Brandon Butler

FHA Work History Prior to an Absence

Question: My client has been a W2 employee for one year, and previous to that she stayed at home with her new baby.  Underwriting is saying that if there is a gap of 6 months or more, I need a full two-year work history prior to the time she stayed home.  Is that right? Mortgage […]

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How Can a UCC Filing on Business Debt Affect LTV?

Question: If there is a UCC filing on a mortgage title, and they are willing to subordinate the UCC lien, does that count in the CLTV and HCLTV? Answer: Yes, even if they subordinate, it will be considered in the CLTV.  Please see the guideline reference below. Reference:B2-1.2-04 – Subordinate Financing Subordinate Financing Requirements Fannie […]

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Are Brokers Required to Provide a Servicing Transfer Disclosure?

Question: Are brokers required to provide the information about the servicing transfer disclosure or is that the lender’s responsibility? Answer: The RESPA rule is not really clear on who must provide.  The language is general and covers all parties. So, I would err on the side of providing the disclosure. But if you are looking […]

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Federal Student Loan Debt in Collection

Question: If a client has a Federal Student loan in collection, are there any FHA or conventional options? Mortgage Currentcy – Collections & Judgments Chart – All Agencies Answer: Fannie Mae Says: For conventional loans there is no difference on where the collection account originated from (personal credit, federal credit and so on).  A collection […]

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Calculating FMLA [Family& Medical Leave Act] Income

Question: My client has been employed by the same company for 7 years, but is presently on FMLA and expected to return in a month or two.  How do I calculate this income? Answer: This is addressed in the Fannie Mae selling guide, and you would just follow the “Temporary Leave Income” requirements that I […]

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