Tag: net tangible benefit

Net Tangible Benefit Requirements for FHA Refinance

Question: Does FHA require a 48-month recoupment as part of the Net Tangible Benefit for closing costs and non-finance MIP when a client is requesting a rate/term refinance? Answer: The 48-month rule you’re referencing is actually a lender overlay and not in FHA regulations. The following are typical exceptions to that overlay, but you’ll have […]

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VA – New Refinance Rules for Buyout During Divorce

Question: Do the new VA rules for Net Tangible Benefits on a cash-out for a primary residence still apply in a divorce situation, where the veteran is buying out the ex-wife? Answer: Yes. The Net Tangible Benefit rule applies even in an equity buyout situation. VA does not offer any exceptions to the new rules. […]

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VA Circular 26-19-22 Clarification and Updates to Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRLs) – Dated August 8, 2019 -Updated VA Refinance Comparison Chart

Written by: Tracey Rumsey, Staff Writer VA issued a major update for IRRRL. Any production staff involved in the VA loan process needs to become aware of these important changes. Rule Synopsis: This Circular supersedes Circulars 26-18-1 (and Change 1) and 26-18-13. This Circular and the VA Handbook are now the guideline authority to follow […]

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FHA Updates to Handbook 4000.1, FHA Info # 19-34, July 10, 2019, Effective July 10, 2019

Written by: Tracey Rumsey, Staff Writer FHA is finally starting to issue timely updates to their underwriting manual so that lenders do not need to hunt for rules and then re-verify what they read. This article reviews the latest changes and offers you a chart with the “old” vs. “new” updates. Rule Synopsis: The Federal […]

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Fannie Mae & VA – DU for Government Loans, Updates for VA Cash-Out Refinances, January 22, 2019, Effective February 15, 2019 – New Chart – VA Refinance Comparison Chart- Updated VA Cash-Out Refinance Checklist

Written By: Tracey Rumsey, Staff Writer Anyone working with Veteran clients needs to read this update.  There are important changes to the cash-out refinance program that you must be aware of. Rule Synopsis: Desktop Underwriter for Government Loans will be updated the weekend of February 16, 2019.  The updates will support the changes to VA cash-out […]

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