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.
Freddie Mac has published their latest Economic, Housing, and Mortgage Market Outlook which suggests that economic risks remain burdened due to steadily high inflation, unaffordability, and low inventory impacting sales and originations while prices remain solid.
Fannie Mae announced enhancements to the Condo Project Manager (CPM), including updating CPM IDs to be consistent in length, allowing correspondent lenders to request access, and switching Loan Delivery edits to a “warning” status effective on or after July 1, 2023.
Search our Compliance Calendar for current
regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
This selling notice is a reminder that effective September 1, 2023, appraisers will be required to provide main living area photographs, including the living room, family room, dining room, all bedrooms, and all finished and unfinished areas of the basement.
DS News - Eric C. Peck
The House Financial Services Committees examine the loan level price adjustment (LLPA) fee structure implemented by the Federal Housing Finance Agency (FHFA) and its impact on the mortgage marketplace.
DS News - Demetria Lester
Fannie Mae announced that it has executed its fifth Credit Insurance Risk Transfer (CIRT) transaction on $18.1B of single-family Loans in 2023.
On May 22, 2023, the VA published Circular 26-23-10 to clarify assumption procedures and republish the stacking order for Assumptions with VA-Prior Approval, Assumptions without Substitution of Entitlement, Assumptions with Substitution
of Entitlement, and Assumption Appeals, effective immediately.
This Mortgagee Letter clarifies loss mitigation options for non-borrowers who acquired title through an exempted transfer and updates the option as noted in Mortgagee Letter (ML) 2023-03.
Fannie Mae's Loan Delivery Enhancements guide provides access to this year’s previous, current, and upcoming Loan Delivery updates in an easy-to-read format, all in one document.
Fannie Mae announced they are implementing the ExPO-P360, including updates to servicer incentives into Property 360, and rejected claims not loading to the stage on May 18, 2023.
On May 17th, 2023, HUD published ML 2023-10, outlining changes to submission criteria and documentation requirements for HECM Assignment Claim Type 22 (CT-22). The provisions of ML 2023-10 are effective immediately.
Fannie Mae has announced that at the direction of FHFA and in alignment with Freddie Mac, they are rescinding the DTI ratio loan-level price adjustment (LLPA) attribute scheduled to apply to loans purchased on and after Aug. 1, 2023.
U.S. Rep. Joe Neguse announced that HUD has "taken action" to prevent undue foreclosures for victims of the Marshall fire by flagging all properties located in the affected counties for additional HUD approval prior to taking Due and Payable actions.
DS News--Eric C. Peck
GNMA's mortgage-backed securities portfolio increased to $2.373 trillion at the end of the 1st quarter after financing over 281,000 households, including more than 126,000 first-time homebuyers.
In this bulletin, Freddie Mac announced the rescission of the Debt-to-Income (DTI) Ratio-based fees for certain mortgages with borrowers with DTI ratios above 40 percent, originally announced in Bulletin 2023-1 and intended to be effective for mortgages with settlement dates on or after August 1, 2023.
