Freddie Mac issued Guide Bulletin 2021-11, announcing an updated eligibility requirement for mortgages secured by investment properties or second homes. Per the Bulletin, a manually
Minnesota passed a bill requiring lenders and servicers to communicate with third-party designees and independent counseling agencies in the event of reverse mortgage loan default.
New York passed a bill amending the state’s power of attorney requirements. Under the bill, the principal’s signature on a power of attorney must be
Minnesota passed a bill amending provisions with respect to foreclosure consultants and equity purchasers. Under the bill, foreclosure consultants are now referred to as “solicitors”
New York passed a bill amending the content of the “notice to tenant” provided to tenants following a foreclosure sale. Under the bill, the “notice
Utah passed a bill amending mailing requirements with respect to a Cancellation of Notice of Default. Under the bill, if a default is cured and
The District of Columbia passed a bill extending the temporary foreclosure moratorium, payment deferment program and remote online notarization provisions due to COVID-19. The temporary
RHS amended guidance relating to the treatment of Mortgage Credit Certificates (MCC) in the new Guaranteed Underwriting System (GUS). In the new GUS, an MCC
FHA issued Mortgagee Letter 2021-08, updating Home Equity Conversion Mortgage (HECM) requirements with respect to interest rate changes. Per the Mortgagee Letter, FHA: removed approval
Freddie Mac issued Guide Bulletin 2021-10 to extend temporary verification of employment, appraisal, condominium project and power of attorney flexibilities due to COVID-19. The temporary
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
FHA issued a temporary partial regulatory waiver waiving the recently increased base flood elevation requirement for certain newly constructed properties. On April 23, 2024 FHA
Fannie Mae issued Servicing Guide Announcement SVC-2025-01 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae introduced new cybersecurity requirements for
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