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DS News -Demetria Lester

HUD announced they will make $150 million for affordable housing projects that benefit low-income families in American Indian and Alaska Native communities.

The Uniform Appraisal Dataset and Forms Redesign team has released an updated timeline for the initiative, while the overall timeline has not changed; it provides the industry with more milestone details to assist in the development, testing, and training to prepare for the new UAD and Uniform Residential Appraisal Report (URAR).

Fannie Mae has posted the January Appraiser Quality Monitoring list.

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.

The Department of Veterans Affairs has announced that it is amending its regulations to adjust for inflation the amount of civil monetary penalties that are within the VA’s jurisdiction, effective January 10, 2024.

Fannie Mae has provided this QC calibration to provide feedback to help lenders determine if their internal QC program is accurately identifying and classifying defects.

In this bulletin, the Single-Family Housing Guaranteed Loan Program (SFHGLP) announced they would be implementing a change in the Guaranteed Underwriting System (GUS) to remove required data entry in the Immigration/Naturalization Check Information section of the Additional Data screen for non-U.S. Citizen applicants, effective April 1, 2024.

The Department of Veterans Affairs is publishing this Circular to reiterate the expectation that all underwriting decisions to approve or deny a VA loan closed on the non-supervised automatic basis must be made by a VA-approved credit underwriter, and to clarify that VA’s Staff Appraisal Reviewer (SAR) designation does not confer credit underwriting authority.

The Federal Housing Finance Agency is adopting this final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, effective January 18, 2024.

Fannie Mae has published a financial hardship messaging playbook to support servicers in engaging with delinquent borrowers, helping them stay in their homes or navigate a graceful exit to avoid foreclosure.

Fannie Mae announced it has begun marketing its most recent sale of re-performing loans as part of the company’s ongoing efforts to reduce the size of its retained mortgage portfolio.

FHFA--Scott Susin

This FHFA blog publication details studies that documents racial and ethnic disparities in underappraisal and the appraisers’ use of time adjustments for local house price growth are one important factor driving these results.​