Issue: Rules – May 10, 2021

CFPB Takes Action Against Reverse Mortgage Lender for Deceptive Advertising – Date April 27, 2021

Written by: Lloyd Rutherford, Staff Writer Advertising your services can be extremely complex when you are governed by financial services regulations.  Read this article to learn more about the practices that landed this lender in hot water with the regulators and what you can do to prevent issues like this in your own business. Rule […]

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What Was Added – What Was Changed in Mortgage Currentcy This Month!

In each Rules Issue, we post, “What was Added and What Was Changed!”  This helps our subscribers stay up to date on all of the additions to the site as well as changes to our charts, checklist, and MTPs that are changed each month, due to guideline updates. What Was Added This Month! Charts & […]

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Freddie Mac Selling Guide Updates – Bulletin 2021-16 – Dated May 5, 2021- Updated Charts – Refinance Loans – All Agency & Age of Tax Returns – Freddie Mac

Written by: Lloyd Rutherford, Staff Writer Article Intro Paragraph Agency updates are an important way to stay up to date.  Our Freddie Mac expert has read through the update and breaks it down into bullet points for you! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will […]

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Fannie Mae and Freddie Mac Announce New Refinance Program for Low-Income Families – Dated April 28, 2021 – NEW CHART – Fannie Mae RefiNow™ vs. Freddie Mac RefiPossible™ Comparison.

Written by: Sue Villanova, Staff Writer Article Intro Paragraph In this update, the FHFA (Federal Housing Finance Agency) announced that it is directing Fannie Mae and Freddie Mac to implement a new refinance option for low-income families. Eligible borrowers will benefit from a reduced interest rate and a lower monthly payment. Rule Synopsis: The FHFA […]

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FHA Mortgagee Letter 2021-11-Dated & FHA HECM Monthly Update

Written by: Melinda Hipp, Staff Writer Rule Synopsis FHA published ML Letter 2021-11 “Amendments to HUD’s Non-Borrowing Spouse Policy” for all HECM loans.  These changes implement additional protections for eligible non-borrower spouses. Interpretations & Update FHA Mortgagee Letter 2021-11 Following are the changes announced in this Mortgagee Letter: -For Case Number Assignments on or after […]

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