Freddie Mac issued Bulletin 2016-23 (Bulletin), updating the Selling Guide. This Bulletin: revises requirements with respect to assets, including down payment, closing costs and reserves;
Freddie Mac issued Guide Bulletin 2016-22 (Bulletin), introducing a new mortgage loan modification program. The Freddie Mac Flex Modification is designed as an affordable modification
Fannie Mae issued Lender Letter LL-2016-06 (Lender Letter), introducing a new mortgage loan modification program. The Fannie Mae Flex Modification combines features of Fannie Mae’s
Fannie Mae issued Servicing Guide Announcement SVC-2016-11 (Announcement). The Announcement sets forth several updates to the Servicing Guide. The Servicing Guide updates provide alternatives to
FHA issued Mortgagee Letter 2016-21, amending the timeframe for conducting a pre-endorsement mortgage review during the test case phase of the Direct Endorsement Unconditional Authority
VA revised chapters 4, 5, 7, 8, 9, 10, 11, 12, 14, 15 and Appendix B, E, G and H of the Servicer Handbook (M26-4).
VA extended the rescission date of Circular 26-13-13. The rescission date of Circular 26-13-13 has been extended to January 1, 2019. Click here to view
FHA issued a correction to Mortgagee Letter 2016-20 regarding the 2017 nationwide forward mortgage limits. Mortgagee Letter 2016-20 referenced an incorrect limit ceiling for Alaska,
FHA issued Mortgagee Letter 2016-22 extending the implementation date of Mortgagee Letter 2016-14 (regarding updates to FHA’s loss mitigation retention options and other miscellaneous mortgage
FHA issued Mortgagee Letter 2016-24 revising the maximum allowable processing fee for assumptions. The processing fee for an assumption must be reasonable and customary, but
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