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.
The Fiscal Year 2023 income limits for the Single Family Direct Loan and Grant Programs were published on July 13, 2023.
FHA published that they have posted additional translated material to its Language Access Resource web page.
Search our Compliance Calendar for current regulatory changes & updates.
On July 12, 2023, Fannie Mae announced and updated from August 9, 2023, to August 19, 2023, that they would be updating Desktop Underwriter® (DU®) Version 11.1.
The Servicing Guide has been updated to include changes to the requirements for partial release of security for forward loans, updates to the request for the approval of servicing or subservicing transfer, and other miscellaneous updates.
Fannie Mae has announced that effective June 24, 2023, the Master Servicing Portfolio Manger 2.3 Release will be implemented as an application that offers servicers management oversight and self-service functionality related to performance, loan activities, and portfolio management that will help drive efficiency and straight-through processing.
This Mortgagee Letter relates to mortgagees who fail to make a required payment to a borrower and updates the FHA's investigation requirements in these situations.
"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 Federal Housing Finance Agency is seeking comment on a proposed rule that would amend the Suspended Counterparty Program regulation.
Fannie Mae has introduced new functionality in the DUS 360® part of Release 23.2.1, which are available immediately.
Fannie Mae has published an updated version of the Condo Project Manager FQAs to answer commonly asked questions about the enhanced Condo Project Manager™ (CPM™).
Fannie Mae has published its Project Standards Requirements frequently asked questions document that response to common questions related to Fannie Mae’s project review methods and policies for determining project eligibility for mortgages secured by units in condo, co-op, and planned unit development (PUD) projects.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
Fannie Mae has updated its Appraisal and Property-Related frequently asked questions document that response to common questions related to Fannie Mae’s property eligibility and appraisal policies.
Freddie Mac announced updates to the condominium and cooperative project in this bulletin, American National Standards Institute (ANSI) Standard for certain 1-unit properties, affordable seconds, and uniform instruments.
This selling guide update revises policies and review requirements for condo and co-op project eligibility for properties in need of critical repairs and/or that have special assessments, and more; adjusts eligibility requirements for limited cash-out refinance transactions, requiring at least one borrower to be a current owner of the subject property; and incorporates eligibility requirements for the sale of loans aged six months or less.
Fannie Mae and Freddie Mac have published the most frequently asked questions for Multifamily policies 2023.
