Issue: Rules – June 10, 2019

Fannie Mae Lender Letter LL-2019-06 – Dated June 5, 2019 – Effective July 20, 2019

Written by: Lloyd Rutherford, Staff Writer If you work with the HomeReady program, this is an update that may blow up your loans if you do not pay attention. Severe changes to this program will soon go into effect. Rule Synopsis: This is a big change to the HomeReady product line, impacting both the income […]

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Freddie Mac – FAQ’s: Single Family Website Redesign – May 2019

Written by: Lloyd Rutherford, Staff Writer Freddie Mac is taking the time and effort to make searching for a guideline easier than before. If you work with Freddie Mac, read through this article to find out how they are reshaping their guideline portal. Rule Synopsis: Freddie Mac releases an FAQ for questions relating to their […]

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NEW Extenuating Circumstances – All Agency Comparison Chart

Written by: Tracey Rumsey, Staff Writer Life happens, Sometimes Life Throws a Curve Ball & Disrupts a Client’s Credit History! Read this article and check out our new chart to be the hero to more clients. Interpretive Comments: Borrowers who have had more recent major derogatory credit issues that prevent them from receiving an automated […]

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Fannie Mae Issues Updated Fact Sheet(s) for their PERS Process – Dated May 2019

Written by: Lloyd Rutherford, Staff Writer Condominium approvals are not for the faint of heart. In this update, Fannie Mae give you some tips to make the complex less complex. Rule Synopsis: Fannie Mae has updated their PERS Eligibility Overview and “Getting Started” Guide. The “Getting Started” Guide outlines the process of collection of documents […]

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Universal – Alternatives to the Traditional LOS System? An Insights Report from STRATMOR Group

Written By:  Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements.  In this update the bureau addresses, construction loans. Interpretive Comments: Collecting data and watching for trends in our industry is one of the many tasks performed by STRATMOR Group, a mortgage industry advisory firm.  […]

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