2009

• Bulletin 2009-28: Home Affordable Modification Program. Provides information about the Treasury’s Mortgage Modification Conversion Drive, announces changes to HAMP, and changes capitalization threshold on all mortgages being modified. Effective immediately.
• Bulletin 2009-27: Loan Limits, Origination Data and Credit. Updates the Guide to reflect the maximum original loan amounts for Mortgages eligible for sale to Freddie Mac.
• Bulletin 2009-26: Home Affordable Modification Program. Reminds servicers of changes to HAMP, announces revisions to partial principal forbearance and NPV requirements, and reminds servicers of announcement about Imminent Default Indicator.
• Bulletin 2009-25: Multiple Subjects. Makes multiple changes to selling and servicing requirements, such as document custodial operations, uniform instruments, attorney fees and title expenses, etc.
• Bulletin 2009-24: Credit and Property Eligibility. Revises certain credit and property eligibility requirements and announces that certain higher-risk mortgages will no longer be eligible for purchase.
• Bulletin 2009-23: Home Affordable Modification Program. Makes changes to HAMP, including requiring services to evaluate and process mortgages for HAMP in Workout Prospector, program activity reporting requirements, etc.
• August 21 Industry Letter: Off-cycle update to Exclusionary List. Announces updated Freddie Mac Exclusionary List.
• Bulletin 2009-22: Multiple Subjects. Makes several changes to selling requirements, including guidance regarding area median income changes, amending appraisal requirements for super conforming mortgages, and updates for several forms and exhibits.
• Bulletin 2009-21: Relief Refinance Mortgages. Announces additional requirements for sale of Freddie Mac Relief Refinance Mortgages with higher LTV ratios sold under fixed-rate cash through the Selling System.
• Bulletin 2009-20: Relief Refinance Mortgages. Updates the Guide to reflect requirements for Relief Refinance Mortgages with LTV ratios greater than 105% and less than or equal to 125%.
• Bulletin 2009-19: Home Affordable Modification Program. Announces changes to HAMP, including revising requirements for Trial Period Plan, reporting to Fannie Mae, reporting through Electronic Default Reporting, and requirements for entering into a Modification Agreement.
• Bulletin 2009-18: Underwriting and Appraisals. Provides further guidance on existing underwriting requirements and revises other underwriting requirements with respect to Borrower income, capacity, assets and required documentation.
• Bulletin 2009-17: Higher-Priced Mortgage Loans and Rate Spread. Announces requirements for Higher-Priced Mortgage Loans (HPMLs) and revises instruction for delivery of rate spread data on Form 11 and 13SF.
• Bulletin 2009-16: Outsourcing Document Custodial Operations. Announces that beginning October 1, 2009, Freddie Mac will no longer directly provide Note certification and custody services, and has selected The Bank of New York Mellon Trust Company, N.A. (BNYM) to perform such services for as Designated Custodian.
• Bulletin 2009-15: Relief Refinance Mortgages. Revises requirements for Freddie Mac Relief Refinance Mortgages previewed in June 5, 2009 Single-Family Advisory email.
• Bulletin 2009-14: Multiple Subjects. Amends selling and servicing requirements, including reminding sellers of activated net price functionality, revising requirements for calculations of repurchase price, etc.
• Bulletin 2009-13: Home Affordable Modification Program. Revises borrower solicitation requirements, provides guidance for Government Monitoring Data, revises requirements for reporting and remitting a payoff of a mortgage with a partial principal forbearance, etc.
• Bulletin 2009-12: Relief Refinance Mortgages and Super Conforming Mortgages. Revises requirements of super conforming mortgages and Freddie Mac Relief Refinance Mortgages. Also reminds sellers of May 31, 2009 deadline for providing Freddie Mac with certificate of incumbency.
• Bulletin 2009-11: Multiple Subjects. Revises delivery instructions, incorporates latest version of Form 81-93, updates Form 981, etc.
