Issue: Q&A – March 25, 2020

Fannie Mae & Freddie Mac Issue Covid19 Temporary Guidance – What You Need to Know!

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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FHA COVID 19 -Re-verification of Employment and Exterior-Only and Desktop-Only Appraisals

On Friday March 27th, FHA released temporary guidance to assist lenders during the Covid19 pandemic. This mortgagee letter specifically addresses re-verification of employment, and exterior or desktop appraisals. Our FHA expert reviewed the letter for our subscribers and put together this synopsis. Written by:  Tracey Rumsey, Staff Writer FHA Re-verification of Employment and Exterior-Only and […]

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VA Covid19 Guidance – Important Update for Underwriting and Appraisals

Written by:  Tracey Rumsey, Staff Writer VA Issued Circulars 26-20-10 and 26-20-11 regarding guideline flexbilities during Covid19. Circulars are linked below and can also be found under our Agency & Bulletins Page in the Category of VA. Our VA Expert has reviewed the Circulars and is issuing a bullet point summary for each of them […]

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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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