WebApr 5, 2024 · Acceptable Sources of Reserves. Examples of liquid financial assets that can be used for reserves include readily available funds in. checking or savings accounts; investments in stocks, bonds, mutual funds, certificates of deposit, money market funds, and trust accounts; the amount vested in a retirement savings account; and. WebFannie Mae has a security interest in all Mortgage Loan Custodial Accounts and may require you to: transfer funds from an institution (even if it is an Eligible Depository) into another Eligible Depository; move funds to a trust account; ensure funds are fully insured with the FDIC , NCUSIF , or other acceptable governmental insurer or guarantor;
A4-1-02: Establishing Custodial Bank Accounts (04/12/2024) - Fannie Mae
WebThe funds are controlled by a “= custodian,” but the custodian is required to hold and use the money for the benefit of the child. ... does not remind parents of a child approaching majority that a UTMA account may soon be counted as an available asset. In Mark’s case his UTMA account of $30,000 made him ineligible for SSI and Medicaid as ... WebMar 8, 2024 · Custodial accounts established for the deposit of P&I funds must be titled as follows: ”(Name of servicer), as agent, trustee, and/or bailee for the benefit of Fannie … it\u0027s my colour limited
What asset sources are allowed when using employment ... - Fannie Mae
WebDec 16, 2024 · from a 401(k), IRA, or Keogh retirement account; are allowing eligible retirement account balances to be combined for the purpose of determining the continuance; and removed the requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% WebDec 16, 2024 · Sale of personal assets As part of our efforts to improve certainty for lenders, we have updated our documentation requirements for the sale of personal … WebApr 5, 2024 · Vested assets in the form of stocks, government bonds, and mutual funds are acceptable sources of funds for the down payment, closing costs, and reserves provided their value can be verified. The lender must verify the borrower’s ownership of … netb intermediaire