Freddie Mac issued Bulletin 2017-17 (Bulletin), announcing the new Enhanced Relief Refinance (ERR) program. The ERR program provides refinance opportunities to borrowers that are making their mortgage payments on time but cannot take advantage of a “no cash-out” refinance because the loan-to-value (LTV) ratio of the new mortgage exceeds the maximum limits. The Bulletin contains a high-level summary of some of the requirements for the ERR program. The Bulletin also formalizes a previously announced extension of the Freddie Mac Relief Refinance Mortgage – Same Servicer and Open Access to make sure high LTV borrowers continue to have refinance opportunities until the ERR program is available. The Bulletin went into effect September 8, 2017. However, the ERR is effective for mortgage loans with Application Received Dates on or after November 1, 2018.

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