• Bulletin 2009-10: Home Affordable Modification Program. Changes multiple HAMP requirements, including criteria for determining whether a borrower is in imminent default, introducing NPV Calculator, etc.
• Bulletin 2009-9: Super Conforming and Relief Refinance Mortgages. Provides complete requirements regarding increased maximum loan limits for super conforming mortgages, and the changes to super conforming mortgage requirements.
• Bulletin 2009-8: Home Affordable Modification Program. Revises eligibility requirements so that borrower must currently have monthly housing expense-to-income ratio greater than 31%, announces name of Form 3156, etc.
• Bulletin 2009-7: HVCC, Relief Refinance and Condominiums. Revises Guide to include applicable HVCC requirements, update requirements for Condominium Unit Mortgages, etc.
• Bulletin 2009-6: Home Affordable Modification Program. Introduces several requirements for HAMP, reminds servicers that Streamlined Modification Program is retired, and introduces new Borrower Qualification Worksheet.
• Bulletin 2009-5: Freddie Mac Relief Refinance Mortgages. Announces eligibility and delivery requirements for the Freddie Mac Relief Refinance Mortgage.
• Bulletin 2009-4: Multiple Subjects. Announces requirements of certificate of incumbency form, remitting payments for seller fees via Automated Clearing House draft, etc.
• February 12 Industry Letter: Anti-predatory Lending. Reminds Seller/Servicers about anti-predatory lending requirements and provides additional guidance.
• Bulletin 2009-3: Postsettlement Delivery Fees. Increases postsettlement delivery fees to address the additional risk associated with some mortgages.
• Bulletin 2009-2: Streamlined Modification Program. Provides new requirements for mortgages with scheduled interest rate changes, additional information related to processing a modification under SMP, etc.
• Bulletin 2009-1: Home Valuation Code of Conduct. Provides the revised Home Valuation Code of Conduct (“Code”). Effective May 1, 2009, Freddie Mac will no longer purchase mortgages from sellers that do not adopt the Code.

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2009 Fannie Mae Lender Announcements and Letters

• Ann. 09-38: Miscellaneous Servicing Policy Changes. Contains several updates and clarifications for various servicing policies, such as temporary review period for HAMP Trial Modifications, Risk Profiler, Quality Assurance Reviews for Acquired Properties, etc.
• Ann. 09-37: FHA-Approved Condo Projects, Credit Score Versions, DU Refi Plus and Refi Plus Updates, and Other Updates to the Selling Guide. Updates policies for FHA-approved condo projects, credit score versions, DU Refi Plus and Refi Plus, etc.
• Ann. 09-36: Updates to the Home Affordable Modification Program – Borrower Notices and Requirements for Tax Returns, Income Documentation, Title Endorsement and Recordation. Updates HAMP, including requirements for tax returns, income documentation, and title endorsement and recordation. Effective 1/1/10.
• Ann. 09-35. Updates to the Home Affordable Modification Program – MBS Mortgage Loans. Updates policies regarding reclassification and removal of MBS mortgage loans from MBS pools.
• Notice, dated 11/20/09: Form Updates: Revisions to Forms 1013, 1014, and 1072. Revises Forms 1013, 1014, and 1072. Effective date is January 1, 2010.
• Ann. 09-34: Confirmation of Conventional Loan Limits for 2010. Announces loan limits for 2010. General loan limits remain unchanged from 2009.
• Ann. 09-33: New Deed-for-Lease™ Program. Introduces Deed-for-Lease Program, designed to minimize negative effects caused by vandalism and theft to vacant homes.
• Notice, dated 11/4/09: Electronic Appraisal Delivery Update. Announces deadline change from March 1, 2010 to July 1, 2010 for requirement to submit electronic appraisal reports in an acceptable XML format.
• Ann. 09-32: Selling Guide Update – October 2009. Announces release of the first update to the April 2009 Selling Guide, which will replace the April 2009 Selling Guide.
