Q&A - April 25, 2018

Compliance – TRID: If we mistakenly provided the wrong mortgage insurance amount in the projected payments section of the Loan Estimate, how is this corrected?

Answer: Most investors care about the CD. The projected payments does carry statutory damages; however informal guidance from the Bureau provided that most items can be corrected via the CD. In this case, unless FHA or USDA, there are multiple factors that can influence the cost of the MI beyond the 6 points of data. [...]

2018-05-29T16:52:23-05:00April 24th, 2018|

Fannie – Freddie – FHA – VA – USDA: Do you have any guidance regarding how each of the agencies handles Solar Panels? NEW CHART-Solar Panel Guidelines-All Agencies

Answer:  We get a lot of questions on Solar Panel Guidelines, so with this issue we are releasing an All Agency Chart to help you answer those questions. Supporting Resource: Solar Panel Chart – All Agencies Social Media Post: Listing or Buying a Property with Solar Panels?  I’ve got the scoop on what the lenders [...]

2018-05-29T16:56:15-05:00April 24th, 2018|

Fannie Mae – Job Gap: If a borrower has not worked for the last two years due to caring for an ailing parent, can I count his new salaried job which is the same line of work before the gap?

Answer: Fannie Mae does not have a ‘time back on the job” requirement.  If you simply document the file with the reason for the gap along with a prior income history in the same field (prior years’ W2’s while still working), and evidence of unemployment income, if available, then you should be okay.  Fannie Mae [...]

2018-05-29T17:00:38-05:00April 24th, 2018|

Fannie Mae – Utility Accessibility – Appraisals: Will Fannie Mae lend on a property where the utilities were not turned on at the time of the appraisal inspection?

Answer: Yes. Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection. See Question #23 in the attached reference. Supporting Resource: Fannie Mae – FAQs – Appraisal Property Report Social Media Post: Fannie Mae does not require that the utilities serving the property be [...]

2018-05-29T17:02:52-05:00April 24th, 2018|