Written by: Lloyd Rutherford, Staff Writer This is a must read article for anyone originating conventional loans. Fannie Mae and Freddie Mac have issued additional temporary guidance changes to assist lenders in navigating their pipeline during the Covid19 Pandemic. There have been a lot of releases and some of them are duplicated, so our expert […]
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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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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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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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Question: Can a Godfather provide a gift or gift of equity? Answer: I don’t see how this would be an acceptable gift donor as a godparent is not considered a relative, unless they are actually related. However, from the sound of your question, it doesn’t sound like they are a related godparent. Godparents are a […]
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