VA Revises Chapter 9 of Servicer Handbook (M26-4)
August 14, 2024
VA revised chapter 9 of the Servicer Handbook (M26-4). Sections 9.02, 9.03, 9.04(b), 9.05, 9.06, 9.08, and 9.09 were updated as follows: The revisions went
North Carolina Modifies Index Used When Excluding Discount Points from Points and Fees Calculation for High-Cost Loans
August 13, 2024
North Carolina passed a bill modifying the index used when determining whether discount points may be excluded from the points and fees calculation for high-cost
Minnesota Issues Interpretive Opinion Regarding Compliance with Maximum Interest Rate Limitations for Conventional Loans
August 13, 2024
Minnesota issued an interpretive opinion (Opinion) regarding compliance with the maximum interest rate limitations under Minnesota Statute § 47.20(4a)(a) (pertaining to conventional loans). The index
Fannie Mae Issues Selling Guide Announcement SEL-2024-05
August 13, 2024
Fannie Mae issued Selling Guide Announcement SEL-2024-05 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to the rent-back
Freddie Mac Issues Bulletin 2024-10: Selling Updates
August 13, 2024
Freddie Mac issued Bulletin 2024-10 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: Revisions related to self-employed income and non-arm’s
VA Clarifies Implementation Date for Recent Guidance Regarding Home Retention Waterfall and Available Loss Mitigation Options in Servicer Handbook
August 13, 2024
VA issued Circular 26-24-16 clarifying the implementation date for the recently released guidance regarding the Home Retention Waterfall and other loss mitigation options outlined in
Freddie Mac, Fannie Mae, and FHA Update Effective Date for Reconsideration of Value Policy
August 7, 2024
Freddie Mac, Fannie Mae and FHA issued Bulletin 2024-F (Bulletin), a Selling Notice (Notice), and Mortgagee Letter (ML) 2024-16 (respectively) updating the effective date for
VA Amends Veteran-Paid Buyer-Broker Charge Requirements on Closing Disclosure
August 7, 2024
VA issued Circular 26-24-14, Change 1, amending how veteran-paid buyer-broker charges are to be recorded on the Closing Disclosure. Per the original Circular, VA authorized
FHA Permits Electronic and Other Remote Methods of Communication with Borrowers in Default
August 2, 2024
FHA adopted a rule permitting electronic and other remote methods of communication with borrowers in default. FHA’s regulations require mortgage lenders and servicers to meet
Minnesota Amends Minnesota Residential Mortgage Originator and Servicer Licensing Act
August 2, 2024
Minnesota passed a bill amending the Minnesota Residential Mortgage Originator and Servicer Licensing Act (MRMOSLA). Under the bill, the MRMOSLA was amended to: The bill
