Tag: Self-employed

Evaluating the Use of a Large Deposit – MC Chart – Large Deposits – All Agency Guidance

Question: My client has a large deposit from a 1099 invoice for a project he was contracted for.  Will Fannie Mae or Freddie Mac allow us to use this as assets? Answer: Based on what I see in the guidelines below, there is flexibility when documenting a large deposit. A lender may choose (or not […]

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Fannie Mae and Freddie Mac Issue Temporary Requirements for Documenting Self-Employed Income during Pandemic – FNMA LL-2020-03 and FHLMC Bulletin 2020-19

Written by: Lloyd Rutherford, Staff Writer COVID19 continues to impact underwriting guidelines.  To close your loans, you must keep up with the fast pace of changes!  This update reviews the incredible changes to self-employed borrowers. Rule Synopsis: The primary topic on the Bulletin for Freddie Mac 2020-19 and the updated Lender Letter 2020-03 from Fannie […]

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Formerly Self-Employed – Returning to Workforce – Work History Rules

Question: My client was self-employed for about 3 years and returned to work as employee in January of this year.  I have no W2, so how do I document his work history?  MC – Employment History Chart – All Agency Guidance Answer: Here are some basic principles you could expect to see (for sure you […]

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FAQs for COVID-19 Impact – Fannie Mae Lender Letter 2020-3, 2020-4- Freddie Mac Bulletin 2020-14 and FAQs.

Written by: Lloyd Rutherford, Staff Writer Staying up to date with all of the temporary guidance for COVID-19 is a challenge, to say the least.  Our experts are scouring through all of these updates and breaking them down to help guide you through these changes. Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at […]

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Freddie Mac – COVID19 Updates – Condo Projects – Appraisal FAQs – ChoiceRenovation

Written by:  Lloyd Rutherford, Staff Writer Effective Immediately with all loans in Process! Rule Synopsis: Freddie Mac issued another Bulletin (2019-11) related to the COVID-19 related issues and they also updated their FAQ document to add additional questions that have cropped up due to the pandemic. Freddie Mac is taking a different approach than Fannie […]

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