FHA issued a correction to Mortgagee Letter 2016-20 regarding the 2017 nationwide forward mortgage limits. Mortgagee Letter 2016-20 referenced an incorrect limit ceiling for Alaska, Hawaii, Guam, and the Virgin Islands, which are identified as “special exception areas” due to higher construction costs in these areas. While Mortgagee Letter 2016-20 referenced an incorrect limit ceiling for special exception areas, there are no changes to the forward mortgage limits in these, or any other jurisdiction.
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
