January 2017
MortgageCurrentcy.com Question and Answer

View The Latest Rules Issue

 
Compliance

Compliance - TRID-Real Estate Commission on CD: Is the real estate commission required to be disclosed on the Closing Disclosure?


 
Fannie Mae/Freddie in Brief

Fannie/ Freddie - Alimony Payments: Does Fannie Mae allow Alimony payments to be deducted from a client’s income vs being counted as a liability? [Download Chart/Checklist, Waiting Periods to Count Child Support and Alimony – FHA/VA/USDA/Fannie/Freddie ]


 
Fannie Mae

Fannie Mae - Financing After a Short Sale: What is the waiting period for a conventional loan after a short sale? [Download Chart - Chapter 7 Bankruptcy Waiting Period Comparison Chart]


 

Fannie Mae - Investment Property - Gift Funds: On an investment property, can the funds from a family member’s account be used as closing costs or down payment?


 
FHA

FHA - Bankruptcy and Foreclosure Timelines: What is the guideline for Bankruptcy and Foreclosures for FHA?


 

FHA - Acceptable Source of Funds - PayPal Accounts: Can the funds in a business PayPal account count as a source of funds asset?


 

FHA - Foreign Income: My clients receive retirement income from Canada. Can foreign income be used for qualifying purposes?


 

FHA - Length of Obligation Requirements - Lease Payment: If a lease payment is under 10 months, do I need to count this payment against the client?


 
VA

VA - Debt Obligations - Child Care Expenses: Are child care expenses included in the DTI & residual calculations, or just the residual calculations?


 

VA - Waiting Period to Refinance: Does VA have a waiting period for a rate and term VA loan when the home is listed for sale?


 
USDA

USDA - Identity of Interest: Does USDA have any guidelines regarding buying a home from a parent?


 
NMLS

NMLS - Compliance - NMLS Number on Advertising: Is my NMLS number required to be on my advertisements?