Real Estate Lending
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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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Fannie Mae Now Permits Lenders to Contribute toward Borrower Closing Costs
April 3, 2018 Fannie Mae Issued Selling Guide #2018-03 clarifying lender-sourced contributions to fund closing costs and prepaid fees. Lenders may take advantage of the change immediately. Below are the key points of the announcement: A lender-sourced contribution may not be: Used to fund any portion of the down payment; Subject to repayment requirements, or […]
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MPF Program Origination and Underwriting Updates for MPF Direct
On March 20, 2018, The Mortgage Partnership Finance Program announced origination and underwriting updates for its MPF Direct program. Specifically, changes were made to Direct Select QM, Select 90 QM, and Choice QM guidelines. These changes are effective immediately.
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U.S. House of Representatives Approves New Rules for TRID and Mortgage Loan Originators
The House has passed a Mortgage Bankers Association-supported bill that amends the TILA/RESPA Integrated Disclosure rule, and supports flexibility for mortgage loan originators.
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New England Mortgage Expo 2018
CLA is proud to speak and exhibit at The New England Mortgage Expo on January 12, 2018 at the Mohegan Sun. CLA Bankers Advisory principal, Marissa Blundell, will be speaking from 1:15 – 2 p.m. during the 2018 HMDA Impact on Fair Lending Compliance session.
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Fannie Mae Selling Guide Updated
On December 19, 2017, Fannie Mae updated its Selling Guide to address underwriting borrowers with frozen credit, disaster-affected loans, and additional areas. With this update, Fannie Mae also provides additional detail related to its expectations and requirements for sellers/servicers’ Internal Audit function.
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OCC Issues Guidance for Impact of CRA Ratings on Licensing Applications
November 8, 2017, the Office of the Comptroller of the Currency (OCC) issued this guidance to provide transparency regarding its framework for evaluating certain types of licensing applications.
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Preferred Language Question to be Added to New Uniform Residential Loan Application
October 20, 2017, Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the new Uniform Residential Loan Application (URLA). This question will enable borrowers who prefer to communicate in a language other than English to identify that language. It also provides clear disclosures that the mortgage transaction is likely […]
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Freddie Mac Announces Credit Underwriting Changes
September 14, 2017, Freddie Mac issued Guide Bulletin 2017-20, announcing updates to several topics in the Single-Family Seller/Service Guide. This article includes a detailed description of changes pertaining to Credit Underwriting and a brief summary of other changes announced in the Bulletin. Assets as a basis for repayment of obligations The changes include, but are […]