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Ginnie Mae announced the revision to pooling eligibility requirements for Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS).
View SourceMBA NewsLink
According to the Federal Housing Finance Agency, the GSEs completed 47,370 foreclosure prevention actions during the second quarter.
View SourceSearch our Compliance Calendar for current
regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
On October 1, 2023, the new ineligible area maps for the Rural Development Single Family Housing (SFH) and Multi-Family Housing programs will be updated to the USDA Income and Property Eligibility Site at https://eligibility.sc.egov.us.
View SourceBallard Spahr LLP--Richard J. Andreano, Jr., John L. Culhane, Jr. & Michael R. Guerrero
The CFPB is now revisiting the issue in Circular 2023-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms.
View SourceOn Tuesday, September 19th, 2023, the CFPB published circular 2023-03 notifying creditors of adverse action reporting requirements under ECOA and Regulation B for loans underwritten using complex algorithms involving "artificial intelligence".
View SourceFannie Mae announced that during the weekend of September 23, 2023, they will implement Release 29.2, which includes the changes and enhancements described below for Asset Management Network (AMN)/HomeSaver Solutions™ Network (HSSN).
View Source"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The purpose of this Circular is to remove the “Pricing Sheet” from the stacking order for loans selected for FFLR.
View SourceMortgage Fraud Blog--Rachel Dollar
Cabral Simpson of Orange, New Jersey, a real-estate investor, and his conspirators engaged in mortgage fraud by creating fake bank statements and fake employee verification records for buyers of properties and transferring money into the buyers’ bank accounts for payment of the deposit for a property and submitted fraudulent mortgage loan applications, supporting documents, and closing documents on behalf of the buyers.
View Source"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union