Issue: 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 […]

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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 […]

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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 […]

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Fannie Mae Selling Notice for HomeReady® Income Limit Increase for 2018 – Dated May 22, 2018

By: Lloyd Rutherford, Staff Writer Fannie Mae is increasing income limits for the HomeReady program.  If you work with HomeReady buyers or would like to learn more about this program, this is an important update with many resources attached. Rule Synopsis: Area Median Income Limits (AMI) will go into effect for new DU casefiles for […]

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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 […]

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