Issue: Rules – May 10, 2017

NMLS – State-Specific Education Requirements – PE and CE (Effective March 29, 2017)

Rule Synopsis: NMLS updates each state’s S.A.F.E. educational requirements effective 3-29-17. Interpretive CommentsNMLS keeps track of state requirements and has provided a one-page list of each state’s PE and CE hours required. Scroll down the attached document, search “By State,” and you will find an outline of the required number of Pre-licensing hours, CE hours […]

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VA Requirements for the Closing Disclosure Form – Cir 26-17-11 (Effective July 2, 2017)

Rule Synopsis: Effective for all loan applications dated on or after July 2, 2017, the instruction detailed in this Circular for completing the TRID-CD must be followed. Loan applications dated previous to July 2, 2017 may continue to use the instructions provided in Circular 26-16-11. This Circular generally repeats the instruction previously provided in Circular […]

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VA Clarification for Completion of the IRRRL Worksheet – Cir 26-17-12 (Effective July 2, 2017)

Rule Synopsis: Effective for all loan applications dated on or after July 2, 2017. the instructions detailed in this Circular will apply. This circular clarifies and establishes VA policy for completing the VA Form 26-8923 IRRRL Worksheet regarding the following specific topics: Amount of the existing loan balance allowable (Line 1). Principal reduction from Veteran […]

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Freddie Mac Updates FAQs for Loan Collateral Advisor and Feedback Messages Outline

Rule Synopsis: Freddie Mac is capitalizing on one of its newest Loan Advisor Suite of products: the Loan Collateral Advisor. Freddie recently introduced rep and warranty relief for lenders that use Loan Collateral Advisor. This was announced by Freddie Mac in their bulletin numbered 2017-3 Freddie now has an FAQ site for Loan Collateral Advisor […]

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Fannie – New FAQ for Student Loan Solutions and Debts Paid by Others (Effective April 25, 2017)

Rule Synopsis: On April 25, 2017 Fannie Mae issued SEL-2017-4 to address a variety of topics. Two of those topics addressed new enhanced guidelines for student loan repayment options and debts paid by others. Fannie Mae has already been hit with a number of questions and immediately responded with an FAQ document to address these […]

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