Tag: Underwriting

Fannie Mae Lender Letter 2021-01 – Dated January 6, 2021

Written by: Lloyd Rutherford, Staff Writer Production was out of control in 2020 and is expected to be robust in 2021 as well.  When this happens, loan quality seems to suffer.  Consider this Lender Letter from Fannie Mae to be a warning about Appraisal quality and the lender’s need to pay attention to avoid buybacks! […]

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Process for Veteran’s Request for VA Prior Approval on Denied Loan

Question: Will VA still permit the practice of sending a loan to VA for prior approval when the loan has been denied by the lender, but the Veteran and originator believe the loan should be approved? Answer: Per this excerpt from the VA Lenders Handbook below, VA does not allow submissions for approval as a […]

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Fannie Mae Updated Lender Letter LL-2020-04 – COVID19 Impact to Appraisals – Condos – Renovation – FAQs

Written by:  Lloyd Rutherford, Staff Writer Rule Synopsis: Fannie Mae published UPDATED directions and guidance for appraisals (LL-2020-4) due to the impact on industries due to COVID-19 and these updates caused the FAQ document to be updated as well. Fannie Mae is using the original Lender Letters and their original FAQ document to update and […]

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Freddie Mac Selling Guide Updates – Bulletin 2020-1 – Dated February 5, 2020

Written by: Lloyd Rutherford, Staff Writer Freddie Mac is back on track this year by issuing an update with a lot of reminders and credit policy changes.  Take a few minutes to read through this article for some important changes. Rule Synopsis: Freddie Mac is updating a variety of topics in their selling guide. This […]

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Fannie Mae-Desktop Underwriter Credit-related Error Codes Job Aid – Dated February 26, 2019

Written By: Lloyd Rutherford, Staff Writer If you ever get error codes when working with DU, you are going to love this article and the accompanying Job Aid. Rule Synopsis: Fannie Mae published an updated DU Credit-Related Error Code Job Aid.  This is a great resource for identifying: the credit error code the error description, […]

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