Freddie Mac issued Bulletin 2021-13 addressing the revised qualified mortgage rule and loan eligibility. Per the Bulletin, loans with application dates on and after July
Fannie Mae issued Selling Guide Announcement SEL-2021-03 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Introduced 2 new forms (Form
The CFPB announced the recession of seven policy statements issued last year that provide temporary flexibilities to financial institutions due to COVID-19. The statements rescinded
VA issued Circular 26-21-07, updating home retention options and alternatives to foreclosure for borrowers affected by COVID-19. Per the Circular, VA now permits servicers to
Freddie Mac issued Guide Bulletin 2021-11, announcing an updated eligibility requirement for mortgages secured by investment properties or second homes. Per the Bulletin, a manually
Minnesota passed a bill requiring lenders and servicers to communicate with third-party designees and independent counseling agencies in the event of reverse mortgage loan default.
New York passed a bill amending the state’s power of attorney requirements. Under the bill, the principal’s signature on a power of attorney must be
Minnesota passed a bill amending provisions with respect to foreclosure consultants and equity purchasers. Under the bill, foreclosure consultants are now referred to as “solicitors”
New York passed a bill amending the content of the “notice to tenant” provided to tenants following a foreclosure sale. Under the bill, the “notice
Utah passed a bill amending mailing requirements with respect to a Cancellation of Notice of Default. Under the bill, if a default is cured and
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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