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
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Freddie Mac Updates Area Median Income Limits
May 9, 2024
Freddie Mac issued Bulletin 2024-C (Bulletin, announcing updated area median income (AMI) limits. For mortgages submitted to Loan Product Advisor (LPA), LPA will be updated
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
RHS Revises Chapters 9, 10, and 16 of Single Family Housing Guaranteed Loan Program Technical Handbook
May 9, 2024
RHS revised chapters 9, 10, and 16 of the Single Family Housing Guaranteed Loan Program Technical Handbook (HB-1-3555). The updates to chapter 9 update a
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
Freddie Mac Issues Bulletin 2024-06: Selling Updates
May 2, 2024
Freddie Mac issued Bulletin 2024-06 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: Revisions related to ROV are effective August
Fannie Mae Issues Selling Guide Announcement SEL-2024-03
May 2, 2024
Fannie Mae issued Selling Guide Announcement SEL-2024-03 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to ROV policies
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
FHA Updates Home Equity Conversion Mortgage Acceptable Monetary Investment Funding Sources
April 29, 2024
FHA issued Mortgagee Letter 2024-06, updating acceptable funding sources for satisfying a borrower’s monetary investment related to HECM for Purchase transactions. Per the Mortgagee Letter
