Tag: Refinance

Fannie Mae & Freddie Mac – Updated FAQs for COVID – Dated September 1, 2021

Written by: Lloyd Rutherford, Staff Writer As COVID restrictions on the housing market start to unwind the FAQs are an important way to update your knowledge about what rules are or are not in effect. Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac) have updated their FAQ documents for COVID related (temporary) changes to […]

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USDA Refinances with a Subsidy Recapture

Question: My client has a USDA loan that was obtained directly from USDA. The payoff is showing the remaining loan balance, and an additional amount as a subsidy recapture.  Will this refinance be a rate and term or a cash-out refinance? Answer: RD does not do Cash Out refinances. Here are the requirements for refinances […]

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Fannie Mae Selling Guide Updates – SEL-2021-07 – Dated August 4, 2021

Written by: Lloyd Rutherford, Staff Writer Selling guide updates are a must-read every month as they contain the underwriting rule changes from the industry! Rule Synopsis: Fannie Mae is updating their selling guide for a few topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Bulletin that […]

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Use of Funds for Cash-Out Refinances

Question: On a cash out refi, is there any guideline that prohibits a borrower to use proceeds from the refinance to pay an outstanding federal tax bill? Answer: Good news. See below – see bolded text (from the Fannie cash out guidelines) – note that Freddie is basically the same. Acceptable Uses The following are […]

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Fannie Mae Selling Guide Updates – SEL-2021-06 – Dated July 7, 2021

Written by: Lloyd Rutherford, Staff Writer In this month’s Fannie Mae update we have a win for refinances and clarification on age of appraisals. Rule Synopsis: Fannie Mae is updating their selling guide for a few topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Bulletin that […]

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