Mortgage Servicing Quality Control Notable Audit Findings: October – December 2017 Over 20,000 mortgage servicing Quality Control audit findings involving of over 1,700 separate and unique
Fannie Mae issued Selling Guide Announcement SEL-2018-01 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, monthly payments due under an IRS income
VA set forth a policy guidance (Guidance) for Interest Rate Reduction Refinance Loans. Under the Guidance, lenders are required to provide the Veteran’s Statement and
FHA issued a waiver regarding early payment default review requirements for properties Impacted by Hurricanes Harvey, Irma and Maria, and California wildfires. FHA currently requires
FHA issued a waiver regarding the timeframe for completing damage inspections in certain counties affected by the California wildfires. FHA currently requires that all properties
RHS revised the area loan limits for California, Colorado, Delaware, Florida, Georgia, Hawaii, Indiana, Iowa, Maryland, Minnesota, Mississippi, Missouri, Montana, Nevada, North Carolina, North Dakota,
VA increased the maximum allowable liquidation appraisal fees for properties located in Arkansas, Louisiana, Oklahoma and Texas. These changes are reflected on the VALERI Fee
Fannie Mae updated reimbursement criteria for certain servicer expenses related to foreclosure. The updated reimbursement criteria relates to the reimbursement of foreclosure attorney fees, sale
Freddie Mac extended the effective date for the revised rental income qualification requirements announced in Single-Family Seller/Servicer Guide Bulletin 2017-12. The effective date of the
Texas amended the state constitution with respect to “home equity loans.” The constitutional amendment: lowers the 3% home equity loan fee cap to 2% (of
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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