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VA Implements Funding Fee Changes
by Barbara CameronAssistant Vice President Recently VA has issued a series of Circulars regarding VA Funding Fee changes. There was some confusion over VA loan funding fees as a result of the changes (VA Circular 26-11-15 and VA Circular 26-11-16) – especially regarding the short term changes. VA also provided in VA Circular 26-11-16, guidance […]
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Freddie Mac Updates Stable Monthly Income Guidelines
by Sarah LagattollaAssistant Vice President On November 4, 2011 Freddie Mac issued Bulletin 2011-21 regarding changes made to Section 37.13 of the Single Family Seller/Servicer Guide. Updates and additions have been made to this section of the Guide to provide clarification and changes to the topic of stable monthly income. The changes will become effective […]
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Fannie Mae Announces Updates to Refi Plus and DU Refi Plus
by Ellen BrodyAssistant Vice President As a result of recently announced changes to the Home Affordable Refinance Program (HARP) made by the Federal Housing Finance Agency (FHFA), Fannie Mae (FNMA) is implementing changes to Refi Plus and DU Refi Plus. The announcement was made in SEL-2011-12: Updates to Refi Plus™ and DU Refi Plus™ (11/15/11). […]
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Freddie Mac Updates Electronic Transaction Requirements
by Anna DeSimonePresident & Founder On October 1, 2011, Freddie Mac amended its requirements for servicing mortgages. The Single Family Seller/Service Guide, Volume 2, Section 50.3.1: Acknowledgment and consent to electronic transactions. Requirements will become effective on January 1, 2012. Key points to the amendments are summarized below: Electronic transactions conducted between Servicer and Borrower […]
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HUD Issues Revisions to Mortgagee Approval Process
by Anna DeSimonePresident & Founder September 23, 2011 HUD issued Mortgagee Letter 2011-34 to announce changes to the requirements for FHA lender approval and operations. These changes are effective immediately and supersede specific sections of HUD Handbooks 4060.1 REV-2 and 4155.2. The Letter applies to all FHA approved lenders and Applicants for lender approval. Modified […]
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FHFA & FHFA-OIG Privacy Act Implementation: An Overview of the Interim Final Regulation
by Margaret Wright, Esq.Associate Counselmargaret@bankersadvisory.com The Federal Housing Finance Agency (FHFA) has issued an interim final regulation implementing changes to its Privacy Act policies and procedures under which an individual may make a request for information contained in a FHFA or FHFA Office of Inspector General (FHFA-OIG) system of records. Under the Privacy Act, the […]
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FTC Publishes Final Rule on Mortgage Advertising: Prohibited Representations under Mortgage Acts & Practices
by Margaret Wright, Esq. Associate Counselmargaret@bankersadvisory.com On July 22, 2011 the Federal Trade Commission (FTC) published the Mortgage Acts and Practices – Advertising Final Rule “relating to unfair or deceptive acts and practices that may occur with regard to mortgage advertising”. 76 FR 43826. The Mortgage Acts and Practices- Advertising Rule (MAP Rule) amends Title 16, […]
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OCC Interim Final Rule republishing OTS Regulations: Highlights of Provisions related to Savings Associations’ Mortgage Lending Activities
By Marissa Aquila Blundell, Esq.Vice President & Senior Counselmarissa@bankersadvisory.com On August 9, 2011, the Federal Register published the Office of the Comptroller of the Currency (OCC) interim final rule republishing certain Office of Thrift Supervision (OTS) regulations. This rule is one in a series of interim final rules being issued on the heels of the […]
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Freddie Mac Updates its Credit Underwriting Guidelines
by Aisling BradyExecutive Vice Presidentabrady@bankersadvisory.com Freddie Mac Bulletin 2011-15 dated August 16, 2011 announces a number of changes in Mortgage Eligibility and Credit Underwriting guidelines. Second Homes and Investment Properties The Seller/Servicer Guide on Second Home Mortgages (Section 22.22) and Investment Property (Section 22.22.1) have been updated to not allow the borrower to have any […]
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Freddie Mac Updates its Quality Control Requirements
by Anna DeSimone, President Freddie Mac has updated Chapters 46 and 48 of the Seller/Servicer Guide regarding pre- and post-closing quality control. The changes take effect for loans closed on or after December 1, 2011. Information regarding the QC changes were announced in the August 16, 2011 Bulletin 2011-15. Pre-Closing Quality Control Requirements Freddie Mac […]
