Rules - August 10, 2016

VA Funding Fee Clarification, Circular 26-16-21 (Effective 7-26-16)

  [Download UPDATED Chart – VA Guaranteed Loan Fee Structure – Effective 7-26-16] Rule Synopsis: This Circular is intended to provide industry-requested clarification of funding fee percentages for cash-out refinances. Exhibit A details funding fees in effect for loans closed on or after November 22, 2011, and before September 30, 2024. For Regular (Cash-Out) Refinances [...]

2018-11-26T19:44:57-05:00November 3rd, 2017|

VA Property-Assessed Clean Energy (PACE) Loan Processing, July 19, 2016 – VA Circular 26-16-18 (Effective Immediately)

Rule Synopsis:VA updates PACE guidelines for the sale and purchase of properties that have used these energy programs. The purpose of this Circular is to clarify loan processing when a property is subject to a PACE obligation. Properties that are or will remain encumbered with a PACE obligation may be eligible for VA-guaranteed financing provided [...]

2018-11-26T19:46:10-05:00November 3rd, 2017|

FHA Property-Assessed Clean Energy (PACE) Loan Processing – ML 2016-11 9Effective September 16, 2016)

Rule Synopsis: FHA Issues new PACE guidelines. Easier to close Energy Efficient Homes that have a PACE loan. Effective for all case numbers assigned on or after 60 days from the date of this Mortgagee Letter; however, lenders may choose to implement immediately. Properties that will remain encumbered with a PACE obligation may be eligible [...]

2018-11-26T19:53:29-05:00November 3rd, 2017|

Freddie Mac News Center & Job Aid Information Loan Product Advisor & Cash to Close Clarified (Effective 7-26-2016)

Rule Synopsis: Freddie Mac enhanced and updated their cash-to-close feature within Loan Product Advisor. A job aid was created to help navigate and understand the various components that make up this feature. The job aid was developed by Freddie Mac to help you interpret and understand the impact to the feedback certificate, with tips on [...]

2018-11-26T19:54:25-05:00November 3rd, 2017|

Fannie Mae HomeReady® Enhancements – SEL-2016-06 (Effective 7-26-2016)

Rule Synopsis: Fannie Mae updates HomeReady® again! Educational requirement changes and occupant borrowers can own other property! Fannie Mae is updating their selling guide with a specific focus on the HomeReady® product. These include the following updates, some of which are available immediately and others that will follow later this year. No date has been [...]

2017-12-27T12:31:27-05:00November 3rd, 2017|