Alaska Amends Power of Attorney Provisions
August 25, 2016
Alaska passed a bill amending the state’s power of attorney provisions. The amended provisions are modeled upon the Uniform Power of Attorney Act drafted and
Alaska Permits Federal Savings Banks to Voluntarily Register with the Department of Commerce, Community, and Economic Development for Purposes of Sponsoring Mortgage Loan Originators
August 25, 2016
Alaska passed a bill permitting depository institutions to voluntarily register with the Department of Commerce, Community, and Economic Development (Department) for purposes of sponsoring mortgage
New Hampshire Repeals Mortgage Servicing Companies Act and Repeals and Reenacts Nondepository Mortgage Bankers and Brokers Act
August 22, 2016
New Hampshire passed a bill repealing the Mortgage Servicing Companies Act (MSCA) and repealing and reenacting the Nondepository Mortgage Bankers and Brokers Act (NMBBA). Under
VA Issues Circular 26-16-23
August 22, 2016
VA issued Circular 26-16-23 (Circular). The Circular describes measures mortgagees may employ to provide relief to home loan borrowers affected by severe storms and flooding
Freddie Mac Issues Guide Bulletin 2016-14
August 18, 2016
Freddie Mac issued Guide Bulletin 2016-14 (Bulletin). This Bulletin: updates Freddie Mac’s selling representation and warranty framework and the servicing remedies framework (including updates to
Fannie Mae Issues Servicing Guide Announcement SVC-2016-07
August 18, 2016
Fannie Mae issued Servicing Guide Announcement SVC-2016-07 (Announcement). The Announcement: sets forth the Independent Dispute Resolution (IDR) process for servicing breaches under the remedies framework
FHA Revises Property Disposition Regulations
August 18, 2016
FHA adopted regulations revising FHA’s property disposition provisions. The adopted regulations consolidate and reorganize FHA’s property disposition provisions to better reflect industry standards. Specifically, the
VA Revises Chapters 2, 7, 8 and 15 of the Servicer Handbook (M26-4)
August 18, 2016
VA revised chapters 2, 7, 8 and 15 of the Servicer Handbook (M26-4). Chapter 2 was revised to provide clarification on: the Event Administrator feature;
Maine Repeals and Readopts Alternative Mortgage Transaction Joint Rule
August 15, 2016
The Maine Bureau of Consumer Credit Protection and the Bureau of Financial Institutions have repealed and readopted a joint rule regulating alternative mortgage transactions. The
FHA Issues Mortgagee Letter 2016-12
August 11, 2016
FHA issued Mortgagee Letter 2016-12. The Mortgagee Letter revises the maximum fee that may be charged by an FHA-approved 203(k) consultant for a draw inspection.
