Fannie Mae issued Servicing Guide Announcement SVC-2020-07 (Announcement). Per the Announcement, Fannie Mae removed the property-level earthquake insurance requirement for all Puerto Rico properties, and
FHA increased the home equity conversion mortgage (HECM) limits for 2021. The maximum claim amount for FHA-insured HECMs in 2021 will be $822,375 (an increase
FHA announced the forward mortgage loan limits for 2021. The 2021 “floor” and “ceiling” loan limits for a one-unit property are increased to $356,362 and
Freddie Mac issued Bulletin 2020-45 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated requirements related to Home Possible Mortgages.
FHA issued Mortgagee Letter 2020-39 to extend the temporary endorsement process for mortgages placed in forbearance due to COVID-19. The temporary process has been extended
FHA issued Mortgagee Letter 2020-40 to extend temporary verification of self-employment, rental income and 203(k) rehabilitation escrow account provisions due to COVID-19. The temporary provisions
FHA issued Mortgagee Letter 2020-38 (Letter), announcing expanded claim submission capabilities in FHA Catalyst. Per the Letter, mortgagees may now utilize the FHA Catalyst: Claims
Fannie Mae and Freddie Mac increased the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2021. The 2021 maximum
Texas adopted rules amending provisions with respect to home equity loans. The adopted rules: Clarify “state of emergency” for purposes of permitting a home equity
Fannie Mae amended Lender Letter LL-2020-07: COVID-19 Payment Deferral (Letter). Per the Letter, Fannie Mae eliminated the requirement to report a delinquency status code for
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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