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liabilities: Yikes! Fannie Mae is Cracking Down! - 03/04/10 05:33 PM
There are some new rules going into effect shortly that will have an enormous effect on some mortgage transactions. Here's the biggest one:Effective for all loan applications dated June 1, 2010 and later, Fannie Mae is "requiring lenders to determine that all debts of the borrower incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final loan application and included in the qualification for the subject mortgage loan."Here's what it means. If a borrower opens a new account or increases the balance on an existing account between the time of application and … (81 comments)

liabilities: Do Payroll Deductions Count as Liabilities? - 11/13/08 02:06 PM
Here's another question we were asked at a recent class we taught:
Q:  Do payroll deductions count as liabilities when calculating the debt-to-income (DTI) ratio?   
A:  If the deduction is used to pay a debt, such as child support, mandatory loan repayments, etc., then it must be counted as a liability.  If the deduction is for payroll taxes, a contribution to a 401(K), union dues, etc., then it does not count as a liability.
… (2 comments)

 
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Chris Thomas

Denver, CO

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The Mortgage Experts at America's Mortgage

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