Conventional Loans for Owner, Second Home and Investment real estate

Handstands at the beach

Even the IRS is going digital

4506c now has AI scanning capability.

The IRS is modernizing 4506-C tax return request processing. This change offers much needed automation advances to the current manual process, which will greatly improve efficiency in response to the mortgage industry’s transcript needs.

The first step in this effort will be the installation and implementation of Optical Character Recognition (OCR) software.

That means a computer will soon be seeing and reading these requests – not people! As a result, the form must be “clean” and completed properly. 

No cross outs

No line throughs

Sign inside the box

Best practice is to type everything, 

or have your LOS system fill in automatically

Social security number must be perfect

One name per form even if they file jointly

Name has to match what is on the IRS return

	Only one form per person is allowed. You must complete a separate form for co-borrowers.
	The form must be clear of any editing marks. You are not allowed to circle or add notes to the form.
	Only the specific transcripts, tax years, and/or taxpayers that need to be processed should be identified.
	The data must be listed only on the assigned lines.
	Credit Plus will no longer be able to edit the form in any manner. What we receive from our lender clients on Form-4506-C is what we will send to the IRS and what you, in turn, will get.

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Don’t delay 4506-C processing!

Forms not completed to IRS standards probably will be rejected.

Hopefully this is one more piece of the home loan application that gets pedal to the medal speedy fast. I love closing your mortgage fast.

Have a Great Day!

Be joyful.

Handstands are a great way to improve your happiness. Start with practicing against a wall. Next try some on grass or sand for a soft landing. Once you can hold for a few seconds your core and arms get great exercise. Your mind and heart receive a rush that is invigorating.

C G Barbeau

NMLS 324982

(949)   784- 9699  7 days a week

FHA Loan Advantages

Small House White Picket Fence

 

Dear Ms. Sandra L. Thompson:

Acting Director Federal Housing Finance Agency

"U.S. Department of the Treasury (Treasury) and Federal Housing Finance Agency (FHFA) today agreed to suspend certain requirements that were 

added on January 14, 2021 to the Preferred Stock Purchase Agreements 

(PSPAs) between Treasury and each of 

Fannie Mae and Freddie Mac (the Enterprises).  

FHFA will continue to measure, manage, 

and monitor the financial and operational risks of the Enterprises to ensure that they operate in a safe and sound manner and consistent with the public interest. 

 During the suspension, FHFA will review 

the suspended requirements and consult with 

Treasury on any recommended revisions.  

These suspensions do not affect the 

Enterprises’ ability to build or retain capital.

The suspension of these PSPA requirements 

recognizes that FHFA has the authority and 

responsibility for the Enterprises’ safety and soundness 

and to foster housing finance markets that 

support homeownership and is not intended to 

stimulate aggregate housing demand given 

current conditions in the housing market.

Home prices accelerated rapidly in past nineteen months, 

with the annual rate of national home price 

growth at multi-decade highs. 

Markets are more stable than early predictions 

of foreclosures during the start of the pandemic.

The U.S. residential housing market today 

suffers inadequate housing supply.  

To promote housing stability, we need to build more product.

 

Does keeping the GSE’s on under conservatorship 

(since 2008) make sense today? 

Could funds be better put into building low to moderate income housing?

The U.S. Department of the Treasury (Treasury) provides Fannie Mae and Freddie Mac with financial support through the Senior Preferred Stock Purchase Agreements (SPSPAs), which were executed on September 7, 2008, one day after Fannie Mae and Freddie Mac entered conservatorships (“Original Agreements”).  

The SPSPAs were designed to ensure that Fannie Mae and Freddie Mac, respectively: (i) provide stability to the financial markets; (ii) prevent disruptions in the availability of mortgage finance; and (iii) protect the taxpayer.  

The GSE’s make quarterly dividend payments to Treasury, provide Treasury with a Liquidation Preference, and beginning in 2010 pay Treasury a periodic commitment fee that reflects the market value of the outstanding Treasury commitment, as well as Stock Warrants for the purchase of common stock representing 79.9% of the common stock of Fannie Mae and Freddie Mac, respectively, on a diluted basis.

September 2019 Fannie Mae and Freddie Mac were permitted to maintain capital reserves of $25 billion and $20 billion, respectively. 

 

What do we want our government to spend our tax dollars on? I want to see plans to build homes for those families and veterans who are homeless. I wish for less Federal grants to developers and more local community small infill housing in all variety of neighborhoods.

Metro Library in Budapest

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