July 2017
MortgageCurrentcy.com Question and Answer

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Compliance - Anti-Steering Requirements: As a broker who represents more than one lender, how should we disclose loan options to accommodate anti-steering issues?

Universal Topics

Fannie-Freddie-FHA-VA-USDA-Non-Occupant Co-Borrower Requirements: What are the rules for non-occupying co-borrowers for each agency? [NEW Mortgage Talking PointsTM flyer - How Can Non-Occupant Borrowers Help Borrowers Qualify?]

Supporting Resources:

Fannie Mae/Freddie in Brief

Fannie, Freddie, and FHA - Photocopied Documents: Are photos of documents instead of a PDF image allowed?

Fannie Mae

Fannie Mae - Business Debt Affecting Personal Income: If a business pays a loan that the business owner had to guarantee personally and shows as paid on time, with 12 months cancelled checks from the business, do we need to count that debt against the borrower?


Fannie Mae - Length of Rental Agreement: Is there a guideline regarding the length of a lease on a rental property?


Fannie Mae - Counting Co-Signed Debt: If a borrower has co-signed for someone, do I need to count that debt if they can prove the other person pays it?


Fannie Mae - Child Support Increase: If child support increases, how many months must be received before we can count the increase in income?


Fannie Mae - Student Loan Debt: How does Fannie Mae handle student loan debt?


Fannie Mae - Tax Return Requirements: Is the borrower required to submit their self-employed tax returns IF we are not using that income to qualify?


FHA - Charge Off Accounts with Balances: Do non-medical charge-off accounts with balances need to be paid off or show a zero balance to qualify for an FHA loan?


VA - Joint Loan - Unmarried Couple: Is it possible to do a VA loan for a non-married couple when only one of them is a veteran?


VA - Tolerance Changes for Monthly Payment: Does VA have any tolerances for a loan payment change after a loan has been approved and before it has been closed?


USDA - Household Income - Separation: If a couple is separated, does the spouse’s income count in the “total household income”?

Supporting Resources:


Credit - Copy of Credit Report: Can a Mortgage Broker provide a borrower with a copy of the credit report pulled?