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VA Announces Revision of Lenders Handbook Chapters 1, 4 and 11, Dated March 12, 2019, Chapter 1-Effective Immediately-Chapters 4 & 11 – Effective May 23, 2019. -NEW Chart – New Chart- Comparison of Previous Chapter 4 (Credit Underwriting) Guideline vs. New Guideline

Written By: Tracey Rumsey, Staff Writer VA announced at the Lenders Conference in April of 2018 that they would be revising both Chapters 4 and 10 of the VA Lenders Handbook.  Based on the information from that conference we provided you with some charts regarding those changes.  The article from May of 2018 is linked [...]

2019-03-21T17:46:06-05:00March 15th, 2019|

I have access to a great chart regarding derogatory credit and mortgage rules. Comment below if you would like a copy!

FHA-Bankruptcy Discharge-New Loan:  If a property is included in a Chap 7 Discharge in 2010 will FHA use that date or the Deed Transfer Date? –NEW CHART-Derogatory Credit-ALL Agencies!  Answer: FHA does not follow the same policy as, say, Fannie Mae or USDA, regarding foreclosures on mortgages included in a bankruptcy. FHA requires a 3-year wait [...]

2018-01-25T13:59:05-05:00January 25th, 2018|FHA|

Fannie Mae-Appraisal and Property Related Frequently Asked Questions (FAQs) – Updated December 21, 2017, and Collateral Underwriter FAQ’s – Updated December 2017

By: Lloyd Rutherford-Staff Writer Fannie Mae has added to their FAQ document for appraisals and this month contains some goodies!  Our expert has taken the time to review the new and updated questions in this article. Rule Synopsis: Fannie Mae has published updated FAQ document for Appraisal and Property Related Questions and Collateral Underwriter Questions. [...]

2018-06-01T13:32:54-05:00January 9th, 2018|

Fannie Mae Selling Guide Announcement SEL-2017-10 – Dated December 19, 2017-Effective Immediately

By: Lloyd Rutherford-Staff Writer Fannie Mae has issued some business-changing updates in this announcement.  Read through this issue to get update on Borrowers with frozen credit, rules on premium pricing, properties owned by an LLC and Texas Section 50(a)(6) loans. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This [...]

2018-06-01T13:27:06-05:00January 9th, 2018|

CFPB-Consumer Financial Protection Bureau – Federal Register Final Rule and Official Interpretations – Dated August 30, 2017 (ATR/QM) and November 9, 2017(HPML Exemption)

By:  Lloyd Rutherford-Staff Writer With the QM [Qualified Mortgage] and ATR [Ability to Repay] rules came thresholds that cannot be exceeded without becoming a high-cost mortgage.  This update is the yearly threshold adjustment. Rule Synopsis: The CFPB is required to calculate annually the dollar amounts for various topics contained in Regulation Z (aka The Federal [...]

2018-06-01T13:25:58-05:00January 8th, 2018|