GSEs Outline Plans to Serve Underserved Communities
Recently, Fannie Mae and Freddie Mac released their Underserved Market Plans for the 2022-24 calendar years. These plans stem from FHFA’s 2016 issuance of the... Read More
Federal Regulatory Developments
PPP Exception from Certain Federal Reserve Act and Regulation O Restrictions
The Federal Reserve Board recently issued an interim final rule which excepts certain loans guaranteed under the Small Business Administration’s Paycheck Protection Program (PPP) from... Read More
ARRC Releases Recommendation for SOFR Term Rate Administrator
The Alternative Reference Rates Committee (ARRC) recently released that it plans to recommend CME Group as the administrator for a forward-looking Secured Overnight Financing Rate (SOFR) term... Read More
GSEs Revise Guidance on New General QM and GSE Patch QM Purchases
On May 26, 2021, Fannie Mae and Freddie Mac issued additional guidance on their requirements for purchasing loans originated under the CFPB’s recent revisions to... Read More
CFPB Updates TRID FAQs to Reflect BUILD Act
The CFPB recently updated its TILA-RESPA Integrated Disclosure (TRID) FAQ resource to address housing assistance loans and the partial exemption from certain TRID requirements provided... Read More
Agencies Extend Comment Period for RFI on Financial Institutions’ Use of AI
The Federal Reserve Board, CFPB, FDIC, NCUA, and OCC (collectively, the Agencies) recently extended the deadline to submit comments in connection with the Agencies’ request... Read More
FDIC Office of the Ombudsman Releases Activity Report for Calendar Years 2019 and 2020
On May 5, 2021, the FDIC Office of the Ombudsman published a report detailing its activities and feedback from the banking industry for calendar years... Read More
Fannie Mae Extends COVID-19 Appraisal Flexibilities
Fannie Mae updated Lender Letter LL-2021-04 to extend the effective date of LL-2021-04 through May 31, 2021. These policies were initially published in March 2020... Read More
Fannie Mae Introduces New Refinance Option
In a recent lender letter, Fannie Mae introduced a new refinance option called RefiNow, which will offer expanded refinancing eligibility to benefit borrowers at or... Read More
FHA Clarifies Timing of Review of Borrowers for COVID-19 Loss Mitigation Options
FHA recently announced a clarification concerning the timing of a mortgagee’s review of borrowers in a pandemic-related forbearance for a COVID-19 loss mitigation option. Specifically,... Read More
Freddie Mac and Fannie Mae Selling Guide Updates
Freddie Mac and Fannie Mae recently issued updates to their respective selling guides. Freddie Mac issued Bulletin 2021-16, highlighting, among other matters, the following: updating... Read More
FHA Revises Requirements for HECM Deferral Period and MOE Assignment
FHA recently published Mortgagee Letter 2021-11 (ML 2021-11), amending the requirements for the deferral period and the Mortgagee Optional Election (MOE) Assignment under the HECM... Read More
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