Freddie Mac

Freddie Mac News – True Lies – Suspiciously Similar Paystubs – Dated September 16, 2019

Written by: Lloyd Rutherford, Staff Writer Rule Synopsis: Freddie Mac issues their third edition of “True Lies”, which focuses on uncovering and exposing various schemes across the country that lead to closed loans, putting the lender and many other industry participants at risk. This edition exposes loans approved with “Suspiciously Similar Paystubs”. Interpretive Comments: Can [...]

2019-10-09T12:37:57-05:00October 10th, 2019|

Freddie Mac – LPA Feedback Message Updates – Effective October 2019 – Dated September 17, 2019

Written by: Lloyd Rutherford, Staff Writer Using LPA correctly is essential to a successful approval with the right conditions. Stay up to date on the latest LPA feedback messaging along with an updated credit risk pricing adjustment matrix. Rule Synopsis: Freddie Mac issued notification that they are updating Feedback messages effective October 1, 2019 to [...]

2019-10-09T12:47:24-05:00October 10th, 2019|

Freddie Mac LPA Functionality Guide – Dated September 2019, and LPA Feedback Message Cause and Resolution – Dated June 2019

Written by: Lloyd Rutherford, Staff Writer One of the greatest skills you can develop as an originator or underwriter is a thorough understanding about how your automated underwriting works. Read through this article and the accompanying guides to up your game! Rule Synopsis: Freddie Mac publishes two resource documents that can help create a better [...]

2019-10-09T12:50:21-05:00October 10th, 2019|

Non-Occupant Co-Borrower – HomeReady® or HomePossible®

Question: Will HomeReady® or HomePossible® allow a non-occupant co-borrower? MC – Non-Occupant Co-Borrower Chart – All Agencies & Non-Occupant Co-Borrower Lunch & Learn Answer: Both products allow for non-occupant co-borrowers. Please review these two fact sheets that we have included in our supporting resources below. There are separate ones for each program. Mortgage Currentcy also [...]

2019-09-24T11:37:04-05:00September 25th, 2019|

Refinancing to Combine First & Second Lien

Question: My client purchased a home and then took out a second lien to make some home improvements. They would now like to refinance to combine the first and second lien. Is this a Rate/Term refinance or a Cash-Out Refinance? MC – Refinance Loans – All Agencies Chart Answer: Fannie Mae and Freddie Mac agree [...]

2019-09-24T11:07:04-05:00September 25th, 2019|