Tag: Income

Freddie Mac Selling Guide Updates – Bulletin 2019-22 – Dated November 6, 2019

Written by: Lloyd Rutherford, Staff Writer Working in the affordable lending arena is a great niche that with a little education will yield you some excellent results. This article highlights some of the opportunities and recent changes in affordable lending with Freddie Mac. Rule Synopsis: Freddie Mac is updating their selling guide for a variety […]

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Freddie Mac – Bulletin 2019-20– Dated October 2, 2019

Written by: Lloyd Rutherford, Staff Writer Wow! Big update from Freddie Mac this month. There are lots of little details so make sure that you read through this update carefully! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The […]

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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 […]

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FHA – Using Foster Care Income to Qualify

Question: Can foster care income be used to qualify as income? I found something on the Internet that said it could be. Answer: The internet can be helpful but also a dangerous place as the results can be old manuals or outdated information. That’s why subscribers count on Mortgage Currentcy to keep them up to […]

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Fannie Mae – Auto Allowance & Mileage as Income

Question: My client has received an auto allowance and mileage every month for 3 years. Can I use this as income, or use it to offset his auto debt? Answer: You would not be able to use the mileage rate.  Fannie Mae stripped that out of their guidelines in 2018 due to changes in the […]

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