tobias team

        Jon Tobias            Mobile: 480-225-2987
        Ben Tobias            Mobile: 480-577-8811
        Doak Cheatham    Mobile: 480-678-8640
        Tim Schnautz        Mobile: 623-698-3947


Mortgagee Letter 2013-24 goes into effect tomorrow, October 15, 2013.

The purpose of this Mortgagee Letter is to; amend guidance on collections and disputed accounts, and clarify guidance on judgments.  This guidance is effective for all case numbers assigned on or after October 15, 2013.  This guidance applies to all FHA programs with the exception of non-credit qualifying streamline refiances and the Home Equity Conversion Mortgage.

A helpful table is listed below.  In addtion, you can access the full Mortgagee Letter by copying and pasting the link into your browser:

Collection accounts of a non-purchasing spouse in a community property state are included in the cumulative balance.  A lender must analyze the impact of the borrower’s ability to pay all collection accounts, including those of the non-purchasing spouse (with the exception of obligations excluded by state law) in accordance with guidance state in HUD 4155.1 4.A.5.b and 4.C.2.e.

If you have any concerns at all regarding the new Mortgagee Letter, please give us a call, we would love to answer your questions!

Tobias Team at Nova Home Loans


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