Category: Fannie Mae

Payoff Requirements for Charge-Offs

Question: What are the requirements when a client has a charge-off?  When does it need to be paid off and when does it not need to be paid off?  MC Chart – Collections and Judgments – All Agency Guidance Answer: Following is the information you will need from Fannie Mae. Reference:Fannie Mae Guide B3-6-07 & […]

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If a HELOC Is the Only Mortgage, Is the Refinance a Rate/term or Cash-Out?

Question: My client’s first mortgage is a HELOC.  They want to refinance in order pay off the HELOC and close that line of credit. Is this a Cash-Out or a Rate/Term Refinance?  MC Chart – Refinance Loans – All Agency Guidance Answer: Fannie allows you to treat as rate and term without regard to identifying […]

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Fannie Mae no longer requires lenders to establish an escrow account on a cash-out refinance when non-delinquent property taxes are financed as part of a limited cash-out refinance transaction. This is great news for those of you looking to refinance and do not want an escrow account!

Fannie Mae no longer requires lenders to establish an escrow account on a cash-out refinance when non-delinquent property taxes are financed as part of a limited cash-out refinance transaction. This is great news for those of you looking to refinance and do not want an escrow account!

Related Article Title: Fannie Mae Selling Guide Announcement SEL–2020-03 – Dated June 3, 2020 Written by: Lloyd Rutherford, Staff Writer This bulletin is FULL of important updates.  Make sure that you read through the various changes that may apply to your business. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of […]

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Fannie Mae Selling Guide Announcement SEL–2020-03 – Dated June 3, 2020

Written by: Lloyd Rutherford, Staff Writer This bulletin is FULL of important updates.  Make sure that you read through the various changes that may apply to your business. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced […]

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Just because your credit report says something about you, does not mean it is always true or correct! It is important to verify the information on your credit report periodically.  If you would like a checklist about what to check, comment below and I will send one to you!

Just because your credit report says something about you, does not mean it is always true or correct! It is important to verify the information on your credit report periodically.  If you would like a checklist about what to check, comment below and I will send one to you!

Related Article Title: Guidelines on Disputed Accounts Question: My client has multiple disputes on paid and closed accounts.  Do the guidelines require me to have these disputes removed?  MC Disputed Accounts Chart – All Agency Guidance  – NEW MTP™ A Consumer’s Checklist to Verify Information on Their Credit Report Answer: It is always best to […]

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