Tag: Authorized User

USDA – Updates to Chapter 10 and Chapter 11

Written by: David Hail, Staff Writer USDA lenders, this is a massive update so heads up.  Our expert breaks down the “New”, “Clarifications” and “Reminders” announced by the agency. Rule Synopsis: The great news is that the revisions to Chapter 10 “Credit Analysis” and Chapter 11 “Ratio Analysis” USDA Rural Development announced were coming in […]

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USDA – Major Revisions to Chapter 10 – Credit Analysis

Written by: David Hail, Staff Writer The revisions to technical handbook HB-1-3555 Chapter 10, Credit Analysis, are significant and require your full attention if you are originating these types of loans. Rule Synopsis: On December 19, 2019 USDA Rural Development announced upcoming revisions to technical handbook HB-1-3555 Chapter 10, Credit Analysis. They provided an advance […]

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FHA – Authorized Used Obligation: Am I required to count debt if my applicant is an authorized user but is not responsible for the payment of the account?

Answer: FHA requires that payments made by the primary account holder be documented for the last 12 months to disregard the monthly debt.  A credit supplement should not be necessary. Reference: 4000.1, II, A, 4, b, iv, (A) Accounts for which the Borrower is an authorized user must be included in a Borrower’s DTI ratio […]

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Freddie Mac – Multiple Selling Guide Updates – Bulletin 2018-15 – Dated September 19, 2018 [NEW Checklist – Conventional Property Conditions]

Written By: Lloyd Rutherford, Staff Writer Freddie Mac is making some game-changer updates that should help you close more loans.  Read through this update and revisit any clients that may not have qualified, but now do! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on […]

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