Rules - December 10, 2016

VA – Electronic Filing of Condominium Association Documents, Circular 26-16-35, November 3, 2016

Rule Synopsis: VA buyers may have more opportunity to purchase a condominium with VA’s latest update. Call me for details! Effective immediately, all association documents for condominium projects seeking VA approval must be uploaded through the WebLGY system. This circular is rescinded July 1. 2019. Interpretive CommentsIn the past, if a condominium project wanted to [...]

2018-10-27T22:18:08-05:00November 3rd, 2017|

VA 2017 County Loan Limits – Circular 26-16-36 (Effective January 1, 2017)

Rule Synopsis: VA increases their loan limits effective January 1, 2017. Contact me for details! The VA County Loan limits that are used to calculate loan guaranty for 2017 have been established. Effective Dates Interest Rate Refinance Reduction Loan (IRRRL) Not applicable. (County loan limits do not apply to IRRRLs. The VA 25% loan guaranty [...]

2018-10-27T22:10:48-05:00November 3rd, 2017|

FHA – Use of Professional Employer Organizations, Mortgagee Letter 2016-18, November 28, 2016

Rule Synopsis: Effective Date Immediately. However, the changes will be incorporated into the 4000.1 Handbook at a future date. Summary of Changes to 4000.1 Handbook Compensation (I.A.3.c.iv(B)(3)(b)(ii)), clarifies the standard for reporting compensation of employees covered by a contract for services related to human resources. Use of Contractors/Permissible Use (I.A.6.j.i), clarified contracts with human resources [...]

2018-10-27T22:11:52-05:00November 3rd, 2017|

FHA Nationwide Forward Mortgage Limits | FHA Nationwide Home Equity Conversion Mortgage (HECM) Limits (Effective 1-1-2017)

[Mortgage Talking Points™, FHA Loan Limit Increases for 2017 – Now Available!] Rule Synopsis: FHA will increase their loan limits effective January 1, 2017. Effective Date The mortgage limits announced in the letters are effective for all case numbers assigned on or after January 1, 2017. Interpretive CommentsForward Mortgages For calendar year 2017, there are changes [...]

2018-10-27T22:20:04-05:00November 3rd, 2017|

Freddie Mac Insight into how Serial Loan Level Fraud Hurts the Mortgage Industry (Dated November 16, 2016)

Rule Synopsis: Keep updated on recent mortgage fraud schemes. www.freddiemac.com/singlefamily/news/2016/1116_fraud.html Interpretive CommentsFreddie is being politically correct with their approach to what a layman may identify as fraud. Instead, they are calling it misrepresentation, to not be offensive. Very nice, but the fact remains, it costs all of us a lot of money, no matter what you [...]

2017-12-27T12:18:32-05:00November 3rd, 2017|