VA Revises Lender’s Handbook (M26-7)
September 6, 2019
VA revised chapters 9 and 13 of the Lender’s Handbook (M26-7). Chapter 9 (Legal Instruments, Liens, Escrows and Related Issues) has been revised (in its
VA Updates, Clarifies and Consolidates Guidance Related to Interest Rate Reduction Refinance Loans
September 6, 2019
VA issued Circular 26-19-22, updating, clarifying and consolidating guidance related to Interest Rate Reduction Refinance Loans (IRRRLs). Specifically, the Circular discusses the standards imposed by
VA Provides Interim Guidance Concerning implementation of the Blue Water Navy Vietnam Veterans Act of 2019
September 6, 2019
VA issued Circular 26-19-23, providing interim guidance pertaining to VA’s implementation of the Blue Water Navy Vietnam Veterans Act of 2019 (Act). The Act was
Fannie Mae Issues Selling Guide Announcement SEL-2019-07: Selling Guide Updates
September 6, 2019
Fannie Mae issued Selling Guide Announcement SEL-2019-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae now allows lenders to use
Fannie Mae and Freddie Mac Postpone Mandatory Use Date of Redesigned Uniform Residential Loan Application
September 6, 2019
Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency (FHFA), postponed the mandatory use date for the redesigned Uniform Residential
Freddie Mac Issues Bulletin 2019-17: Selling Updates
September 6, 2019
Freddie Mac issued Bulletin 2019-17 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac now requires lenders to maintain a written
Montana Enacts Mortgage Lender and Servicer Net Worth Requirements
September 6, 2019
Montana passed a bill enacting net worth requirements for mortgage lenders and servicers licensed under the Mortgage Act (Act). Under the bill, mortgage lenders must
FHA Reduces Maximum Loan-to-Value and Combined Loan-to-Value Percentages for Cash-Out Refinance Mortgages
August 6, 2019
FHA issued Mortgagee Letter 2019-11, reducing the maximum loan-to-value (LTV) and combined loan-to-value (CLTV) percentages for cash-out refinance mortgages. Per the Mortgagee Letter, the maximum
VA Issues Circular 26-19-21: Special Relief Following Hurricane Barry
August 2, 2019
VA issued Circular 26-19-21, describing measures mortgagees may employ to provide relief to home loan borrowers affected by Hurricane Barry. The measures include: the forbearance
FHA Indefinitely Suspends Effective Date of Mortgagee Letter 2019-06: Downpayment Assistance and Operating in a Government Capacity Guidance
July 30, 2019
FHA indefinitely suspended the effective date of Mortgagee Letter 2019-06: Downpayment Assistance and Operating in a Government Capacity Guidance. In Mortgagee Letter 2019-06, FHA clarified
