Student Loans

Fannie Mae & Freddie Mac – Student Loans – IBC: What payment is used for Fannie & Freddie for an income-based repayment [IBC] student loan? [Student Loan Chart – Student Loan Lunch & Learn]

Answer: Fannie Mae B3-6-05 Student Loans If a monthly student loan payment is provided on the credit report, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student [...]

2019-04-19T15:40:38-05:00April 24th, 2019|

USDA – Credit Lines – Deferred Student Loans: Will USDA allow deferred student loan debts to be counted as a tradeline? NEW MTP™ – USDA – What Counts as a Non-Traditional Tradeline?

Answer: Unfortunately, deferred student loans without 12 months of repayment history are not eligible tradelines to validate credit. Here is what the regulations state… Confirm the applicant has at least two eligible tradelines reported to the credit bureau.  The tradeline may be open, closed and/or paid in full by the applicant. Eligible tradelines include: Loan [...]

2018-12-26T07:48:04-05:00December 25th, 2018|

Freddie Mac – Multiple Selling Guide Updates – Bulletin 2018-13 – Dated August 29, 2018-Multiple Effective Dates – UPDATED 97% Chart – UPDATED Student Loan Chart

Written By: Lloyd Rutherford, Staff Writer Updates, changes, consolidations, effective dates…Wow!  Freddie was busy this month.  There are a lot of changes here, so be sure to read through them all to stay up to date! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on [...]

2018-10-16T17:15:29-05:00September 9th, 2018|

Multiple FAQ’s: Appraisal and Property-Related FAQs – Dated August 7, 2018; DU Validation Service FAQs – Updated July 19, 2018; and Student Loan Solutions – Dated July 2018

Written By: Lloyd Rutherford, Staff Writer Mega Fannie Mae FAQ Update!  Looks like Fannie had a lot of questions that needed to be addressed in the Appraisal, DU and Student Loan department.  Stay up to date by reading through these frequently asked questions! Rule Synopsis: Three FAQ documents have been updated. They are: Appraisal and [...]

2018-09-10T11:24:42-05:00September 9th, 2018|

VA Loans – Income Based Repayment Plans: How does VA Calculate student loan payments for income-based repayment plans? [MC Student Loan Chart]

Answer: Attached is VA’s student loan policy as modified per Circular 27-17-2. The circular states that this policy is for all types of student loans. There is no requirement that the lender only a use a payment that is guaranteed to be at least 12 months in duration after the note date. They only require [...]

2018-06-25T08:38:27-05:00June 24th, 2018|