Tag: Student Loans

Fannie Mae -Student Loans – Documenting Income-Based Repayment Amount

Question: My borrower is on an income-based repayment plan for his student loan, which is $0/month. I have a statement showing the $0 payment as well as the credit report showing a $0 payment. However, processing believes I need more documentation that he is truly on an IBC. What do you recommend that I get? […]

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Freddie Mac – Bulletin 2019-20– Dated October 2, 2019

Written by: Lloyd Rutherford, Staff Writer Wow! Big update from Freddie Mac this month. There are lots of little details so make sure that you read through this update carefully! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The […]

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USDA – Student Loan Repayment Calculation for USDA Rural Development SFH Guaranteed Loans – Effective September 23, 2019

Written by: David Hail, Staff Writer Calculating the correct student loan payment for a mortgage applicant can be a moving target depending on the guidelines. With this update, USDA makes a huge change in the way lenders are instructed to calculate a student loan payment for a client. Rule Synopsis: On September 23, 2019 USDA […]

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Fannie Mae & Freddie Mac – Student Loans – IBC: What payment is used for Fannie & Freddie for an income-based repayment [IBC] student loan? [Student Loan Chart – Student Loan Lunch & Learn]

Answer: Fannie Mae B3-6-05 Student Loans If a monthly student loan payment is provided on the credit report, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student […]

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USDA – Credit Lines – Deferred Student Loans: Will USDA allow deferred student loan debts to be counted as a tradeline? NEW MTP™ – USDA – What Counts as a Non-Traditional Tradeline?

Answer: Unfortunately, deferred student loans without 12 months of repayment history are not eligible tradelines to validate credit. Here is what the regulations state… Confirm the applicant has at least two eligible tradelines reported to the credit bureau.  The tradeline may be open, closed and/or paid in full by the applicant. Eligible tradelines include: Loan […]

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