Issue: Rules – May 10, 2020

USDA RD Increases Income Limits for 2020

Written by: David Hail, Staff Writer Income limits have increased for USDA 2020.  If you work with these types of loans you will need to read through this article and bookmark the new guides. Rule Synopsis: On May 5, 2020 USDA Rural Development published the 2020 Income Limits for the Single-Family Guaranteed Loan Program. The […]

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Fannie Mae and Freddie Mac Announce the Delay of the “Go Live” Date for New Redesigned 1003 – Dated April 14, 2020

Written by: Lloyd Rutherford, Staff Writer Here we go again! The timeline for the New 1003 has been revised due to the Pandemic.  Read through this article for important date changes. Rule Synopsis: Fannie Mae and Freddie Mac announce the delay of the “Go Live” date for mandatory use of the updated and redesigned URLA […]

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Freddie Mac – Bulletin 2020-13 – Dated April 22, 2020 -Income Requirements and ARMs

Written by: Lloyd Rutherford, Staff Writer This is an important update regarding income requirement changes for Freddie Mac. In this update they retract a change made last year, so be sure that you read this article to understand the change! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This […]

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Consumer Financial Protection Bureau Announces Relief Options for Rescission Periods (Reg Z + TILA), TRID Rule Waiting Periods (TRID + Reg Z) and Delivery of Appraisals (ECOA Valuations Rule) – Dated April 29, 2020

Written by: Lloyd Rutherford, Staff Writer No matter how long you have been in the industry, the COVID-19 Pandemic is a first for all of us including the CFPB.  To offer consumers relief, the CFPB has added guidance to allow lenders some flexibility during this time.  All originators should read through these changes so that […]

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Fannie Mae – DU/DO Release Notes DU Version 10.3 May 2020 Update – Dated April 15, 2020 – Effective May 16, 2020

Written by: Lloyd Rutherford, Staff Writer The more that you know about how to use DU/DO, the more success you will have when you try to get a loan approved.  Take advantage of our expert’s notes in this article. Rule Synopsis: Fannie Mae announces an update to DU Version 10.3. The changes in this release […]

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