Issue: Rules - February 10, 2017

USDA Manufactured Housing Unit Financing Pilot-502 Single-Family Housing Direct and Guaranteed-Existing (Effective Immediately)

[Mortgage Talking Points™, Quick Guide to USDA Rural Development Loans] Rule Synopsis: (Post only if you lend in one of the 8 states.) USDA has announced a new pilot program in selected states that will permit mortgage financing for existing manufactured homes! For mortgage loan originators that originate manufactured home loans, this is a huge announcement! […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

FHA Loan Review System – Implementation and Process Changes – Mortgagee Letter 2017-03. Dated January 11, 2017

Rule Synopsis: Effective Date: Not yet determined, but not before March 1, 2017. The New Loan Review System will be used to manage: Title II Single Family Loan Reviews, Title II Single Family Lender Monitoring Reviews, and lender self-reporting of fraud, misrepresentation and other material findings. The Loan Review System will not be used to […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

FHA – Suspension of Mortgagee Letter 2017-01 – Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance Premium (MIP) Rates, Mortgagee Letter 2017-07, January 20, 2017. 

[Updated Charts/Checklists – Updated 1-20-17 • FHA Simple Refinance Worksheet • FHA Streamline Refinance Worksheet • FHA Rate & Term Refinance Worksheet • FHA Cash-out Refinance Worksheet • FHA MI Historical Premium Chart • FHA Annual Mortgage Insurance Duration Chart ] Rule Synopsis: FHA suspends lower mortgage insurance premiums effective immediately! Mortgagee Letter 2017-01, reducing […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Freddie Mac – Loan Product Advisor Updates – UW Borrowers without Credit Scores; LPA Fees for Borrowers without Credit Scores; Proposed Release Date: April, 2017. Employment/Income Resource Document – Proposed Release Date – July 2017

Rule Synopsis: Freddie Mac will release an “Accept” rating for borrowers with no credit score that have other types of verifiable credit. Freddie Mac will be updating Loan Product Advisor. It is likely the update will take place in April 2017 based on other information within the contents of their announcement. The changes are meaningful. […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Fannie Mae-DO/DU Release Notes DU Version 10.0 – New Release scheduled for the weekend of February 25, 2017

Rule Synopsis: This article outlines the changes we can expect to see when DU 10.0 is updated over the February 25, 2017 weekend. DU validation service updates for income, employment and asset message updates Interpretive CommentsDU Validation Service Updates to Income, Employment and Asset Messages: The change is for an update to the reference numbers […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top