Rules – December 10, 2017

VA-Circular 26-17-36, WebLGY System Enhancements for Certificate of Eligibility (COE) Processing-Dated November 16, 2017

Rule Synopsis: VA processes over 1 million COE requests for active duty and discharged Veterans each year. Currently, 64 percent of COE decisions are completed instantly. The WebLGY system enhancements will improve COE timeliness and accuracy by matching requests more effectively with VA and military records and funding fee exemptions. Effective Date: Enhancements to the [...]

2018-09-25T19:13:15-05:00December 28th, 2017|

FHA-Mortgagee Letter 2017-16, 2018 Nationwide Forward Mortgage Limits, December 7, 2017 Mortgagee Letter 2017-17, 2018 Nationwide Home Equity Conversion Mortgage (HECM) Limits, December 7, 2017-Effective January 1, 2018

Rule Synopsis: FHA Announces Loan Limits Updates! Contact me for the new limits in your area. Effective Date The mortgage limits announced in the letters are effective for all case numbers assigned on or after January 1, 2018. Forward Mortgages For calendar year 2018, there are increases across the board for ‘floor and ceiling’ limits [...]

2018-09-25T19:15:23-05:00December 28th, 2017|

FHA-Mortgagee Letter 2017-18, Property Assessed Clean Energy (PACE)-Dated December 7, 2017-Effective for case numbers assigned on or after January 7, 2018

[Updated MTP™, Solar Panel Obligations] Rule Synopsis: FHA will no longer allow PACE obligations to remain on a property when the borrower is seeking FHA financing. HECMs are not affected. Effective for all case numbers assigned on or after 30 days after the date of this Mortgagee Letter FHA will: no longer insure Title II [...]

2018-09-25T19:16:57-05:00December 28th, 2017|

Freddie Mac-Bulletin-2017-26-Dated November 15-2017-Updates Effective Immediately- Texas Section 50(a)(6) ARMs Effective January 1, 2018

Rule Synopsis: Freddie Mac will now allow ARMs for Texas 50(a)(6) mortgages. Contact me for details. Freddie Mac makes changes to their selling guide. The topics in this bulletin that Mortgage Currentcy will cover are as follows: 5/5 ARMs eligible for additional mortgage products. Removing requirement that all income reported on 1003 for Home Possible [...]

2018-09-25T20:58:36-05:00December 28th, 2017|

Freddie Mac Announcement – Freddie Mac HFA Advantage® Program Update in Loan Product Advisor® – Dated December 01, 2017

[New MTP™ – FHA Financing – A Great Alternative to Assist More Buyers! AND NEW CHART – Fannie vs. Freddie HFA Comparison] Rule Synopsis: Spectacular new programs hitting the mortgage market that allow flexibility in down payment, closing costs and MI. Contact me for details! Freddie Mac updated Loan Product Advisor (LPA) to support their [...]

2018-09-25T19:27:18-05:00December 28th, 2017|