Fannie Mae issued Servicing Guide Announcement SVC-2016-03 (Announcement). This Announcement: eliminates the special servicer approval requirement with respect to Texas Section 50(a)(6) mortgage loans; allows
Utah passed a bill enacting protections for tenants of rental property in foreclosure. Under the bill, a purchaser of residential rental property at a foreclosure
Freddie Mac issued Bulletin 2016-07 (Bulletin). This Bulletin announces the Freddie Mac Principal Reduction Modification, a temporary initiative designed at the direction of the Federal
Nebraska passed a bill amending the Financial Data Protection and Consumer Notification of Data Security Breach Act (Act). Under the bill, a person that is
HUD issued Mortgagee Letter 2016-08. This Mortgagee Letter provides guidance on calculating student loan payments when determining a borrower’s debt-to-income ratio for qualification purposes. Click
Freddie Mac issued Bulletin 2016-06 (Bulletin). This Bulletin: eliminates certain insurance coverage requirements for condominium projects that are reviewed under the streamlined project review type,
Utah passed a bill requiring mortgage lenders licensed under the Utah Residential Mortgage Practices and Licensing Act (URMPLA) to file a Residential First Mortgage Notification
Washington passed a bill enacting the Uniform Power of Attorney Act. The Uniform Power of Attorney Act is modeled upon the Uniform Power of Attorney
West Virginia passed a bill permitting the recovery of additional charges in the event of a consumer loan default. Under the bill, a lender or
Utah passed a bill enacting the Uniform Power of Attorney Act. The Uniform Power of Attorney Act is modeled upon the Uniform Power of Attorney
HUD issued Mortgagee Letter 2016-07. This Mortgagee Letter provides mortgagees with an optional extension to submitting a Due and Payable request where borrowers are behind
West Virginia passed a bill permitting the collection of interest on a loan during the rescission period (when a right of rescission applies under the
Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2024 AMIs
VA revised Appendix A of, and introduced Appendix B to, the Lender’s Handbook (M26-7). Appendix A was revised to reflect Loan Guaranty Service’s transition from
VA revised chapter 5 of the Servicer’s Handbook (M26-4). Sections 5.01, 5.02, 5.03, 5.04, 5.05, 5.07 and 5.10 were updated as follows: The revisions are
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