Mortgage Lending
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FHLB updates the MPF Traditional Selling and Servicing Guide
On March 1, 2019, the Federal Home Loan Bank’s Mortgage Partnership Finance (MPF) program announced the following updates and clarifications to the MPF Traditional Selling and Servicing Guide.
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Department of Veterans Affairs clarifies policies for cash-out refinancing loans
On February 14, 2019, the Department of Veterans Affairs (VA) issued a circular clarifying its new policies regarding VA-guaranteed cash-out refinancing loans. The policies took effect on February 15, 2019, pursuant to an interim final rule which was published in the Federal Register on December 17, 2018.
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CFPB Releases HMDA Policy Guidance
On December 21, 2018, the Bureau of Consumer Financial Protection Bureau (Bureau) released final policy guidance applicable to the public disclosure of data collected and reported pursuant to the Home Mortgage Disclosure Act (HMDA).
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HMDA Platform Beta Launch
On December 11, 2018, the Bureau of Consumer Financial Protection (BCFP)launched a beta release of the platform financial institutions will utilize in2019 to report data collected pursuant to the Home Mortgage Disclosure Act (HMDA) in 2018.
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Fannie Mae released Selling Guide Announcement SEL -2018-09
On December 4, 2018, Fannie Mae released Selling Guide Announcement SEL -2018-09 describing changes made to the following key topics: Self-employment income calculation – enforcement relief when using approved vendor tool Commissions and unreimbursed business expenses – updated policy based on tax law changes Appraisal waiver policy – for loans in process at time of […]
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Fannie Mae Updates Selling Guide
On October 2, 2018, Fannie Mae made the following updates to its Selling Guide: Outsourcing of Mortgage Processing and Third-Party Originations, Employment-Related Assets as Qualifying Income, and more.
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Freddie Mac Announces Affordable Housing Preservation and Rural Housing Initiatives
Featuring Community Land Trusts and Allowances for Sweat Equity September 28, 2018, Freddie Mac issued Bulletin 2018-16, Duty to Serve Affordable Housing Preservation and Rural Housing. Key points of the bulletin are summarized below. In its Duty to Serve plan, Freddie Mac committed to increasing support for very low-, low- and moderate-income families in three historically […]
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Fannie Mae Will Consider Appraisal Waiver in Rural High-Needs Areas
Home Inspection Alternative Issued Through Desktop Underwriter® For certain home purchase transactions in rural high-needs areas, Fannie Mae may offer to waive the appraisal in exchange for a mandatory home property inspection. The rural high-needs appraisal waiver seeks to help low- to moderate-income borrowers avoid unanticipated, potentially high-cost, post-purchase repairs. This offer will be considered […]
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Freddie Mac Launches “Borrower of the Future” Campaign
The campaign aims to improve the housing finance system and better serve the next generation of homeowners May 21, 2018, Freddie Mac announced the launch of “Borrower of the Future” campaign to help mortgage originators better understand and address the evolving needs of the next generation of consumers driving housing demand. Freddie Mac will deliver […]
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CFPB Publishes Final Rule Amending TRID
On April 26, 2018, the Consumer Financial Protection Bureau (CFPB) published a final rule adopting changes proposed in 2017. The new rule takes effect 30 days after publication of the final rule in the Federal Register.