VA-Revision of Lenders Handbook-Chapter 7 [Loans Requiring Special UW] and Chapter 10 [Property Eligibility & Appraisals] Dated March 19, 2019 – Effective June 9, 2019

Written By: Tracey Rumsey, Staff Writer Heads Up VA originators, processors, underwriters and operations staff.  VA has lined up major changes that anyone touching a VA file needs to be aware of.  Read through this update where we specifically address Chapter updates 7 & 10. Rule Synopsis: VA announced at the Lenders Conference in April [...]

2019-04-09T12:52:30-05:00April 10th, 2019|

VA – Appraisals – Tidewater Process: What is the “Tidewater Process” for VA Loans?

Answer: VA has a process called “Tidewater” where a VA appraiser contacts the appraisal requester prior to issuing the appraisal, when the value is going to be below the sales price.  The appraiser is supposed to give the requester (typically the lender) 2 full working days to provide additional information to the appraiser to support [...]

2019-02-21T16:34:32-05:00February 25th, 2019|

Fannie Mae Selling Guide Announcement SEL-2018-08 – Dated September 2, 2018-Effective Immediately [NEW Chart – Using Employment-Related Assets for Income]

Written By: Lloyd Rutherford, Staff Writer Fannie Mae continues to make the originator’s life easier by helping more borrowers that “make sense” qualify for home loans.  Read through this update to see the new changes and tips on getting the word out to your clients. Rule Synopsis: Fannie Mae is updating their selling guide for [...]

2018-10-10T09:56:45-05:00October 10th, 2018|

Fannie Mae – Utility Accessibility – Appraisals: Will Fannie Mae lend on a property where the utilities were not turned on at the time of the appraisal inspection?

Answer: Yes. Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection. See Question #23 in the attached reference. Supporting Resource: Fannie Mae – FAQs – Appraisal Property Report Social Media Post: Fannie Mae does not require that the utilities serving the property be [...]

2018-05-29T17:02:52-05:00April 24th, 2018|

Fannie Mae-Appraisal and Property Related Frequently Asked Questions (FAQs) – Updated December 21, 2017, and Collateral Underwriter FAQ’s – Updated December 2017

By: Lloyd Rutherford-Staff Writer Fannie Mae has added to their FAQ document for appraisals and this month contains some goodies!  Our expert has taken the time to review the new and updated questions in this article. Rule Synopsis: Fannie Mae has published updated FAQ document for Appraisal and Property Related Questions and Collateral Underwriter Questions. [...]

2018-06-01T13:32:54-05:00January 9th, 2018|