October 2017
MortgageCurrentcy.com Rules and Regulation Updates

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CFPB: QM/ATR

CFPB-Fair Lending-Divorce and Marital Status-Getting it Right! [New Chart - Divorce Chart-Fannie-Freddie-FHA-VA-USDA]

Divorce, separation, fair lending and knowing how to handle it all can be very confusing, even for the most seasoned professional. In this article we help you understand the types of issues that are of concern to the CFPB when it comes to a couple of different types of discrimination that many lenders are not aware of. (CFPB-Fair Lending-Divorce and Marital Status-Getting it Right!- NEW CHART-Divorce Chart-Fannie-Freddie-FHA-VA-USDA)

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Fannie Mae/Freddie in Brief

Fannie Mae and Freddie Mac Joint Announcement for URLA Implementation Guidance and Updates – Dated September 26, 2017-Effective Date-Voluntary Use-No Earlier than July 1, 2019 and Mandatory Use February 2020.

The new URLA (universal residential loan application) has been released! Read this article to find links to the new slick design. (Fannie Mae and Freddie Mac Joint Announcement for URLA Implementation Guidance and Updates – Dated September 26, 2017-Effective Date-Voluntary Use-No Earlier than July 1, 2019 and Mandatory Use February 2020.)

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Fannie Mae High Loan-to-Value Refinance Option – LL-2017-05 & Freddie Mac Bulletin: Relief Refinance – 2017-17 – Both Articles Dated September 8, 2017-Effective November 1, 2018

Next year there will be more refinance options for borrowers underwater. Fannie and Freddie released the details on their New “High LTV Refinance Option”. This is a great program to assist borrowers that have the ability to refinance, but their LTV will not conform to a normal refinance. Here is your chance to help them and create a niche market for your business. (Fannie Mae High Loan-to-Value Refinance Option – LL-2017-05 & Freddie Mac Bulletin: Relief Refinance – 2017-17 – Both Articles Dated September 8, 2017-Effective November 1, 2018 )

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Fannie Mae

Fannie Mae Selling Guide Announcement SEL-2017-08 – Dated September 26, 2017-DU Refi and Refi Plus Must apply by 12-31-2018.

Fannie is adding to eligible borrowers for the PIW (Property Inspection Waiver). Read this month’s update to see what has been added. (Fannie Mae Selling Guide Announcement SEL-2017-08 – Dated September 26, 2017-DU Refi and Refi Plus Must apply by 12-31-2018.)

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Freddie Mac

Freddie Mac Bulletin 2017-20 – Dated September 14, 2017-Effective Immediately [Update Chart - Condo Eligibility Quick Reference Chart]

Freddie Mac issued some important changes to their guidelines involving assets, income and condominiums. These are some big changes that may open up many doors of opportunity for your business, so be sure to read through our expert’s summary of what you need to know. (Freddie Mac Bulletin 2017-20 – Dated September 14, 2017-Effective Immediately-Updated Condo Eligibility Quick Reference Chart!)

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VA

VA-Circular 26-17-26, Annual Increase in Construction Cost Index and Specially Adapted Housing (SAH), Special Housing Adaptations (SHA), and Temporary Residence Adaptations (TRA) Grants, September 19, 2017-Effective October 1-2017.

If you do VA loans, this grant program may be an opportunity for you to assist more Veterans. Read about VA grants in this important update! (VA-Circular 26-17-26, Annual Increase in Construction Cost Index and Specially Adapted Housing (SAH), Special Housing Adaptations (SHA), and Temporary Residence Adaptations (TRA) Grants, September 19, 2017-Effective October 1-2017.)

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