On October 2, 2015, HUD published a Proposed Rule in the Federal Register that would implement some rather substantial changes in the way the Department manages and markets its REO inventory. If your Firm is involved, in any way, with the sale or financing of HUD REO properties – you need to be aware of these proposed changes. Some examples…
Fannie Mae recently issued Selling Guide Announcement SEL-2015-10, dated September 29, 2015, which outlines some policy and programmatic changes for Lenders awareness. Fannie Mae’s Selling Guide has already been updated to include these changes which involve a product for lower-income Borrowers and favorable underwriting changes to high-balance loans. The most notable changes are as follows: Introduction of the “HomeReady Mortgage”…
September & October 2015 will go down as an important period of time for the implementation of many substantial credit and compliance policy & procedural changes for the mortgage lending industry. Many of our past LoanLogics Blogs have focused on the roll-out of FHA’s 4000.1 Handbook and the numerous policy changes that became effective for transactions obtaining their FHA case…
If you have been reading our LoanLogics Blogs and Newsletters as well as other industry publications, you are aware of the fact that the policies outlined in FHA’s 4000.1 Handbook (for the most part) became effective on September 14, 2015. This 800+ page Handbook will provide a single reference point for FHA underwriting, Quality Control & appraisal policies. More importantly,…
Recently, lenders have had some good news relative to some system upgrades which will enhance their reliance on tracking reports that are essential for the overall monitoring of loan performance. In August, Fannie Mae announced that their Reps and Warrants Tracking Reports have been substantially upgraded to assist lenders in the identification of loans that have achieved sunset relief of…
In August, HUD has announced even more policy & procedural changes that will be established upon implementation of their 4000.1 Handbook. The good news is that most of the proposed changes outlined in this Notice will have an effective date of March 14, 2016 instead of the September 14, 2015 effective date established for most other portions of this Handbook.…
