Tag: Assets

Fannie Mae – Updated FAQs for COVID – Dated July 1, 2020 and Freddie Mac – Updated FAQs for COVID – Dated July 1, 2020

Written by: Lloyd Rutherford, Staff Writer What to do with COVID-19, and its impact on your clients, continues to evolve with the agencies.  Read through this update where the agencies address the latest FAQs. Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac) have updated their FAQ documents for COVID-related (temporary) changes to Mortgage Origination, […]

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Minimum Number of Bank Statements Needed to Verify Assets

Question: If I have a GUS Accept/Eligible, what is required to document the funds to close? Answer:Assets and Reserves Depository Accounts:  Checking, Money Market Accounts, and Savings Documentation: Two months of recent bank statements, OR Verification of Deposit (VOD) and a recent bank statement, OR Alternate evidence (example: statement printouts stamped by lender) to support […]

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FAQs for COVID-19 Impact – Fannie Mae Lender Letter 2020-3, 2020-4- Freddie Mac Bulletin 2020-14 and FAQs.

Written by: Lloyd Rutherford, Staff Writer Staying up to date with all of the temporary guidance for COVID-19 is a challenge, to say the least.  Our experts are scouring through all of these updates and breaking them down to help guide you through these changes. Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at […]

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Fannie Mae & Freddie Mac Issue Covid19 Temporary Guidance – What You Need to Know!

Written by: Lloyd Rutherford, Staff Writer This is a must read article for anyone originating conventional loans. Fannie Mae and Freddie Mac have issued additional temporary guidance changes to assist lenders in navigating their pipeline during the Covid19 Pandemic. There have been a lot of releases and some of them are duplicated, so our expert […]

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Freddie Mac – LPA Feedback Message Updates – Effective March 29, 2020

Written by: Lloyd Rutherford, Staff Writer LPA [Loan Product Advisor] continues to become more sophisticated to assist lenders in avoiding mistakes that result in denied loans or buybacks.  Read through this article to learn the new feedback messages being adopted by Freddie Mac in March. Rule Synopsis: Freddie Issues notification that they are updating Feedback […]

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