Mar 24, 2015 15-06
Sole and Separate Guideline, Compliance Manual and Income Disclosure Letter Revisions
In an effort to simplify and streamline the Compliance Review process within the single-family loan program, MFA has revised the following program guideline to more closely align with current mortgage lending qualification and documentation requirements:
Sole and Separate Guideline has been simplified to use the applicable investor and/or insurer guidelines to allow a spouse to take title to a property as their Sole and Separate Property. However, MFA will still require a lender cert stating that the spouse will be taking title as their Sole and Separate Property to ensure that the non-purchasing spouse’s income will be counted toward the income eligibility.
Income Disclosure Letter has been renamed to MFA Compliance Review Addendum and revised to not only include the income information, but additional information that is needed to review the Compliance File.
Compliance Manual has been revised to include the above updates and a few additional minor changes. The updates/changes have been highlighted for the convenience of reviewing the manual.
Thank you for participating in MFA’s program.