Issue: Rules – August 10, 2017

VA-Circular 26-17-19, Clarification of Individual Water Supply System Testing, Dated July 19, 2017 

[Download UPDATED Mortgage Talking PointsTM flyer, Water Test Standards-All Agencies] Rule Synopsis: I have a great chart that states the water testing requirements for all agencies. Let me know if you want it! This circular updates and clarifies VA’s policy regarding testing of individual water supply systems. Effective July 19, 2017: Testing must be performed by a […]

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VA-Circular 26-17-18, Procedures for Improving Communication with Fee Appraisers in Regards to the Tidewater Process, Dated-July 19, 2017 

[Download NEW MTPTM flyer, VA Appraiser Process for Requesting Additional Sales Data] Rule Synopsis: In areas where home prices are going up fast, VA reminds lenders/Realtors what they need to assist the appraiser. Call for list! This circular enforces and re-affirms an already-existing VA Tidewater process announced in Circular 26-03-11 in 2003. This process allows appraisers to […]

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FHA Info #17-27-Help with FHA’s Electronic Appraisal Delivery Portal [EAD]

Rule Synopsis: This announcement provides information about FHA Connection (FHAC) user IDs and avoiding lockout; The top five hard stops in the system and how to clear them; and The new Electronic Appraisal Delivery (EAD) Portal guides that are now available. Interpretive CommentsFHA Connection User IDs You must sign on to FHAC every 90 days […]

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Freddie Mac Bulletin 2017-12 – Dated August 9, 2017-Effective Immediately but must be used for loans closed after February 9, 2018

Rule Synopsis: Freddie Mac announces big changes in how lenders calculate rental income. Contact me for details! Freddie Mac issued bulletin 2017-12 to address changes to: Revisions to Rental Income Self-Employed Income Updates Interpretive CommentsThese are comprehensive changes. I can really only scratch and cover the surface based on the extensive changes introduced regarding rental […]

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Freddie Mac Bulletin 2017-11 – Dated July 26, 2017 and Freddie Mac Industry Letter Dated July 6, 2017 – Effective November 1, 2017 Loan Must be Closed, Funded & Sold

Rule Synopsis: Freddie Mac says “no”; lenders cannot use premium pricing on their 1% down/2% lender grant program. Freddie Mac issued the industry letter identified above, and followed it up just three short weeks later on July 26, 2017 with a Selling Guide Bulletin also identified above. What could be so important? Lender Gifts and […]

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