FHA adopted a rule permitting electronic and other remote methods of communication with borrowers in default. FHA’s regulations require mortgage lenders and servicers to meet
Minnesota passed a bill amending the Minnesota Residential Mortgage Originator and Servicer Licensing Act (MRMOSLA). Under the bill, the MRMOSLA was amended to: The bill
California passed a bill amending the state’s foreclosure laws. Under the bill, a person is prohibited from contacting, soliciting, or initiating communication with an owner
RHS issued a Federal Register Notice (Notice) introducing the Payment Supplement Account Demonstration Program (Program) which establishes a new loss mitigation retention option referred to
Fannie Mae issued Servicing Guide Announcement SVC-2024-04 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae updated expense reimbursement requirements to:
RHS issued a SFH Guaranteed Servicing Notice (Notice) issuing guidance on foreclosures impacted by the 8th Circuit ruling in “Show Me State Premium Homes v.
Minnesota issued a notice (Notice) increasing the amount of the state’s homestead exemption. Per the Notice, the homestead exemption is increased to $510,000 (previously, $480,000).
VA issued Circular 26-24-12, Change 1, removing one of the exceptions to the targeted foreclosure moratorium announced in the original Circular. Per the original Circular,
Freddie Mac issued Bulletin 2024-08 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: Revisions related to Resolve and the Resolve
Michigan passed a bill enacting the Uniform Power of Attorney Act. The Uniform Power of Attorney Act is modeled upon the Uniform Power of Attorney
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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