Tag: Self-employed

Freddie Mac – Loan Product Advisor Release Notes – Dated March 31, 2019

Written By: Lloyd Rutherford, Staff Writer A loan originator’s greatest talent may be understanding how to use the AUS systems.  The agencies provide ample information and resources to help you get it right the first time. This article highlights the release notes for March and April. Rule Synopsis: Freddie issues March update to Loan Product Advisor […]

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Freddie Mac – Multiple Selling Guide Updates – Bulletin 2019-5 – Dated March 6, 2019 – Updated-Divorced & Separated Borrowers Chart – All Agencies

Written By: Lloyd Rutherford, Staff Writer This is a big update with a lot of important changes from Freddie Mac.  Take the time to digest the upcoming rule changes by reading through this article and the accompanying bulletin. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will […]

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Fannie Mae – Self-Employed Income: Can I use the personal returns of a self-employed borrower to document income, or do I also need business tax returns? [NEW Calculator – Fannie Mae Form 1088 – Business Income Comparative Analysis]

Answer: This really depends on whether or not your borrower meets the exception for waiving the requirement for business tax returns.  See the highlighted portion below.  If your borrower is not exempt, then the lender will need to evaluate the business income.  If the business income is required to be analyzed, Fannie Mae has a […]

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USDA – Revisions to USDA Rural Development HB-1-3555 Chapter 9 “Income Analysis”-Advance Notice-Effective Date Pending [NEW MTP-The Top 10 USDA Changes to Income-Related Requirements]

[Update:  Released 10-17-2018 – Official Effective Date of 12-15-2018 for Guideline Changes. See Agency Announcement in Supporting Resources.] Written By: David Hail, Staff Writer Big changes are on the horizon for USDA with regard to income analysis.  If you work with USDA loans, you must read this update and the attached releases.  Be sure to spread […]

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FHA – Amended Tax Returns – Does FHA have any guidance about the use of amended tax returns when qualifying a self-employed borrower?

Answer: No, they do not. However, I have seen many lenders and secondary markets impose overlays to this, such as requiring tax transcripts of the amended return, or proof of filing by providing a ‘stamped’ return if the amended return was done recently. Social Media Post: All lenders do not have the same underwriting guidelines, […]

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