VA issued Circular 26-19-05, clarifying VA’s new policies regarding cash-out refinancing loans. In December of 2018, VA adopted rules amending requirements with respect to all cash-out refinancing loans. This Circular clarifies requirements with respect to loan-to-value, net tangible benefit, disclosures, loan seasoning, and fee recoupment. The clarified policies apply to all VA cash-out refinance loan applications taken on or after February 15, 2019.
Click Here to View the VA Circular 26-19-05
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Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
FHA issued Mortgagee Letter 2024-20 implementing Federal Flood Risk Management Standards for new construction properties located in Special Flood Hazard Areas. On April 23, 2024,
Fannie Mae issued Selling Guide Announcement SEL-2024-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to leasehold estates
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