Freddie Mac issued Bulletin 2016-5 (Bulletin). This Bulletin: permits a mortgage subject to an indemnification agreement to be eligible for a mortgage modification; revises state foreclosure timelines; ends the temporary suspension of the assessment and billing of state foreclosure timeline compensatory fees in certain states; sets forth additional circumstances in which it may be in Freddie Mac’s best interest to waive the right to collect a deficiency REO; revises requirements outlining when servicers must pay real estate taxes and homeowners association, planned unit development and condominium dues during the REO holding period; updates rollback requirements to be consistent with the Freddie Mac Single-Family News Center article dated January 25, 2016; and provides additional detail regarding REO expense reimbursement requirements following completion of a deed-in-lieu of foreclosure.
Fannie Mae
Fannie Mae Updates Area Median Incomes used to Determine Borrower Eligibility for HomeReady, RefiNow and Duty to Serve Loans
Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2024 AMIs
May 13, 2024
