North Dakota passed a bill amending “notice of default” requirements under the judicial foreclosure process. Under the bill, a lender or servicer is not required
Indiana passed a bill repealing and reenacting the Loan Brokers Act (LBA). Under the bill, loan processor companies must submit a “notice filing” to the
Indiana passed a bill increasing the permissible late fee that may be assessed under the Uniform Consumer Credit Code. Under the bill, a late fee
RHS adopted rules pertaining to income banding, net family assets and area loan limits. Per the rule adoption: a two-tier income limit structure (also known
Freddie Mac issued Bulletin 2019-14, introducing the CHOICERenovation mortgage. The CHOICERenovation mortgage is a new mortgage product, that allows borrowers to use mortgage proceeds to
Freddie Mac issued Bulletin 2019-15, amending income eligibility requirements for Home Possible mortgages. Per the Bulletin, to be eligible for a Home Possible mortgage, a
Fannie Mae issued Selling Guide Announcement SEL-2019-01 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae removed the requirement that the
Fannie Mae issued Lender Letter LL-2019-06, amending income eligibility requirements for HomeReady loans. Per the Lender Letter, to be eligible for a HomeReady loan, a
Fannie Mae issued Servicing Guide Announcement SVC-2019-04 (Announcement), clarifying eligibility and documentation requirements related to partial lien releases. Per the Announcement: An appraisal is now
Freddie Mac issued Bulletin 2019-11 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac revised requirements related to credit underwriting and
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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