RHS issued a waiver (under the Single Family Housing Guaranteed Loan Program) allowing lenders and servicers to offer a loan modification interest rate that exceeds the original guaranteed note rate. Previously, a modified interest rate could not exceed the interest rate set forth in the original loan note guarantee. Effective immediately, servicers may now offer a modified interest rate that does not exceed the Freddie Mac Weekly Primary Mortgage Market Survey rate for a 30 year fixed rate mortgage (rounded to the nearest .125% plus 50 basis points). The waiver is in effect until rescinded.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
