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

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