Freddie Mac, Fannie Mae and FHA issued Bulletin 2024-F (Bulletin), a Selling Notice (Notice), and Mortgagee Letter (ML) 2024-16 (respectively) updating the effective date for the reconsideration of value (ROV) policy originally announced in Bulletin 2024-06, Selling Guide Announcement 2024-03, and Mortgagee Letter 2024-07. Per the Bulletin and Notice, Freddie Mac and Fannie Mae extended the mandatory effective date from application received dates on or after August 29, 2024 to application received dates on or after October 31, 2024. Per the ML, FHA extended the mandatory effective date from case numbers assigned on or after September 2, 2024 to case numbers assigned on or after October 31, 2024. Lenders are, however, encouraged to implement the ROV policy immediately.
Click to view the Freddie Mac Guide Bulletin 2024-F: https://www.tenaco.com/wp-content/uploads/2024/08/Freddie-Mac-Guide-Bulletin-2024-F-08-06-24.pdf
Click to view the Fannie Mae Selling Notice: https://www.tenaco.com/wp-content/uploads/2024/08/Fannie-Mae-Selling-Notice-08-06-24.pdf
Click to view the FHA Mortgagee Letter 2024-16: https://www.tenaco.com/wp-content/uploads/2024/08/FHA-Mortgagee-Letter-2024-16-08-06-24.pdf
