Ginnie Mae revised the definition of a “high balance loan” in accordance with the increased 2017 conforming loan limits announced by the Federal Housing Finance Agency (FHFA). A “high balance loan” is a single-family forward mortgage loan with an original principal balance (minus the amount of any upfront mortgage insurance premium) that exceeds the conforming loan limit announced by the FHFA. In 2017, the loan limit for one-unit properties will be $424,100 in most of the country and $636,150 in Alaska, Hawaii, Guam and the U.S. Virgin Islands. The revised definition applies to mortgage backed securities with an issuance date on or after January 1, 2017.
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
