Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2023 AMIs
VA issued Circular 26-23-10 (Circular), clarifying assumption procedures and republishing assumption stacking orders. Per the Circular, VA clarified assumption procedures and republished the stacking order
Fannie Mae issued a Selling Notice (Notice) announcing the effective date for recently revised appraisal photo requirements. On March 1, 2023, Fannie Mae issued Selling
FHA issued Mortgagee Letter 2023-11 clarifying loss mitigation options for non-borrowers who acquire title through a transfer that exempts the borrower’s mortgage from being called
Freddie Mac issued Bulletin 2023-12 (Bulletin), rescinding the debt-to-income (DTI) ratio-based credit fee for certain mortgages with borrowers with DTI ratios above 40%. The credit
FHA issued Mortgagee Letter 2023-10 modifying Home Equity Conversion Mortgage (HECM) Assignment Claim Type 22 submission criteria and documentation requirements. Per the Mortgagee Letter, FHA:
Fannie Mae issued Servicing Guide Announcement SVC-2023-03 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae: In addition, Fannie Mae updated
Freddie Mac issued Bulletin 2023-11 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: Revisions with respect to IRS installment agreements
Fannie Mae issued Selling Guide Announcement SEL-2023-04 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: In addition, Fannie Mae updated
FHA issued Mortgagee Letter 2023-09, implementing the provisions of the Adjustable Rate Mortgages (ARMS): Transitioning from London Interbank Offered Rate (LIBOR) to Alternative Indices rule
RHS issued a SFH Guaranteed Origination Notice (Notice) revising the effective date of a recently adopted rule amending manufactured housing provisions under the Single Family
RHS issued a SFH Guaranteed Servicing Notice (Notice) revising the effective date of recent revisions to the SFH Guaranteed Loan Program (SFHGLP) Technical Handbook (HB-1-3555).
Arizona adopted a rule permitting employees (including loan originators) to work at remote locations. Under the adopted rule, a mortgage banker licensed under the Mortgage
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