Montana passed a bill revising the Montana Mortgage Act (MMA). The bill revised the MMA to allow remote work for a mortgage business, clarify reporting requirements regarding cybersecurity incidents, repealed and reenacted net worth standards for mortgage servicers, and amended the definition of mortgage servicer. The bill went into effect July 1, 2023.
Click to view the Montana House Bill 30: https://www.tenaco.com/wp-content/uploads/2023/07/MT-HB-30-07-01-23.pdf
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Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
FHA issued Mortgagee Letter 2024-20 implementing Federal Flood Risk Management Standards for new construction properties located in Special Flood Hazard Areas. On April 23, 2024,
Fannie Mae issued Selling Guide Announcement SEL-2024-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to leasehold estates
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