Tag: covid-19

Fannie Mae – DU/DO Version 11.0 September 2021 Update – Dated August 11, 2021 – Effective September 18, 2021

Written by: Lloyd Rutherford, Staff Writer  DU is being updated with some very important changes that will affect the outcome of your files.  Read through this update to understand how these updates will affect the results of your client’s file. Rule Synopsis: Fannie Mae is updating DU Version 11.0 with multiple positive changes. The changes […]

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Fannie Mae SEL–2021-03 and SEL-2021-04 – Both Dated January 14, 2021 – and Freddie Mac Bulletin 2021-1 Dated January 14, 2021 – COVID Flexibilities Extended

Written by: Lloyd Rutherford, Staff Writer As COVID continues, the agencies continue to review and address underwriting flexibilities.  It is important to read through these to keep up on what changes are being made or what changes are being eliminated. Rule Synopsis: Fannie Mae updated LL-2020-03 and LL-2020-04 and renamed them to LL-2021-03 and LL-2021-04; […]

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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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