Rules – October 10, 2018

FHA HECM Appraisal Submission and Assessment Changes, Mortgagee Letter 2018-06, September 28, 2018, Effective October 1, 2018 [New MTP™- New FHA Requirement for HECM Loans!]

Written By: Tracey Rumsey, Staff Writer FHA is losing big money on their HECM program, which is also known as a Reverse Mortgage.  They believe that one of the biggest issues is the secured collateral.  If you work with HECM loans this is a must read as it will likely affect your loan process. Rule Synopsis: [...]

2018-10-10T09:54:39-05:00October 10th, 2018|

Freddie Mac- Multiple Selling Guide Updates – Bulletin 2018-16 – Dated September 26, 2018-Effective Immediately-Sweat Equity and November 5, 2018-Community Land Trusts and Resale Restrictions

Written By: Lloyd Rutherford, Staff Writer Important updates and new ways to generate more loans from Freddie Mac. This update highlights changes to assist affordable housing by providing lenders with options to assist more borrowers. Read more to find new ways to add loans to your pipeline! Rule Synopsis: Freddie Mac is updating their selling [...]

2018-10-10T09:56:32-05:00October 10th, 2018|

USDA – Revisions to USDA Rural Development HB-1-3555 Chapter 9 “Income Analysis”-Advance Notice-Effective Date Pending [NEW MTP-The Top 10 USDA Changes to Income-Related Requirements]

[Update:  Released 10-17-2018 – Official Effective Date of 12-15-2018 for Guideline Changes. See Agency Announcement in Supporting Resources.] Written By: David Hail, Staff Writer Big changes are on the horizon for USDA with regard to income analysis.  If you work with USDA loans, you must read this update and the attached releases.  Be sure to spread [...]

2018-10-17T14:49:18-05:00October 10th, 2018|