Blog of the Mortgage

And just when you thought the battles were over??  Along Came FNMA with some exciting new changes..

First Some Petitions to Remove the HVCC:

HVCC Petition - Written by TBWS.com

HVCC Petition - from 2008 - Written by broker

HVCC Petition Sponsored by CAMB

Now to the business of FNMA Changes:
So, Fannie Mae in all of their business of covering up their big huge problem with respect to HVCC and their previous collusion with WAMU and LandSafe Appraisal Management is making some changes that are important to your qualifying of Conventional loans.

Age of Credit Documents:
The maximum age of credit documents is reduced from 120 days to 90 days for existing construction and from 180 days to 120 days for new construction. Credit documents include credit reports and employment, income, and asset documentation.
The age of the documents is measured from the date of the document to the date the note is signed.

Verification of Stocks, Bonds, Mutual Funds, and Retirement Accounts:
Due to recent market volatility, Fannie Mae is changing policy with regard to determining the value of investments and retirement accounts as assets for reserves.

Determining the value of the asset when used for reserves:
  • Stocks, bonds, and mutual funds: 70 percent of the value may be used as reserves (reduced from 100 percent).
  • Retirement accounts: 60 percent of the vested value may be used as reserves (reduced from 70 percent).
In addition, stock options and nonble for use as reserves.-vested restricted stock are no longer eligible

As a reminder, the lender must verify the ownership of the accounts, and verify the borrower's actual receipt of the funds realized from the sale or liquidation of the assets if needed to complete the transaction. 

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Have a great Summer Selling season.

You'll need the following links to download these forms:

Remember to Go out and have fun!
Posted by Raoul Badde on July 8th, 2009 7:24 PMPost a Comment (0)
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