Refinance

Fannie Mae – Adding New Person to Title for Cash-Out

Question: My client has owned a property for 12 months and wants to add his friend to the title so that they can do a cash-out refinance to pay off the mortgage and cash-out the money spent on renovating the property. Is there a waiting period involved, and how do I document this file? Answer: [...]

2019-08-21T12:25:08-05:00August 26th, 2019|

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 [...]

2019-08-09T13:33:06-05:00August 12th, 2019|

FHA Mortgagee Letter 2019-11, Maximum Loan-To-Value and Combined Loan-To-Value Percentages for Cash-out Refinance Mortgages – Dated August 1, 2019

Written by: Tracey Rumsey, Staff Writer Big changes for FHA originators as FHA evaluates the programs that are causing their insurance fund the most problems. If you originate FHA loans, this is a must read. Rule Synopsis: Effective for case numbers assigned on or after September 1, 2019. All policy updates will be incorporated into [...]

2019-08-09T13:31:05-05:00August 12th, 2019|

Fannie Mae – FAQs for Appraisal Waivers – Dated June 24, 2019 – NEW MTP™ – Fannie Mae Properties Eligible for Appraisal Waivers

Written By: Lloyd Rutherford, Staff Writer Appraisal waivers are fantastic if your file qualifies for them! Keep up to date with this most recent FAQ from Fannie Mae on this subject. Rule Synopsis: Fannie Mae has updated their FAQ document for appraisal waivers. Interpretive Comments: I think we can all agree that any advance we [...]

2019-07-09T11:34:21-05:00July 10th, 2019|