Compliance Calendar

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Compliance Calendar for March 2023

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Fannie Mae and Freddie Mac Mandatory Use of the Supplemental Consumer Information Form

Effective: March 1, 2023
Industry: Mortgage Lending
Source: Fannie Mae , Freddie Mac   FHFA Announces Mandatory Use of the Supplemental Consumer Information Form News Release →
Tag: Application
Details

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the Enterprises. The purpose of the SCIF is to collect information about the borrower's language preference, if any, and on any homebuyer education or housing counseling the borrower received, so lenders can better understand borrower needs during the home buying process.

Specifically, the changes announced today will require lenders to present the SCIF questions to borrowers and to report any data collected from the SCIF to the Enterprise purchasing the loan. Lenders will be required to adopt these changes and reporting requirements for loans with application dates on or after March 1, 2023. Response by borrowers to the preferred language question in the SCIF will remain voluntary.

Fannie Mae Supplemental Consumer Information Form (Form 1103)

Effective: March 1, 2023
Industry: Mortgage Lending
Source: Fannie Mae   Fannie Mae Lender Letter LL-2022-03 →
Tags: Underwriting, Loan Documents, Application
Details

The purpose of this Lender Letter is to notify lenders of the mandatory use of the Supplemental Consumer Information Form (Form 1103) well in advance of the mandatory effective date of March 1, 2023 so that preparations can begin.

Form 1103 captures information about homeownership education or housing counseling programs completed by the borrower along with the borrower’s language preference. The form was created in 2021 and is currently optional. Based on FHFA’s announcement, lenders will be required to present the form to borrowers and to report any data collected from the form to Fannie Mae.

Freddie Mac Fair Lending Data Collection Servicing Bulletin 2022-17

Effective: March 1, 2023
Industry: Mortgage Servicing
Source: Freddie Mac   Freddie Mac Servicing Bulletin 2022-17 →
Tag: Servicing
Details

This Guide Bulletin announces a new requirement for Servicers to maintain certain fair lending data elements, effective March 1, 2023, and also includes additional updates to requirements for partial releases, easements, and acquisition and updates from Bulletin 2022-16, effective immediately.

Fannie Mae Fair Lending Data Collection Servicing Bulletin SVC 2022-06

Effective: March 1, 2023
Industry: Mortgage Servicing
Source: Fannie Mae   Fannie Mae Servicing Bulletin SVC 2022-06 →
Tag: Servicing
Details

The Servicing Guide has been updated to include changes to Fair lending data requirements*, which incorporates new policies into the Servicing Guide that result in servicer maintenance of certain fair lending data elements, effective March 1, 2023.

Fannie Mae and Freddie Mac Supplemental Consumer Information Form Update

Effective: March 1, 2023
Industry: Mortgage Lending
Source: Fannie Mae , Freddie Mac   UMDP Supplemental Consumer Information Form Update →
Tags: Application, Loan Documents, Certification, Endorsement, and Delivery
Details

As per the FHFA, the Supplemental Consumer Information Form (SCIF/Form 1103) is required for new conventional loans sold to Fannie Mae and Freddie Mac with application dates on or after March 1, 2023 to help facilitate the collection of homeownership education, housing counseling, and language preference information.

Maryland Residential Foreclosure Procedures

Effective: March 1, 2023
Industry: Mortgage Servicing
Source: Maryland   Industry Advisory Regulatory Notice →
Tags: Maryland, Foreclosure, Loss Mitigation
Details

Maryland Commissioner of Financial Regulation amendments, recodifications, and newly adopted regulations under COMAR 09.03.12 Foreclosure Procedures for Residential Property take effect March 1, 2023.

Value Acceptance (Appraisal Waivers) FAQs

Effective: March 1, 2023
Industry: Mortgage Lending
Source: Fannie Mae   Frequently Asked Questions →
Tags: Property - Appraisal, DU
Details

Fannie Mae has released this FAQ to answer commonly asked questions about value acceptance (formerly appraisal waiver).

