FHA announced a HUGE update to their Condo guidelines, including a new condo section of the 4000.1 manual. As announced in FHA INFO #19-41, new condo project approval requirements are effective for case number assignments as of October 15, 2019. In the September Rules Issue, [Linked Here] our expert discussed these changes, and created new charts [...]
In each Rules Issue, we post “What was Added and What Was Changed!” This helps our subscribers stay up to date on all of the additions and chart/checklist/MTPs and other documents that we change each month, based on the new guidelines issued by the agencies. What Was Added This Month Charts & Checklists: Earnest Money [...]
Written by: Lloyd Rutherford, Staff Writer Wow! Big update from Freddie Mac this month. There are lots of little details so make sure that you read through this update carefully! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The [...]
Written by: David Hail, Staff Writer Calculating the correct student loan payment for a mortgage applicant can be a moving target depending on the guidelines. With this update, USDA makes a huge change in the way lenders are instructed to calculate a student loan payment for a client. Rule Synopsis: On September 23, 2019 USDA [...]
Written by: Lloyd Rutherford, Staff Writer Rule Synopsis: Freddie Mac issues their third edition of “True Lies”, which focuses on uncovering and exposing various schemes across the country that lead to closed loans, putting the lender and many other industry participants at risk. This edition exposes loans approved with “Suspiciously Similar Paystubs”. Interpretive Comments: Can [...]