Rules - June 10, 2016

NMLS MCR Enhancements 2016 – NMLS Mortgage Call Report Updates and Changes (Effective 4-1-2016)

Rule Synopsis: Effective April 1, 2016, NMLS has made some changes to the NMLS Mortgage Call Report (MCR). The changes affect the Residential Mortgage Loan Activity (RMLA) and the Financial Condition (FC) components for both Standard and Expanded filers. Interpretive CommentsThe changes will affect the following reporting areas: MCR Print File Option: The system is [...]

2018-12-16T12:50:13-05:00November 3rd, 2017|

Fannie Mae FAQ’s for Underwriting Questions – Updated June 1, 2016

Rule Synopsis: Fannie – Gift funds from trusts or estate accounts are not considered an acceptable source of gift funds. The last time that Fannie Mae updated their underwriting questions was 2015. The questions – there are nine of them: Q1: Income from Distributions on a K-1. Can it be used as qualifying income?A1: No. [...]

2018-12-16T12:51:04-05:00November 3rd, 2017|

Fannie Homeownership Education and Counseling – FAQ and How It Affects HomeReady® Loans (Dated May 27, 2016)

Rule Synopsis: FAQ’s for the HomeReady® Education and Housing Counseling requirements are updated. The FAQ has 29 Questions and Answers related to this topic. Interpretive CommentsThis is a very interesting FAQ! When I first read the questions for this update I thought to myself, how do these new questions really benefit the industry? Seriously, it [...]

2018-12-16T12:41:37-05:00November 3rd, 2017|

Fannie Mae Updates HomeReady® Lender Fact Sheet; Product Matrix and an FAQ Document (Dated May 24, 2016 and June 2, 2016)

[Download Mortgage Talking PointsTM flyer, HomeReady™ Mortgages Using Fannie Mae Financing] Rule Synopsis: I’m scheduling education lunches for real estate agents who want to expand business using the HomeReady® program. Post below or email me. Fannie Mae updated key documents for the HomeReady® product line. In my review, there are no primary or riveting changes. [...]

2018-12-16T13:16:01-05:00November 3rd, 2017|

Fannie Mae – Student Loan Repayment Changes; Modifications to Single Close Construction Loans, Condo FAQ, Lender Self-Reporting Compliance – SEL-2016-04

Updated Chart on 5/9/2018 – Student Loan Chart/Checklist- FHA/VA/USDA/Conventional Comparison Rule Synopsis: Fannie Mae is updating their selling guide on various topics. These include the following updates (which are not all inclusive, as some apply to servicing or miscellaneous issues that are important only to actual seller/servicers): Modifications of Single-Closing Conversion of Construction-to-Perm Loans DU [...]

2018-05-10T14:16:29-05:00November 3rd, 2017|