Mortgage Lending
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CFPB Issues Guidance on Housing Counselor Requirement
Final Interpretive Rule Includes Additional Instructions for Providing Housing Counselor Information April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for lenders who […]
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CFPB Releases ‘Know Before You Owe’ Toolkit
March 31, 2015 the Consumer Financial Protection Bureau (CFPB) released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house. Developed as part of the CFPB’s “Know Before You Owe” mortgage initiative, the toolkit was designed to help consumers take full advantage of the new Loan Estimate […]
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Fannie Mae Clarifies Self Employed Income Policy
By Anna DeSimone March 24, 2015 Fannie Mae issued a Notice that clarified its recently-updated Self Employed Income Policy. On December 16, 2014, Fannie Mae issued Selling Guide Announcement SEL-2014-16, listing a number of topics that were updated in the Selling Guide, including Self Employed Income. The updates were originally to take effect April […]
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Fannie Mae Issues Loan Level Pricing Adjustment Update
March 17, 2015 Fannie Mae released Selling Notice: LLPA Matrices Update. The information contained on the notice is provided below:On November 10, 2014, Fannie Mae released Announcement SEL-2014-13, Selling Guide Updates, and announced changes to the policy that pertains to how loan-level price adjustments (LLPAs) are applied to mortgage loans with more than one borrower, […]
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FHLB Updates Mortgage Partnership Finance Xtra Underwriting Guidelines
March 11, 2015, The Federal Home Loan Bank Mortgage Partnership Finance (MPF) program issued MPF Xtra® PFI Notice 2015-1. The notice was effective on March 11, 2015 unless otherwise noted and pertained to the PFI MPF® Program Management, Origination Management, and Underwriting Management. The Notice included the following statement: The MPF Xtra Manual and the […]
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Fannie Mae Updates Rules for Condos and Borrowers Without Credit Scores
February 24, 2015 Fannie Mae released Ann. SEL-2015-02, Selling Guide Update. The Selling Guide has been updated to include changes to the following:• Clarifications of Project Standards Policies • Reorganization of Co-op Topics • Updated Effective Dates for Pricing and Credit Score Delivery in Announcement SEL-2014-13• Lender Breach of Contract Miscellaneous Selling Guide UpdatesEach of the updates is described […]
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Freddie Mac Updates Selling and Servicing Rules
February 17, 2015 Freddie Mac issued Bulletin 2015-2: Selling and Servicing. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announces: Selling and Servicing topics Updates to Guide Forms 16SF, Annual Eligibility Certification Report, and 1107SF, Seller/Servicer Change Notification Form, to help Freddie Mac better understand its Seller/Servicers• A new requirement that Seller/Servicers review the Federal Housing Finance Agency […]
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Fannie Mae Launches Collateral Underwriter and Appraiser Quality Monitoring
By Anna DeSimone February 4, 2015, Fannie Mae published Lender Letter LL-2015-02: Appraisal Tools, Processes and Policies. The purpose of the Lender Letter is to provide clarifications and additional information regarding Fannie Mae’s valuation-related tools and policy updates announced within the past 12 to 18 months. These include Collateral Underwriter™ (CU™), Appraiser Quality Monitoring (AQM), […]
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Fannie Mae Updates Appraisal Underwriting Rules
By Anna DeSimoneFebruary 4, 2015, Fannie Mae published Lender Letter LL-2015-02: Appraisal Tools, Processes and Policies. The purpose of the Lender Letter is to provide clarifications and additional information regarding Fannie Mae’s valuation-related tools and policy updates announced within the past 12 to 18 months. These include Collateral Underwriter™ (CU™), Appraiser Quality Monitoring (AQM), and […]
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HUD Updates Equal Access Rules for Marital Status, General Identity, Sexual Orientation
February 2, 2015 the Department of Housing and Urban Development (HUD) published H 2015-01: Notice of Program Eligibility for HUD Assisted and Insured Housing Programs for All People Regardless of Sexual Orientation, Gender Identity or Marital Status as Required by HUD’s Equal Access Rule. The purpose of the Housing Notice (Notice) is to increase awareness […]