Real Estate Lending
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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 […]
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CFPB Issues Proposal to Boost Lending in Rural, Underserved Areas
By Anna DeSimoneProposal Would Extend Provisions to Cover More Community Banks, Credit Unions, and Other CreditorsJanuary 29, 2015, the Consumer Financial Protection Bureau (CFPB) proposed several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. If finalized, the proposal issued would increase the number of financial […]
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CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules
By Anna DeSimone, PresidentChanges Address Mortgage Disclosures After Locking Interest Rates and Information on Construction Loans January 20, 2014, the Consumer Financial Protection Bureau (CFPB) finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes finalized January 20th which were proposed in October 2014, address when consumers will receive updated disclosures […]
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FHA Reduces Mortgage Insurance Premium as of January 26th
By Anna DeSimone, President January 9, 2015, HUD issued Mortgagee Letter 2015-01, “Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates and Temporary Case Cancellation Authority.” The purpose of the mortgagee letter is to communicate revised annual MIP rates for FHA Title II forward mortgages and provide opportunity for cancellation of existing […]
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Fannie Mae Updates Underwriting Rules for Self-Employed Income
By Anna DeSimone, President December16, 2014, Fannie Mae issued Selling Guide Announcement SEL-2014-16. The Selling Guide has been updated to include changes to the following: Self-Employed Income Servicing Execution Tool Solar Panels Adjustments to Comparable Sales Flood Insurance for Nonresidential Detached Structures Cure Provision for Points and Fees Payment Calculation for Student Loans Nonstandard Repayment […]
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CFPB Issues Lender Guidance on Social Security Income Discrimination
by Anna DeSimone, President On November 18, 2014, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. […]
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CFPB Issues Lender Guidance on Disability Income Discrimination
by Anna DeSimone, President November 18, 2014, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. The […]