This topic consolidates all announcements, newsletters, bulletins, handbook/guide updates, and general news coming from FHFA, Fannie Mae, FHA, Freddie Mac, GNMA, RHS, and VA.
The VA announces expanding eligibility for the home loan benefits for certain members of the National Guard and provides guidance on the process for obtaining a Certificate of Eligibility (COE).
During the weekend of April 17, 2021, Fannie Mae will update its DU validation service including message changes for employer name discrepancies, asset validation changes and DU validation service message changes.
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regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
This edition contains news and insights, products and services, tools and technology, learning and events, as well as industry and policy updates.
Freddie Mac Bulletin 2021-14 announces guide updates to servicing of Community Land Trust Mortgages; eMortgage legal referral requirements; adjustments to the Modification Loss Amount calculation used for the modifications of a mortgage subject to an indemnification agreement; and clarification on the scope of required legal review for Lost Note Affidavits.
Mortgage Bankers Association -- Mike Sorohan
The Mortgage Bankers Association’s public advocacy arm, Mortgage Action Alliance, issued a Call to Action urging its members to contact their congress members to allow flexibility on the GSE’s purchase cap.
Mortgage Professional America – David Kitai
Fannie Mae has verified in data what some mortgage professionals have known from experience during the past year - COVID-19 caused a significant shift in home purchases, from low to high-density living
The FHFA has posted the Orders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2020.
M Report -- Christina Hughes Babb
HUD Secretary Marcia L. Fudge announced U.S. Department of Housing and Urban Development (HUD) would give about $5 billion in American Rescue Plan funds to establish affordable housing and provide services for those facing homelessness.
In accordance with Bulletin 2021-13, Freddie Mac will no longer acquire loans that are GSE Patch loans that do not meet the Revised QM Rule for applications received on or after July 1, 2021, and mortgages with settlement dates after August 31, 2021.
In accordance with LL-2021-09, Fannie Mae will no longer acquire loans that are GSE Patch loans that do not meet the Revised QM Rule unless the loan has an application date on or before Jun. 30, 2021, and is purchased as a whole loan on or before August 31, 2021, or is in an MBS pool with an issue date on or before August 1, 2021.
The Single-Family Housing Guaranteed Loan Program has created a Frequently Asked Questions resource document for lenders, applicants, and stakeholders to provide immediate answers to common origination questions received by the Agency.
The current Fannie Mae Modification Interest Rate effective April 14, 2021, is 3.125%.
Freddie Mac's Selling Guide updates include affordable lending initiatives in the Home Possible® Mortgages and Community Land Trust Mortgages; income and assets requirements; Automated Collateral Evaluation (ACE) appraisal waiver offers and collateral representation and warranty relief; Second home and Investment Property Mortgage eligibility; as well as additional guide updates.
This Selling Guide update includes new forms for Fannie Mae review of co-op projects; revised Master Terms and Conditions to the Software Subscription Agreement; clarification of lender responsibilities related to gift funds identified in the Desktop Underwriter® validation service; eligibility of loans secured by second home and investment properties, incorporating the requirements announced in a prior Lender Letter; and a miscellaneous process change.
