Tag: Forbearance

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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Is a Borrower that Is in Forbearance Eligible for FHA Financing?

Question: Can a borrower be eligible for FHA financing if they have a COVID-19 forbearance? Answer: You can do a mortgage for a borrower in forbearance with some conditions.  Mortgage Letter 2020-16 outlines these conditions. Yet like all things new and untested, be prepared for investor overlays.  This is definitely a situation you want to […]

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Fannie Mae SEL–2020-04 – Dated August 5, 2020 and DU Version 10.3 August Update – Dated July 29, 2020 – Updated Solar Panels Chart – All Agencies

Written by: Lloyd Rutherford, Staff Writer Finally, we are getting guideline updates that do not center on COVID!  In this article stay up to date on Fannie Mae’s latest policy updates and changes. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that […]

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Fannie Mae – Updated FAQs for COVID – Dated July 29, 2020 and Freddie Mac – Updated FAQs for COVID – Dated July 29, 2020

Written by: Lloyd Rutherford, Staff Writer The agencies are being bombarded with questions during COVID.  This FAQ addresses many of the most common questions.  Take the time to read through these and make your life easier! Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac) have updated their FAQ documents for COVID-related (temporary) changes to […]

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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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