Michigan Enacts Uniform Power of Attorney Act
June 6, 2024
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
Freddie Mac Issues Bulletin 2024-07: Servicing Updates
June 6, 2024
Freddie Mac issued Bulletin 2024-07 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: Revisions related to builder forward commitments are
VA Announces Targeted Foreclosure Moratorium
June 3, 2024
VA issued Circular 26-24-12 to announce a targeted foreclosure moratorium on VA-guaranteed loans. Per the Circular, servicers are encouraged to implement a targeted foreclosure moratorium
Freddie Mac and Fannie Mae Update Flex Modification Requirements
May 29, 2024
Freddie Mac issued Bulletin 2024-E (Bulletin) and Fannie Mae issued Lender Letter LL-2024-02 (Lender Letter), updating Flex Modification requirements. Per the Bulletin and Lender Letter,
FHA Updates Single Family Housing Policy Handbook
May 20, 2024
FHA published an update to the Single Family Housing Policy Handbook (SF Handbook 4000.1). The update includes additions, revisions, and various technical edits to Sections
VA Revises Chapter 5 of Servicer’s Handbook (M26-4)
May 13, 2024
VA revised chapter 5 of the Servicer’s Handbook (M26-4). Sections 5.01, 5.02, 5.03, 5.04, 5.05, 5.07 and 5.10 were updated as follows: The revisions are
Virginia Amends Provisions Regarding Foreclosed Property
May 9, 2024
Virginia passed a bill amending provisions regarding foreclosed property. Under the bill, a subordinate mortgage lienholder must provide to the trustee and the borrower, at
Nebraska Amends Residential Mortgage Licensing Act
May 9, 2024
Nebraska passed a bill amending the Residential Mortgage Licensing Act (RMLA). Under the bill, a lender and broker licensed under the RMLA must provide notice
VA Creates Form 26-10291, Assumption Entitlement Acknowledgement
May 3, 2024
VA issued Circular 26-24-09 announcing the creation of Form 26-10291 (Assumption Entitlement Acknowledgement). Per the Circular, VA created Form 26-10291 to increase awareness related to
FHA Updates Reconsideration of Value Policy
May 2, 2024
FHA issued Mortgagee Letter 2024-07, updating FHA’s reconsideration of value policy (ROV). Per the Mortgagee Letter (ML), FHA: The provisions of this ML are effective
