Rules – September 10, 2016

Mortgagee Letter 2016-12, 203(k) Rehabilitation Mortgage Insurance Program: 203(k) Consultant Draw Inspection Fee, August 10, 2016

Rule Synopsis: A 203(k) consultant may now charge up to $350 for the draw inspection fee. Previously the charge was limited to $100. Interpretive CommentsThe fee schedule for the FHA 203(k) consultant desperately needs updating, and this is the first of what will likely be many changes to the fee limits. FHA just published proposals [...]

2018-11-26T19:22:47-05:00November 3rd, 2017|

FHA Extends Temporary Approval Provisions for Condominium Project Approval Process – Mortgagee Letter 2016-13.

[Download Chart – FHA Condo Project Comparison Chart ]Rule Synopsis: This Mortgagee Letter extends the temporary Condominium Project Approval guidelines issued in Mortgagee Letter 12-18 and 15-17 to allow time for completion of the final condominium rulemaking process. The temporary guidelines will remain in effect until August 31, 2017. Interpretive CommentsThese temporary guidelines (the kinder, [...]

2018-11-26T19:24:40-05:00November 3rd, 2017|

Freddie Mac – Loan Product Advisor™ Updates – “Total Funds to be Verified, Alignment with FHA’s TOTAL Mortgage Scorecard Technology”

Effective August 28, 2016 AND “Updated Implementation Date for Loan Product Advisor Changes that Align with FHA’s TOTAL Mortgage Scorecard Technology” – Effective September 25, 2016Rule Synopsis: There is some cross-traffic on this topic line because Loan Product Advisor™ suppressed the “total funds to be verified” purchase restriction that was implemented on July 11, 2016. [...]

2018-11-26T19:25:24-05:00November 3rd, 2017|

Freddie Mac Bulletin 2016-16 – PACE Oblication changes effective immediately | Revisions to Condo Eligibility Rules – Effective March 1, 2017

Revision to property setback rules for Coastal & Wetland areas – Effective December 1, 2016 | Changes to Electronic Recording of Paper Closing Documents – Effective September 14, 2016 Rule Synopsis: Freddie Mac is adding Gut Rehabilitation and Non-Gut Rehabilitation to their vocabulary. Work with Condos? Call me! Freddie Mac issued bulletin 2016-16 to cover [...]

2018-11-26T19:29:07-05:00November 3rd, 2017|

Freddie Mac Requirements for Rural Properties Q&A

Rule Synopsis: Freddie Mac will allow Rural properties with some flexibility, so call me before you list or sell one. Freddie Mac has published a Frequently Asked Questions Q&A, to cover their requirements for Rural Properties. The FAQ document addresses two primary topics: Eligible Properties in Rural Areas, and Appraisal Requirements There are nine questions [...]

2017-12-27T12:27:46-05:00November 3rd, 2017|