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
Related Articles
- Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky (mylouisvillekentuckymortgage.com)
- Government Shut Down Effects – What you need to know (melaniehennteam.wordpress.com)
- How the shutdown will affect Home loans (snohomishcountyhomes4u.wordpress.com)
- How does the government shutdown impact mortgage lending? (bagrios.wordpress.com)
- How the Government Shutdown Affects Lending (boiserealestatewatercooler.wordpress.com)
- Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky (louisvillekymortgage.net)
- Federal Government shutdown and their effect on FHA, VA, USDA loans in Kentucky (kentuckyusdaloan.com)
- FAQ: What is a IRS Request for Transcript of Tax Return (4506t) (theraleighmortgageguy.com)
- Government Shutdown Impact on Mortgage Market (mpsolutionsllc.wordpress.com)
- The Government Shutdown – and Its Implications for the Real Estate and Mortgage Industries (as best as I can understand it) (susanlaveryrealtor.com)
