Rules – June 10, 2018

Fannie Mae Selling Guide Announcement SEL-2018-05 – Dated June 5, 2018 – NEW CHART-Manufactured Homes-All Agencies-UPDATED Chart-Condo Project Reference Chart-UPDATED MTPs™ Fannie Condo Project Approval Rules-Fannie Prohibited Condos, NEW MTP™ – Manufactured Homes Back in Fashion

By: Lloyd Rutherford, Staff Writer Manufactured Homes are becoming a strong and viable alternative in areas where prices have become unaffordable for many buyers.  The new options in this sector are looking pretty nice, and gone are many of the “old stigmas” about manufactured housing.  All originators should take a look at this update to [...]

2018-07-10T10:49:57-05:00July 6th, 2018|

USDA Updates Income Eligibility Effective June 13, 2018

By: David Hail, Staff Writer USDA issued an important update regarding income limit eligibility. Subscribers Originating or Underwriting USDA loans should read this important update along with the new income limit maps. Mortgage Currentcy has posted this update along with the PDF you will need to ensure that your USDA loans meet current eligibility. The [...]

2018-06-14T12:40:44-05:00June 14th, 2018|

CFPB Data point: 2017 Mortgage Market Activity and Trends, May 7, 2018

By: Tammy Butler, Master CMB The CFPB released its first Data Point Analysis Document using HMDA data.  This is our first peek into what they are looking for in lender HMDA data.  Paying attention to this report is very telling as to how mortgage lenders are likely to be evaluated as the new 2018 data [...]

2018-06-11T10:42:40-05:00June 11th, 2018|

VA – Changes to Processing Site Condominiums Located in the State of Michigan, VA Circular 26-18-12, May 24, 2018-Effective Immediately

By: Tracey Rumsey, Staff Writer If you offer loans in the State of Michigan and are a VA lender, this is an important update that will affect your origination and policy in that state. Rule Synopsis: Effective immediately, site condominiums in the state of Michigan will be processed in the same manner as a single-family [...]

2018-06-11T10:43:42-05:00June 11th, 2018|