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
VA Requires Use of Loan Review API to Submit Uniform Loan Application Dataset, Uniform Closing Dataset, and Loan Review File in Connection with Full File Loan Review
June 6, 2024
VA issued Circular 26-24-13 (Circular), requiring the use of VA’s Loan Review API to submit the Uniform Loan Application Dataset (ULAD), Uniform Closing Dataset (UCD),
Fannie Mae Issues Selling Guide Announcement SEL-2024-04
June 6, 2024
Fannie Mae issued Selling Guide Announcement SEL-2024-04 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to SFC 887
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,
VA Revises Chapter 3 of Lender’s Handbook (M26-7)
May 22, 2024
VA revised chapter 3 of the Lender’s Handbook (M26-7). Topics 1 through 6 of chapter 3 were revised as follows: In addition, topics 1 through
VA Revises Chapter 5 of Lender’s Handbook (M26-7)
May 22, 2024
VA revised chapter 5 of the Lender’s Handbook (M26-7). Topics 1 through 4 of chapter 5 were updated as follows: Topics 1 through 4 were
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
Fannie Mae Updates Area Median Incomes used to Determine Borrower Eligibility for HomeReady, RefiNow and Duty to Serve Loans
May 13, 2024
Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2024 AMIs
