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
VA Offers 40-Year Loan Modification Option
April 26, 2024
VA issued Circular 26-24-08 to offer a 40-Year Loan Modification option to assist borrowers in reaching an affordable payment in the current environment of rising
Freddie Mac Issues Bulletin 2024-05: Servicing Updates
April 12, 2024
Freddie Mac issued Bulletin 2024-05 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated Exhibit 93 (Evaluation Notices) to remove
VA Revises Chapter 9 of Servicer’s Handbook (M26-4)
April 12, 2024
VA revised chapter 9 of the Servicer’s Handbook (M26-4). Chapter 9 was retitled from “Refunds” to “VA Purchase”. Sections 9.01 and 9.02 were also updated
Iowa Authorizes Employees to Work at Remote Locations
April 12, 2024
Iowa passed a bill authorizing employees to work at remote locations. Under the bill, a mortgage lender, broker, or servicer licensed under the Mortgage Bankers
FHA Extends Partial Waiver of Face-to-Face Interview Requirement for Borrowers in Default
April 10, 2024
FHA extended a partial waiver of the face-to-face interview requirement for borrowers in default. The partial waiver allows lenders and servicers to utilize alternative methods
West Virginia Amends Residential Mortgage Lender, Broker and Servicer Act, and SAFE Mortgage Licensing Act
March 29, 2024
West Virginia passed a bill amending the Residential Mortgage Lender, Broker and Servicer Act (RMLBSA) and the SAFE Mortgage Licensing Act (SMLA). The bill amended
New Jersey Amends Notice of Intention to Foreclose Delivery Requirements
March 29, 2024
New Jersey passed a bill amending delivery requirements with respect to a notice of intention to foreclose mortgage lenders and servicers are required to provide
FHA Updates Claims Module for Claim Type 33 – Payment Supplement
March 25, 2024
FHA issued FHA Info 2024-11 announcing an update to the claims module for Claim Type 33 – Payment Supplement. In February 2024, FHA issued Mortgagee
South Dakota Authorizes Electronic Notarizations
March 19, 2024
South Dakota passed a bill authorizing the electronic notarization of documents and establishing procedures for the performance of electronic notarizations. An electronic notarization is defined
