Issue: Rules – April 10, 2017

Credit Bureaus to Exclude Judgment and Lien Information- Another step on a long road to ensuring the accuracy of consumer credit reports!

Rule Synopsis: Credit Bureaus Forced to Clean Up Their Judgment & Lien Reporting-Consumers Win Big-Contact me for Details! Last month, a story about Equifax, Experian, and TransUnion’s decision to remove some judgment and lien information from consumer credit reports began making its way around the country. That decision comes as a small part of the, […]

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USDA Rural Development revises portions of handbook HB-1-3555-Procedure Notices 494 & 495- Effective Immediately

Rule Synopsis: USDA caps the maximum homeowner’s insurance deductible to the greater of either $1000 or 1% of the policy coverage! USDA Rural Development recently published revisions to portions of handbook HB-1-3555 via Procedure Notices 494 (published 1/27/2017) and 495 (published 3/15/2017). Of interest are changes to Chapter 16 and Chapter 6. There are few […]

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VA – Cursory Review Status in WebLGY- Circular 26-17-6 (Effective 2-14-2017)

Rule Synopsis: Effective immediately, the Staff Appraisal Reviewer (SAR) is required to identify whether he or she completed a cursory review by selecting “yes” or “no” in the new drop-down box found on the Save/Issue NOV screen in WebLGY. This circular is rescinded January 1, 2020. Interpretive CommentsSince most SARs are underwriters, this really isn’t […]

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FHA- New Loan Review System and Pre-Endorsement Mortgage Reviews for DE Authority- Mortgagee Letter 2017-08. Effective May 14, 2017

Rule Synopsis: The final date for lenders to obtain a Direct Endorsement Test Case phase approval letter to be able to submit mortgages for review pre-closing is May 14, 2017. Lenders who obtain a Direct Endorsement Test Case phase approval letter dated on or after May 15, 2017 will be subject to the new loan […]

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Freddie Mac-Important Browser Update (Effective 8-31-2017) | Changes to Password Reset Process (Effective 6-25-2017)

Rule Synopsis: Freddie Mac takes time out to address two housekeeping-related issues that are coming up in the summer of 2017. Important Internet Browser Update for Freddie Mac users that use Internet Explorer. Freddie makes it easier to reset your password. Interpretive CommentsInternet Explorer Information: Microsoft stopped supporting security updates or technical support for browser […]

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