• Ann. 09-31: Updates and Clarifications to the Home Affordable Modification Program. Updates standard HAMP documents, eligibility determination based on NPV evaluation, principal forbearance thresholds, borrower income and occupancy status, modification process, reporting, and clarification of reimbursement of administrative costs.
• Ann. 09-30: Retirement of the HomeSaver Forbearance™ and Conversion to the Payment Reduction Plan™. Introduces Payment Reduction Plan, which replaces HomeSaver Forbearance.
• Notice, dated 10/6/09: Mortgage Loan Data Requirements – Update. Extends effective date to July 1, 2010, for the requirement to deliver the loan origination identifiers and appraiser data elements.
• Ann. 09-29: Updates to Minimum Credit Scores, Mortgage Insurance, Pricing for Certain Desktop Underwriter® Loans, Biweekly Loans, and Special Feature Codes. Summarizes various changes, including DU Version 8.0, changes to credit score requirements, and mortgage insurance coverage levels.
• LL 07-2009: Energy Loan Tax Assessment Programs. Alerts lenders to issues concerning ELTAPs (Energy Loan Tax Assessment Programs) in the underwriting and servicing of Fannie Mae mortgages.
• Notice, dated 9/4/09: Refi Plus – Update: MBS Delivery Date for Loans with LTVs above 105 Percent. Modifies the effective date to October 1, 2009 for MBS delivery of Refi Plus loans with LTVs above 105 percent under the CQ prefix.
• Ann. 09-28: Retirement of HomeStyle® Construction-to-Permanent. Announces retirement of HomeStyle Construction-to-Permanent mortgage product.
• Ann. 09-27: Miscellaneous Servicing Policy Changes. Updates reporting requirements for HomeSaver Forbearance, transmission of FNMA loan number to approved title companies, interest calculation on payments-in-full, and HECM process for incomplete repairs.
• Notice, dated 7/30/09: 2009 Area Median Incomes. Announces new Area Median Incomes (AMIs), required for use on new loan applications dated September 1, 2009 (manually underwritten).
• Ann. 09-26: Updates to Home Affordable Refinance – Updates to DU Refi Plus™, Converting DU® Loan Casefiles to Refi Plus™, and Whole Loan Committing. Announces increase in the maximum allowable LTV ratio for DU Refi Plus loans, similar to that in Ann. 09-23.
• LL 06-2009: Extension of HOPE NOW Alliance Borrower Counseling Reimbursement. Allows servicers to request reimbursement for HOPE NOW Alliance counseling cases that were initiated on and after January 1, 2009 through June 30, 2010.
• Ann. 09-25: Trial Period Guidance for the Home Affordable Modification Program. Provides additional guidance under HAMP for trial period for borrower to demonstrate ability to make payments under modified terms.
• Ann. 09-24: Delivery of Higher-Priced Mortgage Loans, Revised Qualifying Rate Requirements, Assessment of Late Charges, Clarifications to Points and Fees Limitation, and Updates to Reporting under the Home Mortgage Disclosure Act. Updates for delivery of higher-priced loans, qualifying rates for certain ARM loans, late charges, points and fees limitation, and reporting under HMDA.
• Ann. 09-23: Updates to Home Affordable Refinance – 125 Percent LTV Limit for Refi Plus Loans. Increases maximum allowable LTV ratio to 125 percent for mortgage loans that qualify for the Refi Plus (manual underwriting) option.
• Ann. 09-22: Miscellaneous Servicing Policy Changes. Updates bout retirement of Risk Profiler, Third-Party Servicer for HomeSaver Advance, Changes to Form 1015, and Pooled from Portfolio Report File Layouts.
• Ann. 09-21: Form Updates: Revisions to Forms 1003 and 1008, and New Forms 3747 and 3748. Updates forms 1003 and 1008, and announces two new forms 3747 and 4748.
