Issue: Rules – February 10, 2021

USDA Makes Major Revisions to Chapter 6 – Loan Purposes Handbook

Written by: David Hail, Staff Writer USDA made some massive changes with this update, so be sure to read through this article and the new charts if you offer USDA financing. NEW Chart – Refinance Comparison – USDA NEW Checklist – Loan Origination Checklist – USDA Updated Chart – Refinance Loans – All Agency Guidance […]

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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 and changes to our charts, checklist, and MTPs that are changed each month due to guideline updates. What Was Added This Month! Charts & Checklists: Found […]

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VA Loan Limits – VA Circular 26-21-01- Effective January 1, 2021.

Written by: Tracey Rumsey, Staff Writer Prior to 2019, VA had loan limit ceilings.  The Blue Water Navy Vietnam Veterans Act of 2019 was a game-changer for Veterans and loan limits. Read this article to update your knowledge for 2021 limits. Rule Synopsis: Effective date January 1, 2021 Summary Veterans with Full Entitlement The Blue […]

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Fannie Mae Selling Guide Updates – SEL-2021-01 – Dated February 3, 2021

Written by: Lloyd Rutherford, Staff Writer UPDATED – Mortgage Currentcy Income Analyzer Charts – Seasonal Income – All Agencies & Part-Time Secondary Income – All Agencies The Fannie Mae selling guide updates are a must read, as they contain the rule changes to guidelines each month.  This quick read allows you to update your knowledge […]

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FHA HECM Updates

Written by: Melinda Hipp, Staff Writer Industry News: The year of 2020 saw an increase in HECM endorsements, rounding out to FY 2020–41,859.  This is an increase of 34% from 2019 – a good indication that home equity is on the rise. Speaking of home equity, a recent update from HUD shows that home equity […]

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