Tag: Student Loans

Calculating the Student Loan Payment When Interest Rates Are Temporarily Reduced

Question: My client’s student loan is deferred with a $0 payment.  I requested a letter from the student loan carrier regarding the amortized payment and it came back with 0% interest due because of the virus.  Will FHA accept that temporary interest rate? Answer: There is no specific guidance from FHA regarding temporary interest rates, […]

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Calculating the Student Loan Payment for the Revised Pay as You Earn Plan [REPAYE]

Question: If a borrower is under the REPAYE program, what payment do we count and how do we document that since it must be re-certified each year? MC Chart – Student Loans – All Agency Guidance Answer: Because the loan payment under the REPAYE will not fully amortize the loan, so the payment that must […]

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USDA – Updates to Chapter 10 and Chapter 11

Written by: David Hail, Staff Writer USDA lenders, this is a massive update so heads up.  Our expert breaks down the “New”, “Clarifications” and “Reminders” announced by the agency. Rule Synopsis: The great news is that the revisions to Chapter 10 “Credit Analysis” and Chapter 11 “Ratio Analysis” USDA Rural Development announced were coming in […]

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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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Freddie Mac Postpones Income Changes Addressed in Bulletin 2019-20 – Postponed to July 2020

Written by: Lloyd Rutherford, Staff Writer It looks like Freddie Mac has received industry feedback that caused them to reconsider the timing of their new income guidelines.  Read through this article for the latest updates about how it may impact your business. Rule Synopsis: Freddie Mac is postponing the income changes they proposed in Bulletin […]

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