tammybutleradmin

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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|

Fannie Mae-Desktop Underwriter Credit-related Error Codes – Job Aid – Dated December 10, 2017 [NEW CHART-DU Credit Related Error Codes]

By:  Lloyd Rutherford-Staff Writer Error codes on any AUS system can be very frustrating.  Having a great reference document handy to cure the issue immediately saves a lot of time and aggravation.  In this article, you’ll find a fantastic Job Aid from Fannie Mae for their DU system. Rule Synopsis: Fannie Mae published a DU [...]

2019-05-31T01:48:10-05:00January 8th, 2018|