Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013


Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013

 

FHA
Business as usual for;
Case numbers
CAIVRS
FHA TOTAL Scorecard
Upfront Mortgage Insurance Premiums
Endorsements (may be delays due to reduced staff)
Loss mitigations
Submission of monthly MIP is required
filing claims and conveyance of property is permitted
FMC will continue to require validation of income documents.
If the tax transcripts have not been obtained at this time, FMC
employee must obtain a Written Verifications of Employment for
Wage Earners in-lieu of the transcripts from either the employer or
an approved third party verification company.
If the income used for qualification purposes must be supported by
tax returns, tax transcripts are required prior to final approval. (For
example but not limited to, commission, self-employed, rental
income, etc.)
If the borrower is employed by the government and is on furlough
and/or we are unable to obtain Verbal Verification of employment
the loan must not close until employment has been verified.
Fannie Mae
Business as usual for systems and deliveries.
FMC will continue to require validation of income documents.
If the tax transcripts have not been obtained at this time, FMC
employee must obtain a Written Verifications of Employment for
Wage Earners in-lieu of the transcripts from either the employer or
Government Shutdown Page 1 of 3 Credit Policy Announcement 13-26
an approved third party verification company.
If the income used for qualification purposes must be supported by
tax returns, tax transcripts are required prior to final approval. (For
example but not limited to, commission, self-employed, rental
income, etc.)Government Shutdown Page 2 of 3 Credit Policy Announcement 13-26
Product Specific
Impact,
continued
If the borrower is employed by the government and is on furlough
and/or we are unable to obtain Verbal Verification of employment
the loan must not close until employment has been verified.
Patriot
Business as usual, unless we are waiting on tax transcripts or if a verbal
VOE cannot be obtained. Loans will not be final approved or closed if
these requirements have not been met, no exceptions.
USDA
All transactions are on hold during the furlough. USDA will not issue any
Conditional Commitments or fund existing Conditional Commitments unti
l
the furlough is over, at which time further instruction will be issued. GUS
is not operational therefore we will not be able to update USDA
transactions during this time.
VA
Business as usual for VA systems and operations.
FMC will continue to require validation of income documents.
If the tax transcripts have not been obtained at this time, FMC
employee must obtain a Written Verifications of Employment for
Wage Earners in-lieu of the transcripts from either the employer or
an approved third party verification company.
If the income used for qualification purposes must be supported by
tax returns, tax transcripts are required prior to final approval. (For
example but not limited to, commission, self-employed, rental
income, etc.)
If the borrower is employed by the government and is on furlough
and/or we are unable to obtain Verbal Verification of employment
the loan must not close until employment has been verified.
Systems
Availability
Available:
FHA Connection
CAIVRS can be checked
VA Portal
o Order appraisals
o Order case number assignments
o Obtain and follow up on COEs
FraudGuard, which will:
o Check LDP/GSA
o Complete a best match for consumer SSN from verifying
sources such as credit repositories, licensing bureaus and
death records. If we need an absolute validation of a
borrower’s SSN from the SSA we will have to wait, see
below. Government Shutdown Page 3 of 3 Credit Policy Announcement 13-26
Systems
Availability,
Continued
Unavailable:
IRS will not process any forms, therefore 4506T will not be
processed and tax transcripts cannot be obtained
Social Security Administration has only retained employees that
deal with processing claims and benefits. We will not be able to
obtain SSN validation through any provider that goes directly to
SSA
o There are acceptable alternatives to obtaining validation of
SSNs such as the Interthinx Safe Check report or third party
source documents that are acceptable to the agencies.
USDA/Rural Development’s GUS Automated Underwriting
System
Effective date October 1, 2013, until further notice

Advertisements

5 thoughts on “Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013

  1. Pingback: Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013 | Kentucky FHA Mortgage Loans

  2. Pingback: Government shutdown hits mortgage market – wave3.com-Louisville News, Weather & Sports | Kentucky First Time Home Buyer Mortgage Loan

  3. Pingback: Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States | The White House | Kentucky USDA RHS Rural Housing Mortgage Loans

  4. Pingback: Louisville Kentucky FHA, VA, USDA, and Fannie Mae Mortgage Loan Guidelines for 2013 | Kentucky VA Mortgage Home Lender

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s