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Fannie Mae Updates Various Underwriting Policies
by: Anna DeSimone May 27, 2014 Fannie Mae published Ann. SEL-2014-06: Selling Guide Update. The updates include changes to the following topics: Delayed Financing, Continuity of Obligation, and Multiple Financed Properties for the Same Borrower Large Deposit and Other Asset Policies Definitions for Retail, Correspondent, and Broker Origination Types Requirements for Use of a Power […]
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Louisiana Enacts Credit Report and Mortgage Servicer Laws
by: Louis Danastorg House Bill 844: Credit Reports of Protected Persons Louisiana has enacted R.S. 9:3571.3, provisions relating to credits reports, security freezes, and the release of credit information of protected persons. Protected person refers to someone sixteen years old or younger, an interdicted person having been appointed a curator, or an incapacitated person having […]
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HUD Updates FHA Annual Recertification and Post-Approval Process
by: Anna DeSimone May 27, 2014, HUD Issued ML 2014-09: Annual Recertification and Post-Approval Updates. The purpose of the Mortgagee Letter was to inform lenders about changes to FHA’s systems that alter the way lenders execute post-approval updates and complete FHA’s annual recertification process. The changes detailed in this Mortgagee Letter became effective May 27, […]
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Oklahoma Amends Provisions Regarding Consumer Credit
by: Lee Greenberg The state of Oklahoma recently amended provisions regarding consumer credit in House Bill 3346. The new law is effective July 1, 2014. Under the law, a seller or lessor is required to disclose information required by the Federal Consumer Credit Protection Act to a buyer to whom credit is extended or lessee with […]
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Illinois Modifies Provisions Regarding Consumer Fraud and Deceptive Business Practices Act
by: Lee GreenbergThe state of Illinois recently modified Section 2MM of the Consumer Fraud and Deceptive Business Practices Act in House Bill 3380. The new legislation takes effect on June 1, 2014.Under the new law, the following persons may request that a security freeze be placed on the credit report of a disabled person: A […]
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Colorado Adds Provisions Regarding Residential Mortgage Foreclosures
The state of Colorado recently added provisions regarding residential mortgage foreclosures in House Bill 1295. The new legislation takes effect January 1, 2015, and applies to foreclosure proceedings in which the notice of election and demand is filed on or after said date. The new law includes the following additions: • At least thirty days before […]
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Maryland Revises Statutes Regarding Interest on Escrow Accounts and Savings Accounts Created for a Specific Purpose
by: Paul McSheffreyWith Senate Bill 583, the Maryland legislature has revised commercial and financial statutes relating to escrow accounts created in connection with loans secured by a first mortgage or deed of trust on residential property. Section 12-109(b)(1) now contains a new minimum interest rate payable to borrowers with such escrow accounts. A lending institution […]
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Indiana Revises Pre-licensing Education Requirements
by: Zachary PearlsteinThe Indiana Department of Financial Institutions has recently updated the state’s pre-licensing education requirements for mortgage loan originators. The department has eliminated a prior requirement of two hours of education on the topic of state law and rules concerning residential mortgage lending. The revised provisions are effective as of April 21, 2014. […]
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Fannie Mae Updates Lender Selling Representations and Warranties Framework
by: Anna DeSimoneMay 12, 2014, with the release of Ann. SEL-05, Fannie Mae, jointly with Freddie Mac and at the direction of the Federal Housing Finance Agency, announced a number of significant enhancements to the selling representations and warranties framework introduced in Announcement SEL-2012-08, New Lender Selling Representations and Warranties Framework. These changes are related […]
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Freddie Mac Updates Selling Representation and Warranty Framework
by: Anna DeSimoneMay 12, 2014, Freddie Mac, jointly with Fannie Mae and at the direction of the Federal Housing Finance Agency, announced in Single Family Seller/Service Bulletin 2014-8 that it is making a number of significant enhancements to the selling representation and warranty framework introduced in 2012. These changes, including revisions related to how a […]
