Blog Archives

Summer 2022 Federal Highlights

Fannie Mae and Freddie Mac Announce Use of Form 1103 Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form (“SCIF”) as part of the application process for loans

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Spring 2022 Federal Highlights

Fannie Mae On February 2, 2022, Fannie Mae issued Selling Guide 2022-01, which updated Section B5-3.2-06 related to the Renovation Loan Agreement. The Renovation Loan Agreement (Form 3731) has been revised to reflect these changes. Form 3731 is revised to

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Winter 2021-2022 Federal Highlights

FHFA Announces GSE Conforming Loan Limits for 2022 The Federal Housing Finance Agency (“FHFA”) announced that the maximum conforming loan limit for first mortgages secured by one-unit properties acquired by Fannie Mae and Freddie Mac in 2022 will be $647,200,

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Fall 2021 Federal Highlights

Revised Dollar Amount and Thresholds Under Federal High-Cost and Qualified Mortgage Provisions The Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending the high-cost mortgage thresholds and the qualified mortgage thresholds in Regulation Z. The amendments are effective January

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Summer 2021 Federal Highlights

CFPB Delays Mandatory Compliance Date of General QM Final Rule The CFPB proposed a rule delaying the mandatory compliance date of the General Qualified Mortgage (“QM”) Final Rule issued in December 2020. On April 28, 2021, the CFPB formally delayed

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Spring 2021 Federal Highlights

New URLA Mandatory Beginning March 1 Fannie Mae and Freddie Mac (“the GSE’s”) have redesigned the Uniform Residential Loan Application (“URLA”) and, accordingly, created new file formats for submissions to Desktop Underwriter/Loan Product Adviser. The redesigned URLA is mandatory for

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Winter 2020-2021 Federal Highlights

Presidential Memorandum Regarding Fair Housing Act On January 26, 2021, President Biden issued a memorandum to the Secretary of Housing and Urban Development directing the Secretary to examine the effects of various fair housing rules, including HUD’s disparate impact standard

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Summer-Fall 2020 Federal Highlights

CFPB Updates HMDA FAQs on Multiple Data Points The Consumer Financial Protection Bureau (“CFPB”) updated its Frequently Asked Questions on the Home Mortgage Disclosure Act (“HMDA”) to add two items regarding multiple data points. The first FAQ confirms the credit

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Spring 2020 Federal Highlights

Coronavirus Aid, Relief, and Economic Security Act becomes Law – H.R. 748 President Trump signed H.R. 748, known as the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act addresses many issues and applies to many persons,

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Winter 2019-2020 Federal Highlights

FHFA Announces GSE Conforming Loan Limits for 2020 The Federal Housing Finance Agency announced that the maximum confirming loan limit for one-unit properties acquired by Fannie Mae and Freddie Mac in 2020 will be $510,400.00, with the exception of several

Posted in Federal Highlights, Newsletters

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