The Federal Housing Agency (“FHA”) recently announced updates to the Single Family Housing Policy Handbook 4000.1 in FHA Info #21-90. The updates contain revisions to Sections I, II, III, IV, Appendix 7.0, and the Claims Filing Technical Guide. Notable changes include:
A specific type of trust where title ownership for a property is transferred to a land trust and administered by an institutional trustee. The beneficiary (borrower) has the benefits of ownership by living in and enjoying the property, while maintaining anonymity in the land title records.
The Federal Reserve Board, CFPB, FDIC, NCUA, OCC and state bank and credit union regulators (“the agencies”) issued a joint statement on October 20, 2021, on managing the LIBOR transition beyond 2021. The statement “emphasize[s] the expectation that supervised institutions with LIBOR exposure continue to progress toward an orderly transition away from LIBOR.” The agencies warn that entering into new contracts using LIBOR as a reference ra
Fannie Mae and Freddie Mac (the “GSEs”) recently published a new Supplemental Consumer Information Form (Form 1103). The form includes questions regarding homeownership education and language preference, which were previously part of the redesigned Uniform Residential Loan Application (“URLA”) but were removed after industry feedback and made optional in October 2019.
On October 5, 2021, the Department of Housing and Urban Development (“HUD”) published an advance notice of proposed rulemaking (“ANPR”) in the Federal Register titled “Adjustable Rate Mortgages: Transitioning from LIBOR to Alternate Indices.”
The Consumer Financial Protection Bureau (“CFPB”) is required to calculate annually the dollar amounts for several provisions in Regulation Z. The CFPB recently issued a final rule amending the dollar amount thresholds under the HOEPA “points and fees” provisions of Regulation Z (1
The Internal Revenue Service (“IRS”) has begun the process of updating the Income Verification Express Service (“IVES”) to a more modern system. To move from a manual process to a more efficient automated process, the IRS is implementing optical character recognition (“OCR”) software.
The Federal Housing Finance Agency (“FHFA”) recently announced that Fannie Mae and Freddie Mac (the “GSEs”) will be updating their selling guides to allow for the permanent use of desktop appraisals for many types of new purchase loans starting in early 2022.
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The U.S. Department of Agriculture (“USDA”) announced on October 14, 2021, that funding for the Rural Development’s Single-Family Guaranteed Loan Program is now available for Fiscal Year 2022. Funding was authorized by the U.S. Congress under H.R. 5305 as part of the “Extending Government Funding and Delivering Emergency Assistance Act.”
