Rules – June 10, 2017

USDA Rural Development Revises Property & Appraisal Requirements – Handbook HB-1-3555 – Effective 5-17-17

Rule Synopsis: USDA Rural Development recently published revisions to portions of Handbook HB-1-3555 via Procedure Notices 498 (published 5/17/2017). While portions of Chapter 17 “Loan Servicing” and Chapter 18 Attachment A “Loss Mitigation Guide” were revised the most significant changes that impact loan originators are updates to Chapter 12 “Property and Appraisal Requirements”. We cannot [...]

2018-10-06T20:04:34-05:00November 4th, 2017|

Location of Comparables in VA Appraisal Reports – Cir 26-17-14

Rule Synopsis: This Circular provides clarification to VA Lender’s Handbook chapter 11, section 7, subsection e that states: “Comparable sales should be located as close to the subject as practical.” The acceptable distance requirements between the subject and comparable sale properties varies based on the individual property and comparable circumstances. It is acceptable for an [...]

2017-12-27T12:04:46-05:00November 4th, 2017|

FHA – DU For Government Loans – Undisclosed Mortgage Debt; Secondary Financing; Asset Calculations Formula Updated June 24, 2017

Rule Synopsis: Undisclosed Mortgage Debt Secondary Financing Asset Calculations Formula Interpretive CommentsDU for Government Loans will be updated the weekend of June 24, 2017. The following changes will be made: FHA Message Changes: The text of several messages will be updated, but the only message specifically mentioned is for undisclosed mortgage debt. While they don’t give [...]

2018-10-06T19:57:11-05:00November 4th, 2017|

Freddie – Updates Multiple Selling Guide Topics • Automated Collateral Evaluation (or ACE) – Effective 6-19-17 • Condos – Effective immediately & August 31, 2017 • Sales Contracts Amendments – Effective immediately • Accessory Units – Effective 8-31-17

Rule Synopsis: Freddie Mac issued bulletin 2017-3 to address changes to: Introduce new automated collateral evaluation (ACE) (like a PIW for Fannie) Eligibility Age of the ACE offer Changes to Condominium Projects Simplified requirements for detached condos Changes to list of ineligible projects Elimination of separate underwriting paths for streamlined project reviews Revisions of certain [...]

2018-10-06T19:58:11-05:00November 4th, 2017|

Freddie Mac Updates – Bulletin 2017-17

[Download UPDATED Mortgage Talking PointsTM flyer, HO-6 Condo Insurance Policy Simplified] Rule Synopsis: Mortgage Currentcy will address the issues that impact loan origination. Please refer to bulletin directly for issues related to servicers. Freddie Mac issued bulletin 2017-7 to address changes to: Expansion of collateral rep and warranty relief for: Cash-out refinances and special purpose cash-out refinances [...]

2018-10-06T19:59:50-05:00November 4th, 2017|