Rules – March 10, 2019

VA Announces Revision of Lenders Handbook Chapters 1, 4 and 11, Dated March 12, 2019, Chapter 1-Effective Immediately-Chapters 4 & 11 – Effective May 23, 2019. -NEW Chart – New Chart- Comparison of Previous Chapter 4 (Credit Underwriting) Guideline vs. New Guideline

Written By: Tracey Rumsey, Staff Writer VA announced at the Lenders Conference in April of 2018 that they would be revising both Chapters 4 and 10 of the VA Lenders Handbook.  Based on the information from that conference we provided you with some charts regarding those changes.  The article from May of 2018 is linked [...]

2019-03-21T17:46:06-05:00March 15th, 2019|

Urgent FHA Update FHA Info #19-07 – Dated March 14, 2019

OBTAIN YOUR FHA CASE NUMBERS FOR FILES IN PROCESS PRIOR TO MARCH 18, 2019 IF POSSIBLE TO AVOID NEW, MORE STRINGENT UNDERWRITING EVALUATION STANDARDS BEING IMPLEMENTED IN TOTAL SCORECARD. FHA just released announcement INFO#19-07 that states the following:FHA’s TOTAL Mortgage Scorecard updates begin to address the concerns with mortgages with higher-risk characteristics — particularly when [...]

2019-03-14T19:17:30-05:00March 14th, 2019|

Freddie Mac – Sweat Equity Can Increase Homeownership – Dated February 7, 2019 – UPDATED MTP™- No Down Payment – Use Sweat Equity – NEW MTP™ and Chart – Sweat Equity Diagram – HomePossible®

Written By: Lloyd Rutherford, Staff Writer Some people are pretty handy when it comes to home improvement, and if they happen to be the one purchasing a home, this program may work quite well for them. Rule Synopsis: Freddie Mac introduced many enhancements for Sweat Equity as an eligible source of funds for down payment [...]

2019-03-11T09:18:39-05:00March 10th, 2019|

Freddie Mac – Multiple Selling Guide Updates – Bulletin 2019-5 – Dated March 6, 2019 – Updated-Divorced & Separated Borrowers Chart – All Agencies

Written By: Lloyd Rutherford, Staff Writer This is a big update with a lot of important changes from Freddie Mac.  Take the time to digest the upcoming rule changes by reading through this article and the accompanying bulletin. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will [...]

2019-03-10T14:30:04-05:00March 10th, 2019|

Compliance – Best Practices to Prevent Phishing & Wire Fraud [NEW Mortgage Talking Points™ – Consumer Awareness Fact Sheet – Wire Fraud]

Written By: Tammy Butler, Master CMB Wire Fraud is one of the biggest issues in our industry, and it is doubling each year.  Read our interview with an industry subject matter expert who offers sage advice on how to prevent security issues with your business. Interpretive Comments: Once upon a time, our biggest Internet aggravation [...]

2019-03-10T14:12:28-05:00March 10th, 2019|