Borrowers completing reverse-occupancy fraud aim to qualify for a mortgage with help from the theoretical rental income from the so-called investment property…
The change – whose likelihood was first reported by Inside Mortgage Finance last Thursday – affects new loans with a closing/disbursement date of Jan. 27, 2017.
One big positive for lenders: the mortgage industry could see a reduction in new rule-making from HUD and perhaps a reversal of certain regulations promulgated during the Obama administration.