FHA issued Mortgagee Letter 2016-05 providing additional guidance related to Mortgagee Optional Election (MOE) assignments. This Mortgagee Letter provides mortgagees with instructions on requesting an extension of time where factors prevent the timely securing of a right to remain by a non-borrowing spouse and result in the mortgagee’s inability to complete the mortgagee’s assessment following the mortgagee’s MOE assignment election. In addition, this Mortgagee Letter provides alternative certification language for states in which state-specific law prevents the mortgagee from truthfully certifying to 2 of the statements set forth in the mortgagee certification.
State Compliance Summary
Tennessee Increases Permissible Interest Rate for Closed-end Loans under Industrial Loan and Thrift Companies Act
Tennessee passed a bill increasing the permissible interest rate for closed-end loans under the Industrial Loan and Thrift Companies Act (ILTCA). Under the bill, the
April 1, 2025
