Issue: Rules – February 10, 2020

What Was Added? What Was Changed? On Mortgage Currentcy This Month!

In each Rules Issue, we post “What was Added and What Was Changed!”  This helps our subscribers stay up to date on all of the additions to the site as well as changes to our charts, checklist, and MTPs that are changed each month, due to guideline updates. What Was Added This Month! Mortgage Currentcy […]

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VA Guaranteeing Two Different Down Payment Calculations Under New Rules!

Written by: Tracey Rumsey, Staff Writer Mortgage Currentcy has uncovered a variation in VA down payment calculations when using partial eligibility.  There is a BIG difference in the down payment required, so read through this to find out more. Rule Synopsis: The Blue Water Act was applauded for assisting Veteran clients in higher cost areas, […]

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Freddie Mac – LPA Feedback Message Updates – Effective March 29, 2020

Written by: Lloyd Rutherford, Staff Writer LPA [Loan Product Advisor] continues to become more sophisticated to assist lenders in avoiding mistakes that result in denied loans or buybacks.  Read through this article to learn the new feedback messages being adopted by Freddie Mac in March. Rule Synopsis: Freddie Issues notification that they are updating Feedback […]

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CFPB Announces Policy Regarding Prohibition on Abusive Acts or Practices – Dated January 24, 2020

Written by: Lloyd Rutherford, Staff Writer There has been a lot of uncertainty as to what practices were considered “abusive” to consumers.  This update outlines the changes that have been made by the CFPB to help the industry consider their practices in business and marketing. Rule Synopsis: The CFPB (by way of this policy statement) […]

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Freddie Mac Postpones Income Changes Addressed in Bulletin 2019-20 – Postponed to July 2020

Written by: Lloyd Rutherford, Staff Writer It looks like Freddie Mac has received industry feedback that caused them to reconsider the timing of their new income guidelines.  Read through this article for the latest updates about how it may impact your business. Rule Synopsis: Freddie Mac is postponing the income changes they proposed in Bulletin […]

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