FHA Corrects Incorrect Maximum LTV Agency for 203(k) LoansPursuant to FHA INFO #16-17, anachronous March 17, 2016, the FHA adapted an absurdity that appeared in the Distinct Family Housing Action Handbook 4000.1 (SF Handbook) accompanying to an incorrect Maximum LTV Agency at Step 3.F, Determining Loan-To-Value Agency for Maximum Mortgage Eligibility, for the Standard 203(k) Purchase Program and Limited 203(k) Purchase Program. For Standard 203(k) and Limited 203(k) purchases with a Minimum Decision Credit Score (MDCS) at or aloft 580, and for No Credit Score with Manual Underwriting, the actual Maximum LTV agency is 96.5 percent.
Updated Form: HUD/VA Addendum to URLA (Form 92900-A)In FHA Info #16-16, the Federal Housing Administration (FHA) afresh appear the final adaptation of the revised HUD/VA Addendum to the Uniform Residential Loan Application (Form 92900-A). This adapted anatomy is able for all FHA Case Numbers assigned on or afterwards Aug. 1, 2016. Note that the revised adaptation of the HUD/VA Addendum may not be acclimated until its able date.
FHA Announces SF Handbook as Distinct Antecedent for Distinct Family Housing Title II MortgagesPursuant to FHA INFO #16-15, anachronous March 14, 2016, the FHA appear cogent updates to its Distinct Family Housing Action Handbook 4000.1 (SF Handbook), authoritative it an end-to-end antecedent for about all Distinct Family Housing Title II advanced mortgage policy. The SF Handbook may now be acclimated as a distinct antecedent of Distinct Family Housing action for: (1) Obtaining and advancement FHA approval; (2) Originating about all Title II advanced mortgage articles and programs; (3) Obtaining an FHA allowance endorsement; (4) Performing application and accident acknowledgment functions on FHA-insured mortgages; and (5) Understanding and applying affection ascendancy practices.
Fannie Mae Issues Selling Guide Announcement SEL-2016-02Fannie Mae issued Selling Guide Announcement SEL-2016-02 to advertise updates to the following: (1) Continuity of obligation; (2) Lender self-report obligations; (3) Indemnification for losses; (4) HomeStyle Renovation mortgage recourse obligations; (5) Definition of Relocation Loan; (6) Miscellaneous Selling Guide updates; (7) Revisions to the Pennsylvania aegis apparatus and new notes; (8) Updates to the Special Feature Codes list; and (9) Publication of Fillable Rental Income worksheets. To appearance SEL-2016-02 and the Executive Overview of Selling Guide Updates, amuse admission Fannie Mae’s Web site.
Updated Forms: Pennsylvania Mortgage and NotesAs appear in Selling Guide Announcement SEL-2016-02, anachronous Feb. 23, 2016, Fannie Mae and Freddie Mac accept adapted the Pennsylvania Mortgage (Form 3039) and created state-specific addendum for Pennsylvania as a aftereffect of contempo administrative decisions. The adapted aegis instruments and addendum accept been acquaint on Fannie Mae’s Web site. While lenders may activate application these adapted forms immediately, use of these forms is mandatory, alpha Aug. 1, 2016.
Gavin T. Ales is arch acquiescence administrator with Torrance, Calif.-based DocMagic Inc. He may be accomplished by buzz at (800) 649-1362, ext. 6446 or e-mail [email protected]
This commodity originally appeared in the April 2016 book copy of National Mortgage Professional Magazine.
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