Rules – January 10, 2017

FHA Timeframe for Conducting Pre-Endorsement Mortgage Reviews for Unconditional Direct Endorsement Authority, Mortgagee Letter 2016-21, Direct Endorsement Program – December 14, 2016 [Effective April 1, 2017]

Rule Synopsis: Effective Date For Lenders entering the Direct Endorsement (DE) Unconditional Authority Test Case process on or after April 1, 2017. New Post-Closing Review Changes Timeframe: Lenders seeking their DE Unconditional Authority who receive a DE program Test Case phase approval letter dated on or after April 1, 2017, must submit all Test Case binders [...]

2018-10-27T21:53:22-05:00November 4th, 2017|

Fannie – DU for Government Loans Release Notes – Loan Limits dated December 20, 2016 – New Release scheduled for the weekend of January 21, 2017

Rule Synopsis: This article outlines the changes we can expect to see when DU for Government Loans is updated over the January 21, 2017 weekend. Interpretive CommentsI am a bit surprised that DU for Government loans won’t be updated until January 21, 2017, considering they went into effect January 1, 2017. These changes are designed [...]

2018-10-27T21:59:39-05:00November 4th, 2017|

Fannie Mae “Certainty on Appraised Value” FAQ – Dated December 10, 2016

Rule Synopsis: Fannie Mae publishes their FAQ document to address questions created due to their Day 1 Certainty launch. The FAQ document is three pages in length and has eight questions that directly address the value offered by this service. Interpretive CommentsDay 1 Certainty for the appraised value must not be confused with the Property [...]

2018-10-27T22:00:19-05:00November 4th, 2017|

Fannie-DU Validation Service – Frequently Asked Questions (Updated December 13, 2016)

Rule Synopsis: The DU Validation Service was released on December 10, 2016 and includes validation options for employment, income and asset verifications through third-party vendors. Fannie Mae issued a FAQ document with 55 questions when it was launched and has now added to these questions with 12 new questions and 2 updated questions. Interpretive CommentsThe [...]

2018-10-27T22:01:03-05:00November 4th, 2017|