Rhode Island passed a bill enacting lender-placed insurance provisions. The bill enacts lender-placed insurance provisions with respect to the term of the insurance policy, the
North Carolina passed a bill authorizing remote electronic notarizations and establishing requirements for the performance of remote electronic notarizations. A remote electronic notarization is defined
FHA issued Mortgagee Letter 2022-11, updating the initial appraisal validity period and extending the appraisal update validity period. Per the Mortgagee Letter, FHA, for origination,
Minnesota issued a notice (Notice) increasing the amount of the state’s homestead exemption. Per the Notice, the homestead exemption is increased to $480,000 (rather than
Fannie Mae issued Lender Letter LL-2022-03, mandating the use of Supplemental Consumer Information Form (Form 1103) for loans sold to Fannie Mae with application dates
Fannie Mae updated Lender Letter LL-2021-03: Impact of COVID-19 on Origination to remove the suspension of bulk acquisitions, and update the allowable delivery time for
Fannie Mae issued Selling Guide Announcement SEL-2022-06 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: added requirements for compliance with
Freddie Mac issued Bulletin 2022-15 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: enhanced Loan Product Advisor (LPA) to include
FHA issued Mortgagee Letter 2022-09, updating the effective income calculation with respect to a COVID-19 related economic event. Per the Mortgagee Letter, FHA updated the
Rhode Island adopted a rule allowing employees to work at remote locations. Under the rule, lenders, brokers, and servicers licensed under the Rhode Island General
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