Rules - November 10, 2016

NMLS – Criminal Background Checks for MU2 Filers and Accessing NMLS or NMLS Consumer Access – Release Notes 2016.3 – September 9, 2016

Rule Synopsis: This release mandates a key change for MU2 filers by requiring the following: Criminal Background Checks for MU2 Filers and Accessing NMLS or NMLS Consumer Access Congress recently amended the SAFE Act to authorize NMLS to process criminal background checks (CBC) for all other individuals beyond MLO’s in NMLS. Therefore, Regulators can now [...]

2018-10-27T22:36:29-05:00November 3rd, 2017|

FHA Condominium Project Approval – Owner Occupancy Requirement, ML 2016-15 (Effective October 26, 2016) 

[Updated Checklist, FHA Condo Approval Basic Requirements Checklist – Updated 10-26-16] AND [Updated Chart, Condo Eligibility Quick Comparison Reference Chart – FHA/VA/USDA/Fannie/Freddie – Updated 10-26-2016] Rule Synopsis: FHA lowers owner occupancy percentages for condo financing. However, the HOA must apply for the exception before they get an FHA loan! Effective immediately for all condominium project approval applications, recertification applications, [...]

2018-10-27T22:37:58-05:00November 3rd, 2017|

Freddie Mac – Revisions to Income Qualification Requirements – Bulletin 2016-19 (Effective July 2017)

Rule Synopsis: Freddie Mac issued bulletin 2016-10 to address major revisions to income qualification requirements and associated guidance. The changes are designed to provide more comprehensive guidance for Industry employment trends such as employment characteristics, the determination of stability and the calculation of earnings that fluctuate, and self-employment analysis. Broad overviews of income types and/or [...]

2018-10-27T22:38:51-05:00November 3rd, 2017|

Fannie – Collateral Underwriter Version 4.0 Release Notes & Collateral Underwriter FAQs – October 2016

Rule Synopsis: The information directly below addresses the enhancements that will be available with CU Version 4.0 when released in December. To remind you, this snippet is from last month’s article addressing the newly redesigned Collateral Underwriter: The redesign will make CU easier to use, and the updates include: New layout and new navigation tools. [...]

2018-10-27T22:39:40-05:00November 3rd, 2017|

Fannie – Condo Project Insurance Requirements; FAQs for Project Standards Requirements; Fannie Mae Ineligible Project Characteristics for Condos

Fannie Mae Condo Project Review and Insurance Requirements – Updated September 29, 2016 [UPDATED Mortgage Talking Points™, Fannie Condo Project Approval Rules – Updated 11-10-2016] AND [Mortgage Talking Points™, Fannie Prohibited Condo Projects] Rule Synopsis: Fannie Mae updates four different documents that provide guidance for properties in condominium projects. These materials include two FAQ documents, a fact sheet identifying ineligible [...]

2018-10-27T22:44:44-05:00November 3rd, 2017|