Rules – February 10, 2016

VA County Loan Limits, Circular 26-15-31, 2016 (Effective 1-1-2016)

Rule Synopsis: VA Increases Loan Limits in SOME counties to align with conventional loan limits. VA Multi-Unit financing is allowed, but the Max loan is capped at the 1-unit amount. Contact me for details! The VA County Loan limits that are used to calculate loan guaranty for 2016 have been established. Effective Dates Interest Rate [...]

2017-12-27T13:08:05-05:00October 28th, 2017|

USDA Loan File Review Guide (Effective 1-9-2016)

[Download Chart/Checklist, USDA Origination Stacking Order Checklist]Rule Synopsis: Effective January 9, 2016 While sugar-coated in delivery, the message from USDA Rural Development to approved lenders is clear… ”Don’t submit incomplete applications.” They simply ask lenders to submit complete and well-documented loan applications…. I don’t think that’s too much to ask. The benefits and consequences are [...]

2017-12-27T13:08:46-05:00October 28th, 2017|

USDA Rural Development Adds Security Role for Broker Access Capability (Effective 12-9-2015)

Rule Synopsis: USDA Rural Development’s Guaranteed Underwriting System (GUS) just got a welcome upgrade. Non-approved third-party agents such as mortgage brokers and/or correspondent lenders can now access GUS via access made available through agency-approved lenders. This feature has never been available until now, and it is expected that this added feature will increase utilization of [...]

2017-12-27T13:08:47-05:00October 28th, 2017|

Freddie Mac Announcement to delay implementation of Home Possible MI and Delivery Fee changes – Freddie Mac Bulletin 2015-21

[Download Chart/Checklist, HomeReady and Home Possible (updated 1/10/16)]Rule Synopsis: Freddie Mac issued bulletin 2015-21 to cover three very important and upcoming changes for entities that originate and deliver loans for Freddie Mac eligible loans. The selling guide topics that are relevant from this bulletin are: 1. Home Possible (and Home Possible Advantage): a. Introducing new [...]

2017-12-27T13:08:47-05:00October 28th, 2017|

Freddie Mac – Updated LP Feedback Messages Chart – Release Notes (Effective 7-1-2016)

Rule Synopsis: Freddie Mac is updating Loan Prospector to accommodate recent announcements in bulletin 2015-20 and 2015-21. This release is on borrower funds and reserves. Refer to the MortgageCurrentcy™ article on Bulletin 2015-20 from our December 2015 article, Freddie Mac – Borrower Funds, Occupant Borrower Contributions. This update also retracts some messaging that LP was [...]

2017-12-27T13:08:47-05:00October 28th, 2017|