Tag: Mortgage Insurance

Freddie Mac Selling Guide Updates – Bulletin 2019-17 – Dated August 7, 2019

Written by: Lloyd Rutherford, Staff Writer This Freddie Mac update offers some great nuggets of education and sales opportunities in your market. Read through this update to find out more. 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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Fannie Mae – Borrower-Initiated Mortgage Insurance Termination Requests Using SMDU – FAQs – Dated February 26, 2019 – NEW Mortgage Talking Points – How to Cancel Your Mortgage Insurance

Written By: Lloyd Rutherford, Staff Writer Mortgage insurance can be a big drain on your client’s budget, so the sooner they can alleviate that monthly charge the happier they will be.  This is a great article to learn how you can assist your past clients with the chore of requesting termination of mortgage insurance. Rule Synopsis: […]

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Compliance – QM Test Failing Over MI: We have a high-balance conventional loan failing QM due to borrower-paid single premium. Any ideas for how to cure that?

Answer: You are running into this issue because borrower-paid single MI is included in the points and fees cap.  Borrower-paid monthly MI or Lender-paid MI is not included in the points and fees cap. If the borrower is paying the MI outside of monthly, then we can only suggest switching over to a Split Premium type product […]

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Fannie Mae – Job Aid: Flexibilities for Creditworthy Borrowers – Dated October 2018

Written By: Lloyd Rutherford, Staff Writer Many mortgage professionals seem to struggle with inputting information into DU and DO.  Sometimes it’s the little tips that make your life easier, and this article provides those to you. Rule Synopsis: Fannie Mae has issued a job aid to assist lenders with input tips/requirements to give you confidence […]

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