Tag: covid19

Calculating the Student Loan Payment When Interest Rates Are Temporarily Reduced

Question: My client’s student loan is deferred with a $0 payment.  I requested a letter from the student loan carrier regarding the amortized payment and it came back with 0% interest due because of the virus.  Will FHA accept that temporary interest rate? Answer: There is no specific guidance from FHA regarding temporary interest rates, […]

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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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Expected/Future Income During the COVID19 Pandemic

Question: Has Fannie Mae or Freddie Mac released any guidance on the use of expected or future income during the COVID-19 Pandemic? Answer: What a great question!  There has been no correspondence from Fannie or Freddie announcing that they would be discontinuing their guideline allowing for future income/job. This is still allowed per selling guide […]

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Payment Deferral Options available to Servicers – FNMA LL-2020-07 – Dated May 13, 2020 and FHLMC Bulletin 2020-15 – Dated May 13, 2020

Publisher’s Note: There are a lot of rumors and speculation circulating as to how borrowers will be affected by forbearance requests due to Covid-19.  The reality is that until the agencies issue written guidance, none of us know the true answers as the pandemic is a first for our industry.  As each update becomes available, […]

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FAQs for COVID-19 Impact – Fannie Mae Lender Letter 2020-3, 2020-4- Freddie Mac Bulletin 2020-14 and FAQs.

Written by: Lloyd Rutherford, Staff Writer Staying up to date with all of the temporary guidance for COVID-19 is a challenge, to say the least.  Our experts are scouring through all of these updates and breaking them down to help guide you through these changes. Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at […]

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