect until 10-1-10. Mortgage Talking PointsTM flyer & Reference Chart for LOs and Processors Included. Mortgage Talking PointsTM flyer (from May 2010) Updated - Advising Foreclosure, Short Sales, Deed-In-Lieu Clients.
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Fannie Updates and Clarifies Appraisal Policies - SEL 2010-09 (Effective 9-1-10)
Finally some reasonable guidance on dealing with value and deficiencies… for the most part, we now have a reasonable solution to those appraisals that are just plain awful. Interior photos will be required AND Fannie clarifies that you DON’T have to order your appraisals thru an AMC! (Fannie Mae SEL 2010-09)
Freddie Mac

 Freddie Rescinds PUDs Rule (Eff. 6-15-10); Relief Refi Adding/Deleting Borrowers (Eff. 6-15-10) LO & Appraiser ID’s (7-1-10) – Bulletin 2010-13 – [Download Mortgage Talking PointsTM flyer, Planned Unit Developments: Keeping It Simple]
A couple of biggies here: PUD approvals back to where they were before (don’t have to treat as a condo) and you can now add and delete borrowers—under certain conditions! (Freddie Mac Bulletin 2010-13)
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Freddie Offers Help on Chinese Drywall Problem - Industry Letter 6-25-10 [Download Mortgage Talking PointsTM flyer, Some Relief for Chinese Drywall Problem]
We normally do not address Servicing issues like forbearance, but this issue isn’t just about a Servicing relief program. Problem Drywall comprises over 3,000 homes in 37 States, the District of Columbia, American Samoa, & Puerto Rico. Ultimately, this issue potentially affects YOUR clients and YOUR Realtor and Builder’s clients. Mortgage Talking Points: Some Relief For Chinese Drywall Problem. (Industry Letter: Problem Drywall, 6-25-2010)
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Freddie Releases Their Implementation Guide for Loan Delivery Data – Bulletin 2010-15 (Effective 9-1-11)
This is Freddie’s version of their plans to implement ULDD--Don’t waste your time on this one yet—does not go into effect until September 2011. We’re sure there will be more updates and FAQs then you can say grace over! (Freddie Mac Bulletin 2010-15)
FHA

 FHA Assistant Request Form: Case Number Transfers and Uncooperative Lenders – What to Do? [Includes Charts/Checklist: FHA HOC Assistant Request Form for Case Number Transfer.]
Ever had a problem with getting another lender to transfer an FHA appraisal to you? In a recent FHA online seminar they re-stated the procedures outlined in the Handbook 4155.2 regarding requesting assistance from a Home Ownership Center (HOC) when a lender won’t respond to a case number transfer request. So, we’ve created a handy fax cover sheet for you to use!
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FHA Final Rule on Approved Lenders – ML 2010-20 – 1st Phase (Effective 5-20-10)
Official Net Worth Requirement- 3 Phases: If you are a loan correspondent and not planning on pursuing a lender approval for 2011 you’d better start looking for your sponsoring lenders who will take you on. This year will be over before you know it and FHA is a mighty player in the mortgage game. (Implementation of Final Rule FR 5356-F-02, “Federal Housing Administration: Continuation of FHA Reform – Strengthening Risk Management through Responsible FHA-Approved Lenders, Mortgagee Letter 2010-20, June 11, 2010)
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FHA-Letter from Commissioner David H. Stevens – June 2010, Re: RESPA, Home Warranties, Pre-Approvals, Use of Worksheets, SAFE Act.
This newest letter from Commissioner Stevens (which, by the way, has no date on it ANYWHERE...just a “June 2010” notation in the web address when you click on the link) has a couple of items worth mentioning—Pre-approvals, worksheets explained & home warranty kickbacks to real estate agents are illegal. (Letter from Commissioner David H. Stevens – June 2010)
Supporting Resources:
VA

 VA Extends Expansion of Ownership Interests Allowable for Specially Adapted Housing – Cir. 26-08-5
VA recognized that there are more choices being utilized by today’s veterans when it came to property ownership and estate planning. Therefore they announce the acceptance of 2 more types of ownership interests. (Expansion of the Types of Ownership Interests Permissible Under the Specially Adapted Housing (SAH) Grant Program, Circular 26-08-5, Change 2.)
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