Rules – February 10, 2016

Fannie Collateral Underwriter Version 3.1 Release Notes (Effective December 12, 2015)

Rule Synopsis: Fannie Mae will release Collateral Underwriter Version 3.1 – Effective December 12, 2015. The changes being made with this release: New Data Discrepancy Messages that identify discrepancies in “property attachment” based on previous appraisals completed on the subject property (Message 450-452); a message that identifies when a condominium description is inconsistent with the [...]

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

Fannie Mae HomeReady® Fact Sheet/Interactive Map for Income Eligibility

[Download Mortgage Talking PointsTM flyer, HomeReady™ Mortgages Using Fannie Mae Financing] Rule Synopsis: Link to interactive map to check Fannie HomeReady eligibility. https://homeready-eligibility.fanniemae.com/homeready. In an effort to provide meaningful and immediate answers to lenders and loan officers alike, Fannie Mae has created a fact sheet with a resource link to provide an immediate response on [...]

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

Fannie Mae/Freddie – Working on Updating 1003 Application Form – No Effective Date Yet!

Rule Synopsis: The agencies (Fannie Mae and Freddie Mac) have jointly announced that they are working on revising the loan application (URLA – Uniform Residential Loan Application). The loan application has not had a major overhaul in approximately 20 years. The changes are designed to adapt to the new lending environment the industry has embraced [...]

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

CFBP – HMDA and Small Entity Compliance Guide – Dated December 2015

Rule Synopsis: As addressed in a previous article in our December issue, CFPB Releases HMDA Small Entity Compliance Guide, the CFPB finalized the rules for HMDA reporting. They have published a useful resource document – a Small Entity Compliance Guide for this HMDA Final Rule. As a reminder: Is your institution required to report? YES! [...]

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