Rules – October 10, 2017

Fannie Mae and Freddie Mac Joint Announcement for URLA Implementation Guidance and Updates – Dated September 26, 2017-Effective Date-Voluntary Use-No Earlier than July 1, 2019 and Mandatory Use February 2020.

Rule Synopsis: 1003 / URLA / Form 1065 – AKA: The Loan Application. The agencies issue a joint announcement for implementation timeline update, to address the newest release of the Demographic Information Addendum and to promote the form itself. Interpretive CommentsRemember that the loan application has not had a major overhaul in approximately 20 years. [...]

2018-10-05T19:22:41-05:00November 4th, 2017|

CFPB-Fair Lending-Divorce and Marital Status-Getting it Right! 

[New Chart – Divorce Chart-Fannie-Freddie-FHA-VA-USDA] Rule Synopsis: Divorce and Separation are tough! Know your options for refinance or purchasing another home by contacting me first. As many of you know, making lending decisions based on Marital Status is prohibited under ECOA. When most mortgage professionals hear that, they immediately believe that they would never do [...]

2018-06-28T16:10:59-05:00November 4th, 2017|