Compliance Calendar

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Compliance Calendar for June 2024

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VA Full File Loan Review File Submission Update

Effective: June 3, 2024
Industry: Mortgage Lending
Source: VA   VA Circular 26-24-13 →
Tags: Certification, Endorsement, and Delivery, Loan Delivery, Loan Documents

Click the link to read the full circular.

Selling Updates

Effective: June 5, 2024
Industry: Mortgage Lending
Source: Freddie Mac   Bulletin 2024-7 →
Tags: Underwriting, Insurance, MIP-PMI

• Builder forward commitments

➢ Specificity related to the costs associated with obtaining builder-forward commitments

➢ The creation of a new Investor Feature Identifier for Mortgages originated under builder forward

commitments – September 4, 2024

• Warranty of completion alternatives

➢ Enhanced requirements for verifying the completion of a property

• First-Generation Homebuyer Mortgages

➢ Guide updates related to the previously announced “First-Generation Homebuyer Mortgage” definition

• Flood insurance premium used for qualifying

➢ A new requirement for including the full flood insurance risk premium when calculating the housing expense to-income and debt payment-to-income ratios – September 5, 2024

• Mortgage insurance

➢ The retirement of certain restrictions for custom and lender-paid mortgage insurance

• Community Land Trust Certified Shared Equity Program List

➢ Updated requirements regarding the sale of Community Land Trust Mortgages to Freddie Mac

• Additional Guide updates

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

Transmittal of Change 43 to VA, Pamphlet 26-7 Revised, VA Lender’s Handbook

Effective: June 5, 2024
Industry: Mortgage Lending
Source: VA   VA Pamphlet 26-7, Revised 43 →


Attached is a revision to Chapter 7, Loans Requiring Special Underwriting, Guaranty, and Other Considerations, of the VA Lenders Handbook.


· Topic 2, Construction/Permanent Loans, has been revised in its entirety.

Additional Copies

Additional copies may be downloaded from the VA Home Loans website

Selling Guide Announcement

Effective: June 6, 2024
Industry: Mortgage Lending
Source: Fannie Mae   SEL-2024-04 →
Tags: Closing, Underwriting

The Selling Guide has been updated to include changes to the following:

 Builder standby commitment fees: adding Special Feature Code 887 for loans delivered using a standby


 Closing costs definition: updating glossary definition of closing costs to include items related to the real estate

and financing transactions

 HomeReady® housing counseling LLPA credit: expanding timeframes for completion of counseling and eliminating Form


 Retirement of Form 2200: retiring the requirement for a completed Form 2200 at loan delivery

 Miscellaneous update:

o Private transfer fees

View the list of impacted topics.

Servicing Update

Effective: June 12, 2024
Industry: Mortgage Servicing
Source: Freddie Mac   2024-8 →
Tags: Servicing, Loss Mitigation, Assumptions

This Guide Bulletin announces:

• Loan Product Advisor® Mortgage assumptions

➢ New options to underwrite Mortgage assumptions in Loan Product Advisor – August 5, 2024

• Freddie Mac Flex Modification®

➢ Guide updates for Freddie Mac Flex Modifications – December 1, 2024

• Resolve®

➢ Updates to the evaluation of Payment Deferrals and Disaster Payment Deferrals in Resolve – July 29, 2024

➢ New functionality in the Resolve user interface (UI) – July 29, 2024

• Custodial Accounts

➢ New requirements for investing Custodial Account funds – October 1, 2024

➢ Updated Custodial Account documentation requirements

➢ The automation of our Custodial Account review process

• Updates from Bulletin 2024-7

➢ Updates to our Acknowledgment Agreements

➢ A new requirement for reporting changes in Seller/Servicers’ organization or status – October 1, 2024

Selling Updates

Effective: June 12, 2024
Industry: Mortgage Lending
Source: Freddie Mac   Bulletin 2024-6 →
Tags: Underwriting, processor

This Guide Bulletin announces:

• Reconsideration of value (ROV) process

➢ New requirements for handling ROV requests – August 29, 2024

• Attorney opinion of title letters

➢ An expansion of the permitted use of an attorney opinion of title letter

• Credit underwriting

➢ Updates related to:

• Inquiries generated by credit reports

• Reserve requirements for concurrent Mortgage applications

• Acceptable sources of large deposits – September 30, 2024

• Loan Product Advisor® assessment

➢ The removal of the requirement that at least one Borrower on the transaction must have a usable credit

score for Borrower cash flow to be considered in the credit assessment – May 5, 2024

➢ Updated requirements related to the inclusion of trended credit data in credit reports – August 4, 2024

• Additional Guide updates

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

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