Tag: Rules Issue

FHA Mortgagee Letter 2020-37 – Re-Verification/Extension of Re-verification of Employment guidance and Updated Appraisal Scope of Work Option for FHA. New MTP™ FHA Exterior Only Appraisals – What You Need to Know!

Written by: Tracey Rumsey, Staff Writer COVID continues to affect the way we do business.  In this update, FHA issues important guidance changes on appraisal and employment re-verification. Rule Synopsis: Effective dates Re-verification of employment guidance from ML 2020-05 is effective immediately for cases closed on or before December 31, 2020. The updated appraisal guidance […]

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FHA Mortgagee Letter 2020-36, FHA New Construction Requirements, Effective dates: May be used immediately for existing cases and must be used for FHA case numbers assigned on or after January 4, 2021. Multiple Updated Charts!

Written by: Tracey Rumsey, Staff Writer FHA new construction programs are fantastic to understand, especially when you are in low-inventory environments.  In this article, FHA makes a big update that will make this program much easier to use! Multiple FHA New Construction Charts Updated [See Supporting Resources] Rule Synopsis: Effective dates May be used immediately […]

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Freddie Mac Selling Guide Updates – Bulletin 2020-43 – Dated November 4, 2020

Written by: Lloyd Rutherford, Staff Writer Article Intro Paragraph LPA Resubmission requirements have changed, so read through this update to find out important details. Also in this update are guidance to Condominiums, Coops, or Condo Hotels for those of you working in those markets. Rule Synopsis: Freddie Mac is updating their selling guide for a […]

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Fannie Mae Issues a “Readiness Checklist” for the redesigned URLA (1003) – Dated October 21, 2020

Written by: Lloyd Rutherford, Staff Writer Are you ready for the New Redesigned 1003?  Will lenders and our LOS systems be ready for the latest “live date”?  Read through this article to find out the latest on the much anticipated new 1003 loan application. Rule Synopsis: Fannie Mae issued a “Readiness Checklist” for the redesigned […]

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Fannie Mae Appraiser Update – Dated September 2020 – New MTP™ Solar Panels – When Do They Add Value to Your Property?

Written by: Lloyd Rutherford, Staff Writer Your appraisal can be your best friend or your worst nightmare.  This is why you need to keep up on the appraisal issues facing our industry.  Read this latest update to catch up on appraisal “must-knows”. Rule Synopsis: Fannie Mae publishes a quarterly Appraiser Update in a newsletter format […]

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