Condo Project Manager FAQs

Effective: March 1, 2023
Industry: Mortgage Lending
Source: Fannie Mae   Frequently Asked Questions →
Tag: Condominiums
Details

Fannie Mae has released this FAQ to provide answers to commonly asked questions about the enhanced Condo Project Manager (CPM).

USDA 2-year Extension of Guidance Regarding Non-U.S. Citizens with Valid Social Security Numbers and Employment Authorization Documents

Effective: March 7, 2023
Industry: Mortgage Lending
Source: USDA   USDA Announcement March 7, 2023 →
Tags: Underwriting, Employment
Details

The Single-Family Housing Guaranteed Loan Program is pleased to announce a two-year extension, now set to expire on May 2, 2025, of guidance originally published on April 29, 2022, which makes non-U.S. citizens with valid Social Security Numbers and work authorization, as evidenced by documentation such as an Employment Authorization Document, Form I-766, temporarily eligible to apply for assistance.

Servicing Guide Announcement

Effective: March 8, 2023
Industry: Mortgage Servicing
Source: Fannie Mae   SVC-2023-01 →
Tags: Property Preservation, Servicing, Foreclosure
Details

In this servicing guide announcement, Fannie Mae published updates to Pre-foreclosure property preservation for property inspections, preservation expense reimbursement limits, guidance, and a few miscellaneous updates.

Update to the Mandatory Use Date for the Federal Housing Administration (FHA) Catalyst: Electronic Appraisal Delivery (EAD) Module

Effective: March 14, 2023
Industry: Mortgage Lending
Source: FHA   FHA Mortgagee Letter 2022-04 →
Tags: Certification, Endorsement, and Delivery, Property - Appraisal
Details

The mandatory use dates announced in ML 2021-23 are extended as follows:

Effective on and after March 14, 2023, appraisal delivery through the FHA Catalyst: EAD Module is mandatory for all cases unless a previous appraisal version was submitted to the legacy EAD.

For cases with a previous appraisal submission to the legacy EAD before March 14, 2023, appraisal resubmissions may continue to be delivered through the legacy EAD portal until April 17, 2023.

After April 17, 2023, appraisal submissions for all cases, regardless of previous submissions, must be delivered through the FHA Catalyst: EAD Module.

Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance Premium (MIP) Rates

Effective: March 20, 2023
Industry: Mortgage Lending
Source: FHA   Mortgagee Letter 2023-05 →
Tags: MIP-PMI, Refinance
Details

In this mortgagee letter, FHA communicates revised annual MIP rates for FHA Title II forward mortgages, effective for case numbers endorsed on or after March 20, 2023.

Frequently Asked Questions Related to the Retirement of Bulletin 2020-17; Selling Guidance Related to COVID-19

Effective: March 30, 2023
Industry: Mortgage Lending
Source: Freddie Mac   FAQs →
Tags: COVID-19, Underwriting
Details

Freddie Mac has provided these FAQs to help answer questions about mortgage eligibility if you become aware of missed payments on a borrower’s existing mortgage, or that the mortgage is in a loss mitigation program, or of the use of proceeds from a “no cash-out” refinance transaction, now that the temporary COVID-19 underwriting requirements have expired.

Frequently Asked Questions Related to the Retirement of LL-2021-03

Effective: March 30, 2023
Industry: Mortgage Lending
Source: Fannie Mae   FAQs →
Tags: COVID-19, Underwriting
Details

Fannie Mae provides these FAQs to guide lenders regarding the retirement of the temporary eligibility requirements for purchase and refinance transactions policy in LL-2021-03, Impact of COVID-19 on Originations.

Updates to HB-1-3555, Chapters 4 and 6

Effective: March 31, 2023
Industry: Mortgage Lending
Source: USDA   PN-580 →
Tags: Underwriting, Refinance
Details

The Single-Family Housing Guaranteed Loan Program (SFHGLP) Procedures Notice (PN) 508 announced revisions to technical Handbook-1-3555, Chapter 4, Lender Responsibilities, and Chapter 6, Loan Purposes.

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