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
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 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 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 passed a bill authorizing employees to work at remote locations. Under the bill, a mortgage lender, broker, or servicer licensed under the Mortgage Bankers
Iowa passed a bill exempting mortgage bankers from certain loan charge restrictions. Under the bill, a mortgage banker licensed under the Mortgage Bankers and Brokers
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
Freddie Mac issued Bulletin 2024-04 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated a manufactured home requirement to allow
RHS revised chapters 8, 12, and 15 of the Single Family Housing Guaranteed Loan Program Technical Handbook (HB-1-3555). The updates to chapter 8 removed all
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
Fannie Mae issued Selling Guide Announcement SEL-2025-02 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae is integrating Condo Project Manager
Fannie Mae revised the West Virginia Security Instrument Form (Form 3049). The revision updates paragraph 1 (pertaining to payment of principal, interest, escrow items, prepayment
Freddie Mac issued Bulletin 2025-4 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac introduced the Freddie Mac Income Calculator, designed
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