Compliance Calendar

To continue to support homeownership opportunities for creditworthy very low-income borrowers, Fannie Mae has announced a temporary enhancement to their HomeReady® product including a $2,500 loan-level price adjustment credit for very low-income purchase borrowers that can be used for down payment and closing costs effective March 1, 2024.

Click the link to read the full bulletin.

Click the link to read the full FHA Info letter.

The Selling Guide has been updated to expand the DU validation service to allow income and employment validation using an asset verification report.

Uniform Loan Delivery Dataset (ULDD)

➢ Updates to implementation notes

➢ New valid values related to automated collateral evaluation and ACE+ PDR – September 4, 2024

➢ Guide updates reflecting ULDD Phase 5 requirements – July 28, 2025

• Manufactured Home closing protection letters

➢ The retirement of the requirement for Sellers to provide an insured closing protection letter on Mortgages

secured by Manufactured Homes

• Additional Guide updates

➢ Further updates as described in the Additional Guide updates section of this Bulletin

DEPARTMENT OF VETERANS AFFAIRS

38 CFR Part 36

RIN 2900–AR58

Loan Guaranty: Revisions to VA Guaranteed or Insured Interest Rate Reduction Refinancing Loans

AGENCY: Department of Veterans Affairs.

ACTION: Supplemental Notice of Proposed Rulemaking.

This Lender Letter contains the policies previously published in LL-2021-12 on Dec. 14, 2022, with the changes noted below. It provides advance notice of upcoming changes to our Master Servicing processes and systems. These changes further simplify and streamline servicer reporting and will be introduced in a phased approach. These changes are not applicable to reverse mortgage loans.

Mar. 13, 2024

▪ Removing the topic Streamline Investor Reporting with LSDU and Master Servicing Portfolio Manager Self-Serve Capabilities, which has been incorporated into the Servicing Guide or Investor Reporting Manual as of December 2023

▪ Communicating an updated target effective date for cash simplification changes related to reporting due date for
summary reporting mortgage loans

This Announcement describes the following updates:

▪ Loan Modification Agreement*: updates the Loan Modification Agreement (Form 3179) with additional instructions in response to New York’s Foreclosure Abuse Prevention Act and the instructional provision related to MERS

▪ Miscellaneous update:

o Evaluation Notices*

View the list of impacted documents. No edits to the Servicing Guide text were necessary.

*Policy change not applicable to reverse mortgage loans.

Purpose - This Mortgagee Letter (ML) updates and streamlines policy for the HECM program to improve the long-term performance of the program.

Section of ML and Effective Date:

24 CFR § 206.125 Acquisition and sale of the property and 24 CFR § 206.129 Payment of Claim - Effective March 25, 2024

Required Appraisals (III.B.2.b.vi) - Effective March 25, 2024

Cash for Keys Consideration (III.B.2.d.vii) - Effective March 25, 2024

Claim Guidance (III.B.2.f.i) - Effective March 25, 2024

• Resolve®

➢ New functionality to submit a deed-in-lieu of foreclosure through the Resolve user interface (UI)—March 25, 2024

• Adequacy and availability of insurance

➢Additional specificity regarding Seller/Servicer responsibilities to ensure that the Mortgaged Premises are covered by adequate insurance – June 1, 2024

• Monthly financial reporting requirements

➢ Updates to monthly financial reporting requirements—April 30, 2024