Rules - May 10, 2016

USDA – Upfront Guarantee Fee and Annual Fee Decreases Effective October 1, 2016

Rule Synopsis: USDA dramatically drops their upfront and monthly/annual guarantee fee effective October 1, 2016. Contact me for details! This announcement came as a shocker. All I can say is WOW – this is a HUGE fee reduction. For fiscal year (FY) 2017, which begins October 1, 2016, homebuyers purchasing a home through the USDA [...]

2018-12-16T12:36:04-05:00November 3rd, 2017|

VA Policy Clarification for Unreimbursed Employee Business Expenses (Effective June 1, 2016) Circular 26-16-10

  Rule Synopsis: VA changes unreimbursed business expenses policy – eff. 6-1-2016 This policy is effective with applications dated on or after June 1, 2016. The purpose of this circular is to clarify VA’s policy regarding Unreimbursed Employee Business Expenses reported on IRS Form 2106 of a borrower’s federal income tax return. The following is [...]

2018-12-16T12:35:23-05:00November 3rd, 2017|

FHA Mortgagee Letter 2016-08-Updated Student Loan-Dated April 13, 2016 (Effective June 30, 2016 or Immediate)

Updated Chart on 5/9/2018 – Student Loan Chart/Checklist- FHA/VA/USDA/Conventional Comparison Rule Synopsis: FHA is making it easier for borrowers with student loans to qualify. The new policy is effective with case numbers ordered on or after June 30, 2016 however lenders may elect to implement the policy immediately. FHA will add a Student Loans section [...]

2018-05-10T14:19:08-05:00November 3rd, 2017|

Freddie Mac Outlines 3 Red Flags & 4 Tips to Fight Affinity Fraud

   [Download Chart/Checklist, 26 Red Flag Rules Checklist] Rule Synopsis: Freddie Mac takes time out to give their seller / servicers and industry participants a document addressing 3 red flags and 4 tips to fight affinity fraud. Interpretive CommentsFraud continues to be a problem for the industry. Both agencies have entire sections on their websites [...]

2018-05-11T08:56:04-05:00November 3rd, 2017|