VA Residual Income Guideline Not A QM Solution

Posted by Krista Sabol on Aug 4, 2014 in IMU Blog, VA VA Residual Income Guideline Is Not A QM Solution For Community Banks By: Alice Alvey, CMB August 4, 2014 As community based lenders look to develop their non QM products, compensating factors become the central focus when considering credit policy that permits a Debt To Income (DTI) ratio above 43%. For borrowers with years of monthly payments in reserves, the question still becomes how...
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Excessive Ratios On FHA’s

Posted by Krista Sabol on Jan 27, 2012 in FHA, FHA/VA, IMU Blog, VA In a recent article highlighting the changes in the FHA Total Scorecard Guide (TSG), it was noted that FHA added a bullet point on page 13 under the review rules for Total. The term ‘excessive ratios’ is now a bullet point and requires a DE underwriter to manually underwrite the file when this rule is triggered. Our team did a little digging and found Mortgagee Letter 08-22 that...
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2011 Bills We’re Watching

Posted by Krista Sabol on Feb 15, 2011 in Dodd Frank Act, Legislative Watch, Regulations, VA H 363: Forced Refinance Provisions For Fannie/Freddie Status: Introduced 1/20/11 The formal name of the bill is ‘Housing Opportunity and Mortgage Equity Act of 2011”. The bill would require Fannie/Freddie to create a     program for qualified mortgages where an appraisal is not required. The servicing fee will be restricted to a maximum of $1,000. H 330:  First Time Homebuyer...
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