Tag: covid-19

Fannie Mae Appraiser Update – Dated December 2020

Written by: Lloyd Rutherford, Staff Writer The appraisal can make or break your client’s loan.  You spend all of that time originating and processing a loan only to have it blow up in the appraisal review.  Keeping up with the Facts vs. the Myths helps you close more loans. Rule Synopsis: Fannie Mae publishes a […]

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FHA Mortgagee Letter 2020-37 – Re-Verification/Extension of Re-verification of Employment guidance and Updated Appraisal Scope of Work Option for FHA. New MTP™ FHA Exterior Only Appraisals – What You Need to Know!

Written by: Tracey Rumsey, Staff Writer COVID continues to affect the way we do business.  In this update, FHA issues important guidance changes on appraisal and employment re-verification. Rule Synopsis: Effective dates Re-verification of employment guidance from ML 2020-05 is effective immediately for cases closed on or before December 31, 2020. The updated appraisal guidance […]

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FHA Underwriting Guidelines for Borrowers with previous Mortgage Payment Forbearance – Mortgagee Letter 2020-30

Written by:  Tracey Rumsey, Staff Writer Rule Synopsis: Effective dates May be implemented immediately but must be implemented for case numbers assigned on or after November 9, 2020. Affected Programs Only Title II Single Family Forward programs. New FHA Mortgage Eligibility A borrower will be considered eligible for a new FHA-insured mortgage when previously granted […]

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Fannie Mae Selling Guide Announcement SEL–2020-03 – Updated August 27, 2020

Written by: Lloyd Rutherford, Staff Writer The scariest phrase in mortgage lending today is “Self-Employed Borrower”.  The agencies have gotten hypersensitive to those who own their own companies during a pandemic.  Read through this article to hear a “true confession” and the resources you need to work with clients that are self-employed! Rule Synopsis: Fannie […]

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FHA Mortgagee Letter 2020-24, Revision of Effective Date for COVID-19 – Updated Temporary Guidance for Verification of Self-Employment; Rental Income

Written by: Tracey Rumsey, Staff Writer This article highlights some important temporary guideline changes for FHA loans, especially for clients who are self-employed or have rental income. If you work with FHA loans this is a must-read! Rule Synopsis: Effective dates: Verification of business operations for self-employed borrowers and the rental income guidance is effective […]

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