Issue: Rules - July 10, 2016

USDA RD Updates Income Limits for 2016 (Effective 6-15-2016)

[Download USDA Income Limits Chart – Effective 6-15-2016] Rule Synopsis: On June 15, 2016, USDA Rural Development published the 2016 Income Limits for the Single Family Guaranteed Loan Program. The Guaranteed Underwriting System (GUS) and the Income Eligibility calculator have been updated to use the new income limits. The updated Income limits can be found […]

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VA, Credit Report and Automated Underwriting System (AUS) Fee Policy, Circular 26-14-36, Chg 1 (Effective June 28, 2016)

Rule Synopsis: The purpose of this Circular is to clarify credit report invoice requirements, update a form’s title, and extend the rescission date of the basic Circular (26-14-36). Circular 26-14-36, is changed as follows: Page 1 and 2: Replace “HUD-1” with “Closing Disclosure” Page 1, Section 3: Insert “b. When the credit report has the […]

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Freddie Mac Announces Release Date for Loan Advisor Suite – Launch Date July 11, 2016

Rule Synopsis: Freddie Mac is ready to release the Loan Product Advisor and their entire Suite of tools to enhance delivery, selling and servicing requirements – scheduled for July 11, 2016. As a reminder of what is coming: Freddie Mac created the “Loan Advisor Suite” which is a suite of tools to better manage all […]

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Freddie Mac- Financed MI LTV, Restructured Mortgage, HomePossible™, Homeownership Counseling, Properties with Resale Restrictions. Bulletin 2016-11 – Dated June 15, 2016

Rule Synopsis: Freddie Mac allows Financed MI on 1-4 Unit Properties effective July 25, 2016. Freddie Mac issued bulletin 2016-11 to cover four primary changes for entities that originate and deliver loans to Freddie Mac. The selling guide topics that are relevant from this bulletin are: 1. Financed MI Premiumsa. Improvement from current guidelines2. Restructured […]

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Freddie Mac – New ARM Notes and Riders, HomePossible™ Updates, Area Median Income, – Bulletin 2016-12 – Dated June 29, 2016

Rule Synopsis: Area Median Income limits have been updated-Contact me for new information! Freddie Mac issued bulletin 2016-12 to cover three important and coming changes for entities that originate and deliver loans to Freddie Mac. The selling guide topics that are relevant from this bulletin are: 1. ARM Lifetime Floor and New Notes and Ridersa. […]

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