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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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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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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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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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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