Rules - February 10, 2018

Working With Visa Status Borrowers [New Chart-Visa Status Reference-New Chart-Visa StatusTerminology-New Chart-Visa Classifications That Allow You to Work in the U.S.]

By: Tammy Butler, Master CMB Working with Visa Status borrowers can be a daunting task if you are not familiar with the terminology, what statuses may work and live in the US, and how to count income and probability of income. Compound that with the lack of guidance from the agencies and the varying interpretations [...]

2018-06-01T13:04:33-05:00February 9th, 2018|

USDA-Rule Update Alert!

By: David Hail, Staff Writer Rule Synopsis: The Single Family Housing Guaranteed Loan Program suspended the requirement of Internal Revenue Service (IRS) Form 4506-T for all adult household members until further notice.  The suspension is effective December 21, 2017 and applies to all final GUS and manually underwritten loan submissions to USDA. Supporting Resource: USDA-Suspension [...]

2018-06-01T13:05:07-05:00February 9th, 2018|

VA-Circular 26-18-1, Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRL)

By: Tracey Rumsey, Staff Writer VA has issued policy guidance for VA IRRRL loans and updated disclosure requirements.  Be sure to read this update to ensure that you understand the timing on required disclosures. Rule Synopsis: Beginning with loans closed on or after April 1, 2018 lenders should provide to the Veteran the initial Veteran’s [...]

2018-06-01T13:05:41-05:00February 9th, 2018|

Fannie Mae DU Validation Service FAQ’s – Updated January 16, 2018

By: Lloyd Rutherford, Staff Writer Using DU can be a complete pleasure or a real pain!  As lenders have questions, Fannie releases updated DU Validation Service FAQs.  It’s important to read through these as they are issued to correct any issues you may be having. Rule Synopsis: Fannie Mae updated their DU Validation FAQ document. [...]

2018-06-01T13:06:33-05:00February 9th, 2018|

Freddie Mac-Bulletin 2018-1 – Dated January 31, 2018-May Implement Immediately-Must Implement by November 30, 2018

By: Lloyd Rutherford, Staff Writer This is an important update if you work with clients using rental income.  Previous bulletins issued referred to a must implement date that has now been changed. Read this update to understand how it may affect your clients and the investors you use. Rule Synopsis: Freddie Mac issues bulletin 2018-1 [...]

2018-06-01T13:07:08-05:00February 9th, 2018|