This topic consolidates all announcements, newsletters, bulletins, handbook/guide updates, and general news coming from FHFA, Fannie Mae, FHA, Freddie Mac, GNMA, RHS, and VA.
MBA-NewLink
In a House Financial Service Committee hearing last week, HUD Secretary Marcia Fudge suggested the agency would consider eliminating life-of-loan premium requirements for FHA-backed mortgages.
The FHFA has published the quarter 3 2023 UAD aggregate statistics.
Search our Compliance Calendar for current regulatory changes & updates.
On December 13, 2023, Fannie Mae updated the naming convention for the Replacement Index Name to reflect the rebranding from Refinitiv to the Financial Times Stock Exchange (FTSE), provided by the London Stock Exchange Group.
Per Fannie Mae's recent fraud alert, an unlicensed appraiser who was unlawfully using the identities of other actively licensed appraisers was found to have completed the appraisals for a significant number of loans originated between 2021 and 2023.
Appraisers may be underutilizing time adjustments for local house price growth, as these adjustments can be complex but can have a significant effect on valuations.
The Fannie Mae Modification Interest Rate Exhibit has been released, which servicers must use when evaluating a borrower for a conventional mortgage loan modification.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
The USDA Single Family Housing Guaranteed Loan Program announced revisions to Handbook-1-3555, chapters 4, Lender Responsibilities, and 11, Ratio Analysis.
During the weekend of January 20, 2024, Fannie Mae announced that Desktop Underwriter® (DU®) for government loans will be updated to support FHA and VA changes.
In this job aid, Fannie Mae has summarized the recent Selling Guide, Servicing Guide, and related policy updates, clarifications, or other supporting communications.
Ginnie Mae has announced corrections to Chapter 2, Part 9, Section B(2)(c) and Chapter 3, Part 8, Section A(3)(c) of the MBS Guide to restore the Institution-Wide Capital requirements previously published.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
MBA Newslink
Freddie Mac is planning a pilot program that could replace the current way of seeking repurchases for performing loans with origination defects using a fee-based structure that could be more efficient and transparent and would reward lenders that deliver well-manufactured loans while also mitigating the need for protracted research and negotiation on a loan-by-loan basis.
In this circular, the Department of Veterans Affairs (VA) reminds holders and servicers of their obligation to process assumptions and to outline for holders and servicers how the VA will address failure to comply with assumption requirements.
The proposed expansion, originally published in the Federal Register on October 25th, 2023, with comment period ending on December 26th, 2023 has received supportive feedback from counseling agencies and individual counselors, "increasing the likelihood of implementation," according to an article by Reverse Mortgage Daily.
DS News – Eric C. Peck
The Federal Housing Finance Agency (FHFA) announced that GSEs will each be allowed to invest up to $1 billion annually in the Low-Income Housing Tax Credit (LIHTC) market as equity investors beginning in 2024.
