Rules - November 10, 2017

NMLS-Annual Renewal – Begins November 1, 2018 – Ends December 31, 2018

Rule Synopsis: If you hold a State license, you are required to renew your license through the NMLS. The renewal period begins November 1 and ends on December 31, 2018. You will need to complete your education requirements, complete your annual attestation to verify that all the information on record is accurate and complete, and [...]

2018-09-25T19:40:52-05:00December 26th, 2017|

VA-Circular 26-17-34, Individual Condominium Loan Processing in the Department of Veterans Affairs (VA) WebLGY System-Dated-October 24, 2017

[Includes New MTP™, Condo Documents – VA Loans] Rule Synopsis: VA updates condo guidelines to require electronic documents list. I have a list of needed documents so call me! System changes occurred in WebLGY on October 6, 2017 that removed the fields for Condo IDs when ordering a VA Loan Identification Number (LIN)/Appraisal, as well [...]

2018-09-25T19:43:04-05:00December 26th, 2017|

Freddie Mac Issues Bulletin 2017-23 – Effective Immediately – May be delayed until January 18, 2018

[Updated Chart on 5/9/2018 – Student Loan Chart/Checklist- FHA/VA/USDA/Conventional Comparison] Rule Synopsis: Freddie Mac updates how they calculate Student loan payments when qualifying for a mortgage. Call me 1st for details. Freddie Mac makes changes to their selling guide. The topics in this bulletin that Mortgage Currentcy™ will cover are as follows: Calculating the DTI [...]

2018-09-25T19:44:11-05:00December 26th, 2017|

Fannie Mae Selling Guide Announcement SEL-2017-09 – Dated November 31, 2017-Effective Immediately

Rule Synopsis: Fannie Mae clarified-when a borrower is obligated on a mortgage & another party is making that payment, the lender may exclude the payment. Fannie Mae is updating their selling guide for five specific topics, plus three miscellaneous selling guide updates. This article will focus on the topics that benefit originators. For lenders that [...]

2018-09-25T21:00:31-05:00December 26th, 2017|

Fannie Mae FAQs for Uniform Residential Loan Application – Dated October 25, 2017

Rule Synopsis: Fannie Mae published an updated FAQ document for the new “Uniform Residential Loan Application” that is still being finalized and will be a requirement in the summer of 2019. The FAQ document is four pages in length and has 20 questions. This FAQ has seven updated questions and three new questions. Interpretive CommentsWe [...]

2018-09-25T21:01:16-05:00December 26th, 2017|