Tag: Rules Issue

Impact of CARES Act Forbearance on VA Purchase and Refinance Transactions, Dated & Effective June 30, 2020 – NEW MTP™ – A Veteran’s Guide to Purchasing and Refinancing During the COVID-19 Pandemic.

Written by: Tracey Rumsey, Staff Writer This is a long-awaited update for those Veterans affected by the Pandemic!  All VA lenders need to read this update to understand the impact on future refinance and purchase transactions. Rule Synopsis: Effective for all loans closed on or after June 30, 2020: Purchase and Cash Out Transactions VA […]

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Fannie Mae HomeReady® Income Limit Changes and Freddie Mac HomePossible® Income Limit Changes for 2020 – Dated June 3, 2020 and June 29, 2020

Written by: Lloyd Rutherford, Staff Writer HomeReady® and HomePossible® are great programs for those clients who meet the required income limits.  Read through this article to explore how to assess the new income limits that may help you attract more clients. Rule Synopsis: Fannie Mae: Updated Area Median Income Limits (AMI) will go into effect […]

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FHA HECM Updates – NY Licensing – Appraisals – CFPB Exams

Written by: Melinda Hipp, Staff Writer Following are the FHA HECM updates for June.  If you work with reverse mortgages, this is a must-read update! Updates: The New York Department of Financial Services (DFS) published new NMLS licensing guidelines for New York State licensed mortgage bankers seeking to originate Home Equity Conversion Mortgages (HECMs) and proprietary reverse […]

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Fannie Mae – Updated FAQs for COVID – Dated July 1, 2020 and Freddie Mac – Updated FAQs for COVID – Dated July 1, 2020

Written by: Lloyd Rutherford, Staff Writer What to do with COVID-19, and its impact on your clients, continues to evolve with the agencies.  Read through this update where the agencies address the latest FAQs. Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac) have updated their FAQ documents for COVID-related (temporary) changes to Mortgage Origination, […]

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CFPB and State Regulators Provide Additional Guidance to Assist Borrowers Impacted by the COVID-19 Pandemic – Dated June 4, 2020

Written by: Lloyd Rutherford, Staff Writer There is a lot of conversation and speculation regarding the rights and ultimate effect on home financing for those consumers affected by the Pandemic.  In this article we discuss the recently released guidance on this topic from the Federal and State Regulators. Rule Synopsis: The Consumer Financial Protection Bureau […]

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