• Ann. 09-20: Updates to Home Affordable Refinance Policies. Allows certain transactions that were not identified by DU as eligible for DU Refi Plus to be manually underwritten, and updates Refi Plus and DU Refi Plus eligibility requirements pertaining to allowable forms of credit enhancement.
• LL 05-2009: New Notice of Transfer of Mortgage Loan Ownership. Announces that Fannie Mae will begin sending notices to borrowers when their mortgage debt has been sold, transferred, or assigned to a new creditor on or before June 19, 2009 for loans acquired on or after May 20, 2009.
• Ann. 09-19: Miscellaneous Underwriting, Eligibility, and Property-Related Updates. Updates Ann. 08-30, Appraisal-Related Policy Changes and Clarifications, and Hawaiian Lava Zones.
• Ann. 09-18: Updated Pricing for Cooperative and Detached Condominium Properties. Cancels the .75 percent LLPA for all cooperative properties, detached condominium properties, and manufactured homes that are in cooperative or condominium projects.
• Ann. 09-17: Changes to Document Certification, Custody, and Funding for HomeSaver Advance™ Loans. Updates requirements for document certification and custody of HomeSaver Advance Truth-in-Lending Disclosure Statement and Promissory Note, for loans serviced under special servicing option.
• Ann. 09-16: Changes to Home Equity Conversion Mortgage Index Options. Effective September 1, 2009, Fannie Mae will discontinue offering commitments to purchase CMT-indexed HECMs.
• Ann. 09-15: Updates to Home Affordable Refinance Pricing. Eliminates Expanded Approval LLPAs that apply to DU Refi Plus mortgage loans receiving an Expanded Approval recommendation. Also implements max cap of 2.00 percent on total LLPAs.
• Ann. 09-14: Electronic Appraisal Reports, Enhancements to the Loan Delivery File Format, and Mortgage Fraud Reporting. Includes information about submission of electronic appraisal reports, enhancements to loan delivery file format, and mortgage fraud reporting.
• Ann. 09-13: Home Affordable Refinance – Updates and Clarifications to Announcement 09-04. Outlines applicability of standard representations and warranties for underwriting and documentation, and modifies Ann. 09-04.
• Ann. 09-12: Updates to Credit Score Requirements and Nontraditional Credit Report Requirements. Updates requirements for credit scores and nontraditional credit.
• Ann. 09-11: Mortgage Loan Data Requirements. Announces updates to loan delivery file format and Form 1003.
• LL 04-2009: Independent Valuation Protection Institute. Announces that Independent Valuation Protection Institute is still being finalized and that more information will be forthcoming.
• Ann. 09-10: Remedies for Ineligible Custodial Depositories. Clarifies the remedies that Fannie Mae will consider when a depository holding Fannie Mae custodial funds becomes ineligible by failing to satisfy eligibility requirements for custodial depositories.
• Ann. 09-09: Product Updates: Government Mortgage Loans, Lease-Purchase Option, and Community Living® Group Homes. Updates policies for government mortgage loans eligible for purchase or securitization by Fannie Mae. Also clarifies policies about lender’s eligibility to underwrite loans with a lease-purchase option, and outlines changes to the Community Living mortgage product.
• Ann. 09-08R: Temporary High-Cost Area Loan Limits and Revised Eligibility Requirements for High-Balance Mortgage Loans. Outlines new temporary high-cost area loan limits and new eligibility requirements that apply to high-balance mortgage loans.
• Ann. 09-07: Updates to the HomeSaver Advance Foreclosure Prevention Alternative. Updates policy for HomeSaver Advance (HSA) repurchase and cancellation requirements, and notifies of revisions to HSA note.
• Ann. 09-06: New Selling Guide. Announces release of new Selling Guide on April 1, 2009, which will replace the 2007 Selling Guide.
• Ann. 09-05R: Introduction of the Home Affordable Modification Program, HomeSaver Forbearance™, and New Workout Hierarchy. Provides guidance for adoption and implementation of HAMP.
