VA Revises Chapter 9 of Servicer Handbook (M26-4)
August 14, 2024
VA revised chapter 9 of the Servicer Handbook (M26-4). Sections 9.02, 9.03, 9.04(b), 9.05, 9.06, 9.08, and 9.09 were updated as follows: The revisions went
VA Clarifies Implementation Date for Recent Guidance Regarding Home Retention Waterfall and Available Loss Mitigation Options in Servicer Handbook
August 13, 2024
VA issued Circular 26-24-16 clarifying the implementation date for the recently released guidance regarding the Home Retention Waterfall and other loss mitigation options outlined in
FHA Permits Electronic and Other Remote Methods of Communication with Borrowers in Default
August 2, 2024
FHA adopted a rule permitting electronic and other remote methods of communication with borrowers in default. FHA’s regulations require mortgage lenders and servicers to meet
Minnesota Amends Minnesota Residential Mortgage Originator and Servicer Licensing Act
August 2, 2024
Minnesota passed a bill amending the Minnesota Residential Mortgage Originator and Servicer Licensing Act (MRMOSLA). Under the bill, the MRMOSLA was amended to: The bill
California Amends Foreclosure Laws
August 2, 2024
California passed a bill amending the state’s foreclosure laws. Under the bill, a person is prohibited from contacting, soliciting, or initiating communication with an owner
RHS Introduces Payment Supplement Account Demonstration Program
July 30, 2024
RHS issued a Federal Register Notice (Notice) introducing the Payment Supplement Account Demonstration Program (Program) which establishes a new loss mitigation retention option referred to
Fannie Mae Issues Servicing Guide Announcement SVC-2024-04
July 10, 2024
Fannie Mae issued Servicing Guide Announcement SVC-2024-04 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae updated expense reimbursement requirements to:
RHS Issues Guidance on Foreclosures Impacted by the 8th Circuit “Show Me” Ruling
July 8, 2024
RHS issued a SFH Guaranteed Servicing Notice (Notice) issuing guidance on foreclosures impacted by the 8th Circuit ruling in “Show Me State Premium Homes v.
Minnesota Increases Amount of Homestead Exemption
July 1, 2024
Minnesota issued a notice (Notice) increasing the amount of the state’s homestead exemption. Per the Notice, the homestead exemption is increased to $510,000 (previously, $480,000).
VA Removes Targeted Foreclosure Moratorium Exception
June 27, 2024
VA issued Circular 26-24-12, Change 1, removing one of the exceptions to the targeted foreclosure moratorium announced in the original Circular. Per the original Circular,
