VA amended requirements for processing site condominiums in Michigan. A site condominium is defined as a single family totally detached dwelling (no shared garages or any other attached buildings) encumbered by a declaration of condominium covenants or condominium form of ownership. Effective immediately, lenders must process site condominium loans in a manner similar to a single family detached home. VA will no longer review legal documentation for site condominiums. Lenders must ensure that any site condominium proposed as collateral for a VA-guaranteed loan meets requirements for the state of Michigan. In addition, per the amended requirements: the condominium unit must still be held in Fee Simple; lenders are no longer required to obtain a VA condominium ID, or submit condominium association documents to VA for approval (however, lenders must still identify the property as a condominium when requesting an appraisal); and lenders must submit a letter through WebLGY (on company letterhead) that states that the site condominium meets VA requirements. Note that the amended requirements are a regional variance for the state of Michigan only. All other geographical areas are unaffected by the amended requirements.
CFPB
CFPB Amends Fair Credit Reporting Act with respect to Medical Information
The CFPB adopted rules amending the Fair Credit Reporting Act (FCRA) with respect to medical information. Per the rule adoption, the CFPB removed an exception
January 16, 2025