• Ann. 09-04: Home Affordable Refinance – New Refinance Options for Existing Fannie Mae Loans. Announces new refinance options for the initiative Home Affordable Refinance.
• Ann. 09-03: Miscellaneous Servicing Policy Changes. Updates several policies, such as delinquency status reporting, standard reimbursement date, business continuity plan, preforeclosure sales commission, and Property Preservation Matrix and Reference Guide.
• LL 03-2009: Temporary Halt to Foreclosures and Evictions. Fannie Mae is again instituting a temporary halt to all foreclosure sales on occupied single-family properties scheduled to occur from February 17 through March 6, 2009.
• LL 02-2009: New Mortgage Loan Data Requirements. Announces new loan-level data elements for all mortgage loan applications dated on or after January 1, 2010.
• Ann. 09-02: Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170. Contains updates and clarifications for multiple mortgages for the same borrower, reserve requirements, liquid reserves definition, and Multistate 1-4 Family Rider.
• LL 01-2009: Extension of the Temporary Halt to Foreclosures and Evictions. Extends halt period of all foreclosure sales of occupied single-family properties to January 31, 2009 and updates guidelines applicable to foreclosures.
• Ann. 09-01: Home Valuation Code of Conduct. Highlights changes to Home Valuation Code of Conduct since the original Agreement was signed.

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2009

• 09-53: Real Estate Settlement Procedures Act (RESPA) and FHA Related Policies. Clarifies how fees must be disclosed on the new GFE and HUD-1, consistent with the RESPA changes.
• 09-52: Short Sales and Short Pay Offs. Provides guidance for borrower eligibility for short sales and short payoffs. Effective immediately.
• 09-51: Adoption of the Appraisal Update and/or Completion Report (Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005). FHA adopts Appraisal Update and/or Completion Report. Effective for case number assignments on/after 1/1/10.
• 09-50: 2010 FHA Maximum Loan Limits. Discusses maximum loan limits for 2010. Conforming limit and FHA floor remain the same as in 2009.
• 09-49: Home Equity Conversion Mortgage Program: Subordinate Liens. Addresses FHA requirements for secured subordinate financing under HECM Program.
• 09-48: Second Appraisal Reporting Requirements. Eliminates need for a second appraisal on high balance loans in declining markets. Effective immediately.
• 09-47: Home Equity Conversion Mortgage (HECM) Counseling Standardization and Roster Final Rule. Provides guidance to counselors and lenders regarding the HECM Counselor Roster final regulation.
• 09-46a: Temporary Guidance for Condominium Policy. Temporary guidance for condominium project eligibility, for case numbers assigned on or after December 7, 2009 through December 31, 2010. Waives five provisions of ML 09-46b.
• 09-46b: Condominium Approval Process for Single Family Housing. Replaces ML 09-19, which implements new approval process for condominium projects. Effective for case numbers assigned on or after December 7, 2009.
• 09-45: Introduction of HUD’s Web-Based Training Application: Electronic Class (EClass) on Loss Mitigation and Servicing System. Announces that HUD’s on-line, web-based training application, EClass, is now available.
• 09-44: Home Equity Conversion Mortgage (HECM) Program — Clarification of Debenture Interest Calculation for HECM Claim Type 21; Claim Filing Instructions for HECM Claim Types 21 and 24. Provides clarification of the debenture interest calculation for HECM Claim Type 21.
• 09-43: HOPE for Homeowners Program – Comprehensive Guidance. Supersedes in their entirety Mortgagee Letters 2008-29, 2008-30 and 2009-03 and is effective for endorsements on or after January 1, 2010. Discusses key changes to the Hope for Homeowners Program.
• 09-42: Sub-Servicing of FHA-insured Mortgages. To meet the increased need for loss mitigation, the Department has no objection to mortgagees entering into subservicing agreements with other FHA-approved servicers to perform loss mitigation functions.
