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
Freddie Mac issued Bulletin 2022-5 (Bulletin), announcing the retirement of the remaining temporary COVID-19 related underwriting requirements. Per the Bulletin, the following requirements are retired
New York passed a bill requiring an “availability of loan counseling disclosure” (Disclosure) be provided for loans guaranteed under the Servicemen’s Readjustment Act of 1944.
VA issued Circulars 26-23-03, Change 1 and 26-23-04, Change 1 (Circulars), adjusting the effective date of Circulars 26-23-03 and 26-23-04. Per the Circulars, VA adjusted
Freddie Mac issued Bulletin 2023-3 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: Eliminated the minimum contingency reserve requirement for
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