Michelle

Fannie Mae Selling Guide Announcement SEL-2017-09 – Dated November 31, 2017-Effective Immediately

Rule Synopsis: Fannie Mae clarified-when a borrower is obligated on a mortgage & another party is making that payment, the lender may exclude the payment. Fannie Mae is updating their selling guide for five specific topics, plus three miscellaneous selling guide updates. This article will focus on the topics that benefit originators. For lenders that […]

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Fannie Mae FAQs for Uniform Residential Loan Application – Dated October 25, 2017

Rule Synopsis: Fannie Mae published an updated FAQ document for the new “Uniform Residential Loan Application” that is still being finalized and will be a requirement in the summer of 2019. The FAQ document is four pages in length and has 20 questions. This FAQ has seven updated questions and three new questions. Interpretive CommentsWe […]

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Fannie Mae DU Release Notes for DU Version 10.0 and 10.1 – Dated October 17, 2017-Effective November 18, 2017 and Fannie Mae DU Release Notes for DU Version 10.1 – Dated October 10, 2017-Effective December 9, 2017

Rule Synopsis: Fannie is addressing borrowers freezing their credit in their latest update to DU. Call for details! This article outlines the changes we can expect to see when DU 10.0 and 10.1 is released over these two weekends: November 18, 2017 weekend for both DU Version 10.0 and 10.1 Frozen Credit Report Update December […]

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CFPB- It’s Just Compliance Training-Who Cares?

Rule Synopsis: “It’s Just Compliance Training, who cares? We just have to show our examiners that we checked off a box and that people were trained to satisfy regulatory requirements.” Without retaining the source, I write down interesting statements like the one above, when I am shocked or perplexed by the view. Sadly, I hear […]

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Identity of Interest: A grandmother passed away and the granddaughter wants to buy the house from her estate. Is this an identity-of-interest situation that would limit her max LTV to 85%?

Answer: FHA will allow an exception to their Identity-of-Interest LTV restriction for Family Member transactions. Call me! While this would be an underwriter call, it is my opinion that this would be considered a family member transaction, which would create an exception to the maximum LTV. Reference: Handbook 4000.1 states the following: (A) LTV Limitations […]

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