August 2017
MortgageCurrentcy.com Rules and Regulation Updates

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CFPB: QM/ATR

How Will the New HMDA Data Make You Look?

It is not too common for an originator to worry about a mortgage reporting requirement like HMDA. Yet as this article will show you, big changes are coming that will directly impact your bottom line and your business.


 
Fannie Mae

Fannie Mae Updates Five Documents for the HomeReady® Product: FAQs; Overview; Product Matrix; HomeReady® / Standard Mortgage Comparison Matrix; Loan Officer Fact Sheet – All Dated July 31, 2017. Also included is a job aid showing number of census tracts at 100% AMI, and number with no income limit census tracts – Dated July 2017 [UPDATED MTP - Fannie Mae HomeReady® Mortgage Guidelines]

HomeReady® continues to get better and is becoming a clearer choice for many millennial buyers. Keeping up to date on the changes is paramount to the success of your business, and this article does a great job of keeping you in the know! (Fannie Mae Updates Five Documents for the HomeReady® Product: FAQs; Overview; Product Matrix; HomeReady® / Standard Mortgage Comparison Matrix; Loan Officer Fact Sheet – All Dated July 31, 2017. Also included is a job aid showing number of census tracts at 100% AMI, and number with no income limit census tracts – Dated July 2017- Updated MTP-HomeReady® Mortgage Guidelines.)

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Fannie Mae Selling Guide Announcement SEL-2017-06 – Dated July 25, 2017

This month’s Fannie Mae update contains some big and surprising changes that will definitely help you close more loans and keep one step ahead of the competition. Make sure that you read this update to learn about all of the changes! (Fannie Mae Selling Guide Announcement SEL-2017-06 – Dated July 25, 2017)


 

Fannie Mae Property Inspection Waiver FAQs – Updated July 29, 2017

Refinances have an extra advantage with Fannie Mae. Find out how your refinance transactions can benefit when you run them through DO/DU. In this article, we update your business IQ with the FAQs of the Property Inspection Waiver (PIW). (Fannie Mae Property Inspection Waiver FAQs – Updated July 29, 2017)

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Fannie Mae Day 1 Certainty on Appraised Value FAQ – Updated July 2017

Certainty on any file seems like a fantasy, but Fannie Mae is stepping up to the plate by continuing to update their appraisal FAQs to assist more lenders stay safe with Day 1 Certainty. Read this article to stay up to date on this month’s updated FAQ. (Fannie Mae Day 1 Certainty on Appraised Value FAQ – Updated July 2017)

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Freddie Mac

Freddie Mac Bulletin 2017-11 – Dated July 26, 2017 and Freddie Mac Industry Letter Dated July 6, 2017 - Effective November 1, 2017 Loan Must be Closed, Funded & Sold

If you have offered or tried to compete with the 1% down/2% lender gift program from Freddie, you are going to want to read this article. There are important updates, deadlines and clarifications about this program that could help you if you read about it, or hurt you if you don’t! (Freddie Mac Bulletin 2017-11 – Dated July 26, 2017 and Freddie Mac Industry Letter Dated July 6, 2017- Effective November 1, 2017 Loan Must be Closed, Funded & Sold)

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Freddie Mac Bulletin 2017-12 – Dated August 9, 2017-Effective Immediately but must be used for loans closed after February 9, 2018

Freddie Mac issued a big release regarding how rental income will be viewed. There are a lot of changes in this bulletin, so take the time to read through our experts’ interpretation and then take a deeper dive into the bulletin to be completely informed. (Freddie Mac Bulletin 2017-12 – Dated August 9, 2017-Effective Immediately but must be used for loans closed after February 9, 2018)

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FHA

FHA Info #17-27-Help with FHA’s Electronic Appraisal Delivery Portal [EAD]

Receiving an error message from one of your technology sources costs you time, especially if you don’t understand the message. This article assists those of you that use the FHA EAD (Electronic Appraisal Delivery Portal) to understand what may be causing the error. (FHA Info #17-27-Help with FHA’s Electronic Appraisal Delivery Portal [EAD])


 
VA

VA-Circular 26-17-18, Procedures for Improving Communication with Fee Appraisers in Regards to the Tidewater Process, Dated-July 19, 2017 [Download NEW MTPTM flyer, VA Appraiser Process for Requesting Additional Sales Data]

If you originate VA loans, this article is a must read! We all know VA appraisals can be challenging, especially in a fast-paced rising home cost market. VA has issued a new process to assist you in getting these loans closed faster, so be sure to read the article. We’ve also included a new MTP to share with your referral sources. (VA-Circular 26-17-18, Procedures for Improving Communication with Fee Appraisers in Regards to the Tidewater Process, Dated-July 19, 2017 - NEW MTP™- VA Appraiser Process for Requesting Additional Sales Data)


 

VA-Circular 26-17-19, Clarification of Individual Water Supply System Testing, Dated July 19, 2017 [Download UPDATED Mortgage Talking PointsTM flyer, Water Test Standards-All Agencies]

VA updated their water test standards. Any lender offering VA needs to read through this important update for details. We have also updated our Water Test Standards MTP, which is a great reference for you and your referral sources, so be sure to download the new version. (VA-Circular 26-17-19, Clarification of Individual Water Supply System Testing, Dated July 19, 2017- Updated MTP™-Water Test Standards-All Agencies)