RHS issued a notice reminding lenders of their responsibility prior to closing a loan for a borrower affected by Hurricane Harvey. Pursuant to the announcement, lenders must conduct due diligence to ensure that potential damage to the security property or changes to borrower eligibility such as a loss or reduction of income has not occurred.
Click here to view the RHS Reminder Lender Responsibility in Event of Natural Disaster
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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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