Rules Issues

Fannie Mae Updates their Fact Sheet for Community Seconds and their Community Seconds Checklist – Dated July 2018

Written By: Lloyd Rutherford, Staff Writer If you understand how to use community seconds, especially in high cost areas, you have a leg up on your competition!  Read this article to understand how these are used and how they can help you gain more business. Rule Synopsis: Fannie Mae recently updated their requirements for Community [...]

2018-08-09T19:01:22-05:00August 9th, 2018|

VA-Circular 26-17-36, WebLGY System Enhancements for Certificate of Eligibility (COE) Processing-Dated November 16, 2017

Rule Synopsis: VA processes over 1 million COE requests for active duty and discharged Veterans each year. Currently, 64 percent of COE decisions are completed instantly. The WebLGY system enhancements will improve COE timeliness and accuracy by matching requests more effectively with VA and military records and funding fee exemptions. Effective Date: Enhancements to the [...]

2018-09-25T19:13:15-05:00December 28th, 2017|

FHA-Mortgagee Letter 2017-16, 2018 Nationwide Forward Mortgage Limits, December 7, 2017 Mortgagee Letter 2017-17, 2018 Nationwide Home Equity Conversion Mortgage (HECM) Limits, December 7, 2017-Effective January 1, 2018

Rule Synopsis: FHA Announces Loan Limits Updates! Contact me for the new limits in your area. Effective Date The mortgage limits announced in the letters are effective for all case numbers assigned on or after January 1, 2018. Forward Mortgages For calendar year 2018, there are increases across the board for ‘floor and ceiling’ limits [...]

2018-09-25T19:15:23-05:00December 28th, 2017|

FHA-Mortgagee Letter 2017-18, Property Assessed Clean Energy (PACE)-Dated December 7, 2017-Effective for case numbers assigned on or after January 7, 2018

[Updated MTP™, Solar Panel Obligations] Rule Synopsis: FHA will no longer allow PACE obligations to remain on a property when the borrower is seeking FHA financing. HECMs are not affected. Effective for all case numbers assigned on or after 30 days after the date of this Mortgagee Letter FHA will: no longer insure Title II [...]

2018-09-25T19:16:57-05:00December 28th, 2017|

Freddie Mac-Bulletin-2017-26-Dated November 15-2017-Updates Effective Immediately- Texas Section 50(a)(6) ARMs Effective January 1, 2018

Rule Synopsis: Freddie Mac will now allow ARMs for Texas 50(a)(6) mortgages. Contact me for details. Freddie Mac makes changes to their selling guide. The topics in this bulletin that Mortgage Currentcy will cover are as follows: 5/5 ARMs eligible for additional mortgage products. Removing requirement that all income reported on 1003 for Home Possible [...]

2018-09-25T20:58:36-05:00December 28th, 2017|