Issue: Rules – March 10, 2017

USDA Rural Development Rolls Out 28 Online Origination Training Modules

Rule Synopsis: USDA Rural Development Single Family Housing Guaranteed Loan Division announced the release of 28 new origination training modules February 28, 2017. These on-demand trainings are available online 24 hours a day. Each “webcast” presentation includes training handouts available in three formats. One full-size slide per page, Two slides per page, and Slide with […]

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Freddie Mac Revisions to Income & Asset Requirements Bulletin 2016-19 – Effective for loans with settlement dates July 6, 2017 or after.

Rule Synopsis: Attention Real Estate Agents! Freddie allows your commission to be used as an asset when purchasing property! Call me for details. Freddie Mac has updated Loan Product Advisor. You may have already seen the new messaging. Remember that this is a very major update and the changes are meaningful. The changes being made […]

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Fannie Mae-DO/DU Release Notes – Income & Employment Messages Updated – DU Version 10.0 – Dated February 21, 2017 – Scheduled to release March 25-2017

Rule Synopsis: This article outlines the changes we can expect to see when DU 10.0 is updated over the March 25, 2017 weekend. DU Validation Service Updates for: Income and Employment Message Updates Income Calculation Update DU Message Update 4506-T Message These changes will apply to loan casefiles submitted or resubmitted after the weekend of […]

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Fannie Mae-DU Validation Service – New FAQ’s & Approved Vendor List – Validation Service FAQ (Updated 2-14-2017) | Property Inspection Waiver FAQs (Updated 2-18-2017) | Updated List of Approved Report Vendors for Day 1 Certainty (Dated 3-3-2017)

Rule Synopsis: Fannie Mae updates two FAQ documents, one for their Day 1 Certainty process and the other t o cover changes to their Property Inspection Waiver process (PIW). They have also updated their list of approved vendors for DU Validation Service (aka Day 1 Certainty). The DU Validation Service was released on December 10, […]

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Fannie Mae Selling Guide- Announcement SEL-2017-02 (Effective 2-28-2017) Market Rent Calculations | 4506-T with Validated Income | Required Homebuyer Counseling

Rule Synopsis: Effective immediately, when using lease agreements for Fannie Mae, you can use 75% of lease to qualify. Contact me for details. Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Guide Announcement are: IRS […]

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