Freddie Mac issued Guide Bulletin 2016-12 (Bulletin). The Bulletin: revises ARM notes and riders to include new language imposing a lifetime floor equal to the ARM’s margin; consolidates certain technology licenses for Freddie Mac tools and systems into a master systems license; replaces references to Loan Prospector with Loan Product Advisor; updates the Guide glossary to include a definition for “Servicing Tool”; eliminates the requirement that sellers obtain a signed borrower consent form authorizing the release of the borrower’s information to a counseling agency in the event of a delinquency; updates Loan Prospector and the Affordable Income and Property Eligibility tool with the 2016 area median income estimates issued by the Federal Housing Finance Agency; and amends the Wisconsin security instrument.
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
