RHS revised chapters 4 and 6 of the Single Family Housing Guaranteed Loan Program Technical Handbook (HB-1-3555). The updates to chapter 4 clarify lender responsibilities
Fannie Mae issued Lender Letter LL-2023-02, permitting shared equity loans subject to private transfer fee covenants. Per the Lender Letter, shared equity loans secured by
RHS issued a SFH Guaranteed Origination Notice (Notice) announcing a 2-year extension of the clarification pertaining to loan eligibility for a non-U.S. citizen with a
Freddie Mac issued Bulletin 2023-6 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: Revisions related to the delivery requirements for
FHA adopted rules transitioning from the London Interbank Offered Rate (LIBOR) index to the Secured Overnight Financing Rate (SOFR) index for FHA-insured ARMs. Per the
Fannie Mae issued Selling Guide Announcement SEL-2023-02 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to valuation modernization,
Fannie Mae revised the Puerto Rico Security Instrument Form (Form 3053) and the Texas Home Equity Security Instrument (Form 3044.1). The revision to the Puerto
FHA issued Mortgagee Letter 2023-05, reducing annual mortgage insurance premiums and amending the base loan amount threshold used to establish mortgage insurance premiums. Per the
VA issued Circular 26-23-06 (Circular), reducing the funding fee for purchase or construction loans, and cash-out refinance transactions. Per the Circular, VA generally reduced the
Fannie Mae issued an update to Lender Letter LL-2021-03 to retire the temporary COVID-19 requirements related to employment verification for self-employed borrowers and to eligibility
Iowa passed a bill enacting provisions with respect to mortgage trigger leads. Under the bill, a financial institution may not use an unfair or deceptive
Idaho amending signature requirements with respect to homestead property. Under the bill, the homestead of a married person cannot be conveyed or encumbered by a
Maryland passed a bill requiring an assumption provision be included in a conventional home mortgage loans. Under the bill, a conventional home mortgage loan must
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