Rules - October 10. 2016

VA Annual Increase in Construction Cost Index and Specially Adapted Housing (SAH), Special Housing Adaptations (SHA), and Temporary Residence Adaptations (TRA) Grants, Circular 26-16-27 – Effective October 1, 2016

Rule Synopsis: VA issues their updated grant amounts for disabled veterans seeking to fix up their home or buy a home that needs updating. Contact me! Effective October 1, 2016, the Department of Veterans Affairs (VA) announces that the SAH, SHA, and TRA grant amounts will increase. The maximum grant amounts for Veterans and Service [...]

2018-10-28T15:07:40-05:00November 3rd, 2017|

FHA 4000.1 Transmittal – Dated September 30 2016

[Download UPDATED Chart – FHA TOTAL Mortgage Scorecard – List of Conditions Requiring Mandatory Downgrade – Updated 10-10-2016]Rule Synopsis: FHA updates underwriting manual, adds requirement for contract addendums for homes with water purification systems. Call me! Since its September 2015 debut, the FHA 4000.1 Single Family Handbook has had 4 updates. Each update incorporates new [...]

2018-10-28T15:08:47-05:00November 3rd, 2017|

Freddie Mac Lender Gifts & Grants – Home Possible® Mortgage – Lender Letter (Effective 9-20-2016)

Rule Synopsis: Freddie Mac issued this industry letter to immediately suspend and prohibit lenders from using their own lender gift or grant programs as an eligible source of funds for Freddie Mac Home Possible® Mortgages. Interpretive CommentsWhy did this happen? Freddie Mac realized they had a loophole in their eligible sources of funds that allows [...]

2018-10-28T15:09:35-05:00November 3rd, 2017|

Fannie Mae – Collateral Underwriter™ Redesigned Appraisal Risk Assessment Pages – Dated August 30, 2016

Rule Synopsis: Fannie Mae will release the redesigned Collateral Underwriter® (CU)™ during the 4th quarter of 2016. Mortgage Currentcy will update you when Fannie Mae announces the specific date of the release. The redesign will make CU easier to use, and the updates include: New layout and new navigation tools A new one-page overview with [...]

2018-10-28T15:10:28-05:00November 3rd, 2017|

Fannie Mae – DU Red Flag Messages – Dated August 19, 2016

Rule Synopsis: Fannie Mae creates a matrix that outlines the potential red flags that may occur across a variety of topics when running loans through desktop underwriter. Interpretive CommentsThe matrix was designed to help lenders, origination and operational staff understand the reasons behind the Red Flag message. They offer solutions in each column addressing their [...]

2018-10-28T15:11:05-05:00November 3rd, 2017|