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Fannie Mae – FAQ’s: DU Validation Service FAQs – Updated April 16, 2019; DU Validation Service Messages – Updated April 9, 2019 and Introducing the DU Validation Resource Center

Written By: Lloyd Rutherford, Staff Writer Technology at the agencies is advancing quickly, and if you’re going to compete you must keep up with it as well.  This article provides new resources from Fannie Mae to take your services to the next level. Rule Synopsis: Fannie Mae created a new resource page/center for all things [...]

Fannie Mae Issues Fact Sheet for the Impact to Tax Returns and Income Reporting due to the Tax Cuts and Jobs Act – Dated April 16, 2019 [NEW MTP™- The Top 6 Tax Return Changes Affecting Income Documentation] AND [Updated Chart – Retirement Income Chart]

Written By:  Lloyd Rutherford, Staff Writer Those who master the art of deciphering the tax return for qualification purposes are those who master their market.  The tax return and requirements have changed drastically.  This article will keep you up to date on what you need to know. Rule Synopsis: Fannie Mae publishes a useful Fact [...]

Fannie Mae Selling Guide Announcement SEL-2019-04 – Dated May 1, 2019- Effective Immediately

Written By: Lloyd Rutherford, Staff Writer This month’s seller guide announcement contains some need-to-know items for production staff.  Be sure to check out the changes on second homes. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that generally benefit originators. The updates [...]

FHA ML 19-06 and ML 19-07 Down Payment Assistance and Extension of the Effective Date Dated April 18, 2019 and April 25, 2019

Written By: Tracey Rumsey, Staff Writer Down payment assistance has been a tumultuous ride for FHA as they once again attempt to clarify acceptable sources.  Anyone utilizing DPA for their clients should read through this update. Rule Synopsis: Effective for loans with case numbers on or after July 23, 2019 lenders must obtain the following [...]

Freddie Mac- Multiple Selling Guide Updates – Bulletin 2019-9 – Dated May 1, 2019 [NEW Worksheet – Freddie Mac Verification of Funds for Income After Note Date]

Written By: Lloyd Rutherford, Staff Writer This month’s Freddie Mac Bulletin contains some little changes that could have a big impact on your business, so read through this article to stay up to date. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics [...]

Altisource Annual Origination Solutions Survey

Written By:  Tammy Butler, Master CMB Altisource commissioned an Origination Solutions Survey to uncover industry insights and challenges that originators face each day.  There are some great takeaways that will assist you in your business planning. Rule Synopsis: The Altisource survey was commissioned to highlight industry insights, including risks and challenges present in the market. [...]

USDA – Update for URLA – Universal Residential Loan Application- Use during Optional Implementation Timeframe

Written By: David Hail, Staff Writer Lenders are in full preparation mode for the new URLA – Universal Residential Loan Application and optional use begins this summer.  But hold your horses on using the new loan application for USDA loans until the mandatory date.  Read this update to clear up the confusion. Rule Synopsis: On [...]

VA – Pamphlet 26-7 – Revision of Lenders Handbook Chapters 2, 5, and 12 – Effective June 26, 2019 and June 30, 2019

Written By: Tracey Rumsey, Staff Writer VA has gone into full throttle revision mode.  In last month’s issue we highlighted changes, updated many charts and MTPs, and created some reference pieces to accompany the new changes.  If you work with VA loans, this article is a must read. Rule Synopsis: The VA continues to update [...]