Tag: retirement

Using Retirement Assets to Document 3-Year Continuance

Question: Can you please confirm that if a borrower has multiple retirement accounts and is of retirement age, that we can use all accounts to show enough funds to prove a 3-year continuance even if the distribution is only from one account? Answer: Yes, I can confirm. Fannie Mae directly addresses this ability in their […]

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Freddie Mac Selling Guide Updates – Bulletin 2021-12 – Dated April 7, 2021

Written by: Lloyd Rutherford, Staff Writer In this update, Freddie Mac releases important updates to Affordable Lending, Income and Assets and the 10-Day Pre-Closing Verification requirements. 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 updates announced in this […]

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Fannie Mae Selling Guide Updates – SEL-2020-07 – Dated December 16, 2020

Written by: Lloyd Rutherford, Staff Writer Selling guide updates are always an important read!  This month there are some big changes that will help you do more business. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced […]

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COVID Overlay – Proof of Retirement Liquidation

Question: Fannie Mae has a COVID overlay that states if you are using stocks or retirement accounts you must show liquidation. What is Freddie’s stance? For instance, do they allow for no liquidation when you have 20% or greater of what you need without proof of liquidation? Answer: Unfortunately, Fannie Mae and Freddie Mac align […]

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If a Veteran is due to retire, but has not done so yet, does a VA borrower need to actually receive retirement and disability before we can count it as income?

Answer: With the revision of Chapter 4 of the Lenders Handbook, VA added some new details regarding disability and pension income where previously they had offered no guidance on several issues. If your borrower is simply receiving the ‘normal’ service-connected disability common to new retirees and military retirement, then there wasn’t really anything new. VA […]

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