Tag: covid-19

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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Impact of CARES Act Forbearance on VA Purchase and Refinance Transactions, Dated & Effective June 30, 2020 – NEW MTP™ – A Veteran’s Guide to Purchasing and Refinancing During the COVID-19 Pandemic.

Written by: Tracey Rumsey, Staff Writer This is a long-awaited update for those Veterans affected by the Pandemic!  All VA lenders need to read this update to understand the impact on future refinance and purchase transactions. Rule Synopsis: Effective for all loans closed on or after June 30, 2020: Purchase and Cash Out Transactions VA […]

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CFPB and State Regulators Provide Additional Guidance to Assist Borrowers Impacted by the COVID-19 Pandemic – Dated June 4, 2020

Written by: Lloyd Rutherford, Staff Writer There is a lot of conversation and speculation regarding the rights and ultimate effect on home financing for those consumers affected by the Pandemic.  In this article we discuss the recently released guidance on this topic from the Federal and State Regulators. Rule Synopsis: The Consumer Financial Protection Bureau […]

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Purchasing or Refinancing with a Loan in Deferment

Question: When can a client purchase or refinance if their loan is in forbearance? Answer: Following are the requirements for forbearance. There are two possibilities here : Under the agencies’ temporary eligibility guidelines, homeowners who missed payments and entered into a loss mitigation solution– such as a repayment plan, payment deferral, or loan modification –are […]

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Fannie Mae and Freddie Mac Issue Temporary Requirements for Documenting Self-Employed Income during Pandemic – FNMA LL-2020-03 and FHLMC Bulletin 2020-19

Written by: Lloyd Rutherford, Staff Writer COVID19 continues to impact underwriting guidelines.  To close your loans, you must keep up with the fast pace of changes!  This update reviews the incredible changes to self-employed borrowers. Rule Synopsis: The primary topic on the Bulletin for Freddie Mac 2020-19 and the updated Lender Letter 2020-03 from Fannie […]

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