Tag: contingent liabilities

Freddie Mac Selling Guide Updates – Bulletin 2020-31 – Dated August 5, 2020

Written by: Lloyd Rutherford, Staff Writer Freddie Mac is joining Fannie Mae in getting back to updating their underwriting guidelines that do not involve COVID.  Read through this update for some important changes to monthly obligations and appraisals. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will […]

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Fannie, FHA & USDA– Divorced – Contingent Liabilities: Is there a waiting period for not counting a liability that was assigned to an ex-spouse by court order? [MC Divorced Borrower Chart]

Answer – Fannie Mae Says: Neither Fannie or Freddie require a minimum period of time as long as the debt has been assigned and the lender documents via appropriate pages from divorce decree. Reference:  Fannie Mae B3-6-05, Monthly Debt Obligations (01/30/2018) Court-Ordered Assignment of Debt When a borrower has outstanding debt that was assigned to […]

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Freddie Mac – Multiple Selling Guide Updates – Bulletin 2018-12 – Dated July 25, 2018

Written By: Lloyd Rutherford, Staff Writer Freddie Mac is making some small changes that cure some big headaches in this selling guide update. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. There are other changes that actual Freddie Mac […]

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Fannie Mae – FHA – Co-Signed Car Loan: If a borrower co-signed a loan for someone and we have proof that this person made the payments, can we exclude the debt?

Answer: See text from Fannie Mae selling guide below.  As long as the payments have been made on time and you have 12 consecutive months’ worth, you should be okay. Reference:B3-6-05, Monthly Debt Obligations (01/30/2018) Debts Paid by Others Certain debts can be excluded from the borrower’s recurring monthly obligations and the DTI ratio: When […]

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