Rules – October 10, 2017

Fannie Mae Collateral Underwriter Version 4.2 Release Notes – Dated October 10, 2017 and Updated October 17, 2017.

Rule Synopsis: The information directly below addresses the changes to the release notes for CU Version 4.2 that have been announced in the updated release notes dated October 10 & 17, 2017. Remember that CU Version 4.2 will be rolled out over the weekend of December 9, 2017. The release notes cover the following changes: [...]

2018-10-05T19:08:34-05:00December 26th, 2017|

VA-Circular 26-17-26, Annual Increase in Construction Cost Index and Specially Adapted Housing (SAH), Special Housing Adaptations (SHA), and Temporary Residence Adaptations (TRA) Grants, September 19, 2017-Effective October 1-2017.

Rule Synopsis: Disabled Veterans have access to grants to help them modify their existing or new home. Contact me for details! Effective October 1, 2017, the Department of Veterans Affairs (VA) announces that the SAH, SHA, and TRA grant amounts will increase. The maximum grant amounts for Veterans and Servicemembers eligible for housing assistance under [...]

2018-10-05T19:15:57-05:00November 4th, 2017|

Freddie Mac Bulletin 2017-20 – Dated September 14, 2017-Effective Immediately 

[Update Chart – Condo Eligibility Quick Reference Chart – July 10, 2018] Rule Synopsis: Freddie reduces owner occupancy requirements on new condos from 70% to 50%. New opportunities exist so call me! Freddie will now accept restricted stock income and restricted stock units, keeping up with the way many employees now receive income. Freddie Mac [...]

2018-10-05T19:17:13-05:00November 4th, 2017|

Fannie Mae Selling Guide Announcement SEL-2017-08 – Dated September 26, 2017-DU Refi and Refi Plus Must apply by 12-31-2018.

Rule Synopsis: Fannie Mae is updating their selling guide for three topics, previously announced but formalized through this selling guide announcement. This article will focus on the topics that benefit originators. For lenders that are full correspondent or independent mortgage bankers, it would be good to review the topic for “Uniform Closing Dataset,” or UCD. [...]

2018-10-05T19:17:56-05:00November 4th, 2017|

Fannie Mae High Loan-to-Value Refinance Option – LL-2017-05 & Freddie Mac Bulletin: Relief Refinance – 2017-17 – Both Articles Dated September 8, 2017-Effective November 1, 2018

Rule Synopsis: Fannie and Freddie announce their new High Loan-to-Value Refinance Option-Contact me for Details! Fannie and Freddie formally announced the introduction of the new High Loan-to-Value Refinance Option, which will replace both agencies current refinance programs – Refi Plus (FNMA) and Open Access (FHLMC). Interpretive CommentsThe agencies have finally released the parameters for this [...]

2018-10-05T19:19:50-05:00November 4th, 2017|