Archives For: Investor and Regulatory Updates
USDA: Final Rule: Loss Claim and Loss Mitigation
The U.S. Department of Agriculture (USDA) announced that a previously proposed rule designed to streamline the loss claim process for lenders who have acquired title to property through voluntary liquidation or foreclosure and better align loss mitigation policies with the mortgage industry has been published in the Federal Register. The rule will become effective on April 24, 2020.
26 Dec 2019
Freddie Mac: Taxpayer First Act and Use of Tax Return Information
Freddie Mac issued a release highlighting information made available by the Internal Revenue Service (IRS) that helps clarify the application of Section 2202 of the Taxpayer First Act.
20 Dec 2019
Fannie Mae: Selling and Servicing Notice
Fannie Mae confirmed an Internal Revenue Service (IRS) post clarifying that Section 2202 of the Taxpayer First Act is effective only for disclosures made by the IRS with the taxpayer’s consent after Dec. 28, 2019, and any subsequent redisclosures and uses of such information.
19 Dec 2019
Fannie Mae: Servicer Expense Reimbursement Job Aid Now Available
On December 18, Fannie Mae announced the availability of job aid relating to its ability to copy and resubmit claims on behalf of servicers, a new “Not Yet Recovered” drop-down option, HOA, COA & Co-Op dues, and property/insurance policies.
18 Dec 2019
Fannie Mae: LoanSphere Invoicing Line Item Updates
Fannie Mae announced that effective February 27, 2020, the LoanSphere Invoicing application will be updated with a new line item for the following reimbursable expense: “Initial Grass Cut – Less than 10,000 sq ft”. Additionally, the “Lawn Care – Less than 10000 sq ft” line item will be deactivated.
18 Dec 2019
Fannie Mae: SVC-2019-08: Servicing Guide Announcements
Fannie Mae announced a number of updates relevant to sellers/servicers. Included is the introduction of a payment shortage tolerance that authorizes a servicer to accept a mortgage loan payment that is deficient by $50 or less for up to three monthly payments during a 12 month period.
11 Dec 2019
VA: VALERI Servicer Newsflash
The U.S. Department of Veterans Affairs (VA) issued a release containing important information relating to VALERI reports and servicer department contacts.
10 Dec 2019
USDA: Single Family Housing Guaranteed Loan Program Integration Update
The U.S. Department of Agriculture (USDA) issued a release outlining the imminent transition of the Single Family Housing Guaranteed Loan Program (SFHGLP) to an integrated, national model. The transition will begin on December 8, 2019.
6 Dec 2019
HUD: FHA INFO #19-59: 2020 Nationwide Home Equity Conversion Mortgage Limits
The U.S. Department of Housing and Urban Development (HUD) issued single family housing and news updates in FHA INFO #19-59.
3 Dec 2019
HUD: Major Disaster Recovery Support Announcement
The U.S. Department of Housing and Urban Development (HUD) announced the allocation of more than $2.3 billion to support the long-term disaster recovery process in hard-hit areas in fifteen states, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, American Samoa and the Commonwealth of the Northern Mariana Islands.
3 Dec 2019