Tag: Reserves

Can Employer Profit Sharing be Used as Reserves?

Question: Can we use profit sharing from an employer as reserves on a Fannie Mae loan? Answer: Here is what I have in the selling guide for Fannie Mae (Freddie is basically the same).  Unfortunately, this is not listed as an eligible asset.  I think the litmus test lives in the first statement under the […]

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Are Reserves Required on Reverse Mortgages?

Question: I have a 3-Unit Reverse Mortgage and am being asked to provide reserves.  Is this required by FHA? Answer: Per the HECM Guidelines and Financial Assessment Guide, there are NO listed requirements for reserves on any, one-four family units when underwriting a HECM.   On a regular FORWARD mortgage, yes, that would be a HUD guideline […]

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Freddie Mac – LPA Feedback Message Updates – Effective December 3, 2019 and January 25, 2020 and February 4, 2020 – Dated November 21, 2019

Written by: Lloyd Rutherford, Staff Writer One of the best things you can do for your business is to understand how your AUS systems work. This update on Loan Product Advisor shares some important changes you need to know to get the results you want! Rule Synopsis: Freddie Issues notification that they are updating Feedback […]

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Fannie Mae – Desktop Underwriter/Desktop Originator Release Notes DU Version 10.3 December Update – Updated October 31, 2018 – Effective December 8, 2018.

Written By: Lloyd Rutherford, Staff Writer There is a big change coming from Fannie Mae, especially as it relates to higher-risk borrowers.  Read through this update to find out what you need to know. Rule Synopsis: Fannie Mae announces the newest DU Version to be released: DU Version 10.3. The changes in this release will […]

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USDA – Revisions to USDA Rural Development HB-1-3555 Chapter 9 “Income Analysis”-Advance Notice-Effective Date Pending [NEW MTP-The Top 10 USDA Changes to Income-Related Requirements]

[Update:  Released 10-17-2018 – Official Effective Date of 12-15-2018 for Guideline Changes. See Agency Announcement in Supporting Resources.] Written By: David Hail, Staff Writer Big changes are on the horizon for USDA with regard to income analysis.  If you work with USDA loans, you must read this update and the attached releases.  Be sure to spread […]

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