July 2017
MortgageCurrentcy.com Rules and Regulation Updates

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CFPB: Appraisals

CFPB Finalizes Updates to "Know Before You Owe" Mortgage Disclosure-Dated July 7-2017-Effective-60 Days After Posting in Federal Register-Mandatory Implementation is no later than 10-1-2018.

Finally, we are receiving clarification on the TRID rules! Late Friday, the CFPB issued an amendment to the “Know Before You Owe,” aka TRID (TILA-RESPA Integrated Disclosures) rule. Although the rule was implemented in October of 2015, there were still a lot of unanswered questions from lenders who were left exposed to fines and litigation. Anyone who works with mortgages must read this important update! (CFPB Finalizes Updates to "Know Before You Owe" Mortgage Disclosure-Dated July 7-2017-Effective-60 Days After Posting in Federal Register-Mandatory Implementation is no later than 10-1-2018.)

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Universal Topics

Low- to Moderate-Income Loan Programs: Not as Restrictive as You Think

Some originators shy away from “low-income” types of programs. Others are surprised to find out how easy these programs can be and what a great source of new business they are. If you are looking to bump up your business, this is a great article to get you started.


 
Fannie Mae/Freddie in Brief

Fannie Mae and Freddie Mac Issue Announcement for Changes to Reporting of Civil Judgments and Tax Liens on Credit Reports – Dated June 13 (FNMA) and June 27, 2017 (FHLMC)-Effective Immediately

We issued a mid-month update regarding the reporting of Civil Judgments and Tax Liens from Fannie and Freddie. This article talks about the details behind that announcement and how it may have a positive effect on your client’s credit score. Make sure that you read this important update to assist your clients with credit errors. (Fannie Mae and Freddie Mac Issue Announcement for Changes to Reporting of Civil Judgments and Tax Liens on Credit Reports – Dated June 13 (FNMA) and June 27, 2017 (FHLMC)-Effective Immediately)

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Fannie Mae

Fannie Mae Updates FAQ Document for Student Loan Solutions and Debts Paid by Others – Dated June 2017-Effective Immediately

Student loan debt and how to handle it is a regular issue for mortgage originators. In this article, Fannie updates their FAQ document on Student Loan Solutions and Debts Paid by Others. Be sure to read this important update to stay “in the know.” (Fannie Mae Updates FAQ Document for Student Loan Solutions and Debts Paid by Others – Dated June 2017-Effective Immediately)

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Fannie Mae Publishes a Customizable Condo Buyer’s Guide – Released June 2017

Marketing helps determine your success in reaching consumers and referral partners. Fannie Mae has FREE and customizable, professionally created marketing pieces that can help you reach more clients. Read this article to find out how easy it is to access these materials for your business.

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Fannie Mae Releases Selling Notice for HomeReady® Income Limits for 2017 – Dated June 20, 2017-Effective July 8, 2017

Fannie Mae has issued an unusual mid-year income limits change right in the middle of the busy season. Make sure that you read this update to understand how some of your loans may be affected. (Fannie Mae Releases Selling Notice for HomeReady® Income Limits for 2017 – Dated June 20, 2017-Effective July 8, 2017)

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Fannie Mae Changes Qualifying Requirements for HomeReady® Product – FAQ document dated June 2017-Effective with DU 10.1 Release on July 29, 2017 [UPDATED Mortgage Talking PointsTM flyer - Fannie Mae HomeReady® Mortgage Guidelines] | [New Chart - Homebuyer Education Chart - Which Education Provider is Acceptable?] | [Updated Chart - 97% Financing Options Comparison Chart]

More and more originators are finding great value in offering the HomeReady® product! Fannie continues to update and refine the program, and in this month’s update you are going to find more changes. Anyone that is using HomeReady® or is considering it should read this important update, as one of the options is being phased out! (Fannie Mae Changes Qualifying Requirements for HomeReady® Product – FAQ document dated June 2017-Effective with DU 10.1 Release on July 29, 2017- NEW Chart-Homebuyer Education Chart-Which Education Provider is Acceptable?- Updated Chart-97% Financing Options Comparison Chart-Updated Chart- Updated MTP-Fannie Mae HomeReady® Mortgage Guidelines.)

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NMLS

NMLS Adds More States to the Uniform State Test (UST)-Updated Adoption Table Dated 5-23-2017-Effective 9-16-2017

More states are adopting the UST (Uniform State Test) to make life easier for mortgage originators to do business in their state! Check out the latest states to accept the Uniform State Test in this most recent update. (NMLS Adds More States to the Uniform State Test (UST)-Updated Adoption Table-Dated 5-23-2017-Effective 9-16-2017 )

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