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The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), recently issued Mortgagee Letter 2024-07 addressing reconsideration of value (ROV) policies in connection with appraisals for FHA insured mortgage loans under the Title II forward mortgage loan and reverse mortgage loan programs. The amended Mortgagee Letter may be implemented immediately but must be implemented for FHA case numbers assigned on or after September 2, 2024.… Continue Reading

The CFPB published a blog discussing a few key takeaways from a series of public hearings addressing appraisal bias.

For background, the Federal Financial Institution Examination Council’s (FFIEC’s) Appraisal Subcommittee (ASC) has held four public hearings throughout 2023-2024 to facilitate discussions regarding bias and lack of diversity within the appraisal business.… Continue Reading

As previously reported, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been notified that a borrower has applied for assistance from the Treasury Department’s Homeowner Assistance Fund (HAF).

Fannie Mae and Freddie Mac have issued guidance documents implementing this requirement in Updated Lender Letter 2021-01 and Bulletin 2022-8, respectively. … Continue Reading

On August 12, 2020, Fannie Mae and Freddie Mac announced that the cost to originate and to deliver single family limited cash out refinances and cash out refinance mortgage loans would increase by one half of one percent (0.500%), or 50 bps, as a loan level pricing adjustment (LLPA).  Fannie Mae Lender Letter (LL-2020-12) states that “[i]n light of market and economic uncertainty resulting in higher risk and costs incurred by Fannie Mae, we are implementing a new [LLPA].” … Continue Reading