• 09-41: Appraisal performance standards and sanctions. Reminds mortgagees and appraisers of FHA appraisal performance standards and enforcement standards and sanctions that can be imposed by the Department upon appraisers who do not comply.
• 09-40: Policy and Procedures on Multifamily Mortgage Insurance Applications Involving Master Lease Structuring to facilitate the use of Tax Credits. Represents the Department’s final policy and procedures for Master Lease applications.
• 09-39: Updated Claim Filing and Delinquency/Default Reporting Requirements For FHA’s Making Home Affordable Modification Program (FHA-HAMP). Updates claim filing and delinquency/default reporting requirements for FHA-HAMP. Mortgagees must begin reporting the updated status codes beginning with the January 2010 reporting cycle.
• 09-38: Update on Eligibility Requirements for Nonprofit Instrumentalities (115 Waiver). Expands eligibility requirements for nonprofit instrumentalities of government to include entities the income of which is excluded from Federal taxation under § 115 of the Internal Revenue Code of 1986 (IRC).
• 09-37: Flood Zone Requirements and Responsibilities of FHA Mortgagees and Appraisers. Reminds mortgagees and FHA Roster appraisers of their responsibility to determine if a property is located within a Special Flood Hazard Area, and reiterates FHA’s eligibility requirements for properties located in such zones.
• 09-36: Revised Eligibility. Reminds appraisers and lenders that as of October 1, 2009, appraisers listed on FHA’s Appraisal Roster who are not state certified will be removed from the roster.
• 09-35: Loan Modification. Mandates that the interest rate on loan modifications be reduced to not more than 50 basis points above the FHA and FHLMC current weekly primary rounded to the nearest .125%, as of date of modification.
• 09-34: Home Equity Conversion Mortgage (HECM) – Principal Limit Factors. Announces a change in calculating the maximum HECM loans, effective October 1, 2009. The new factors to be used result in a 10% reduced maximum loan.
• 09-33: Annual Base City High Cost Percentage Revisions effective January 1, 2009. Announces the annual base city high cost percentage revisions for multi-family mortgages.
• 09-32: Revised Streamline Refinance Transactions. Announces revised procedures and re-affirms existing procedures regarding Streamline Refinance transactions, to be effective in 60 days or November 18, 2009.
• 09-31: Strengthening Counterparty Risk Management. Provides notice of several FHA program changes as a result of the enactment of the “Helping Families Save Their Homes Act of 2009” (the HFSH Act). This includes the requirement for lenders to submit an annual audited financial statement within 90 days of fiscal year end (effective January 1, 2010).
• 09-30: Appraisal Validity Periods. Announces change to the validity period for appraisals–reduced from 12 months for proposed construction and 6 months for existing construction to 4 months (120 days) for all appraisals. Effective for all case numbers assigned on or after January 1, 2010.
• 09-29: Appraisal Portability. Addresses portability of appraisals for when a borrower switches from one FHA lender to another, and an appraisal was already completed by the first lender. Effective for all case numbers assigned on or after January 1, 2010.
• 09-28: Appraiser Independence. Discusses new requirements and reiterates importance of appraiser independence. Effective for all case numbers assigned on or after January 1, 2010.
• 09-27: Multifamily Housing Accelerated Processing Guide: Chapter 9, Environmental Review. Announces the release of a revised and updated Multifamily Housing Accelerated Processing Guide, Chapter 9, with new environmental requirements.
• 09-26: Eligibility of Projects for Mortgage Insurance where Construction has Started. Temporarily authorizes and establishes policy for Section 220, 221(d) and 231 mortgage insurance programs for multi-family proposals that were unable to complete construction due to a loss of funding.
• 09-25: Electronic Annual Certification to Replace Title II Yearly Verification Report. Effective September 1, 2009, all program participants seeking renewal as an FHA-approved mortgagee must complete the electronic Annual Certification as a component of the renewal process.
• 09-24: Housing Tax Credit Coordination Act of 2008. Describes the additional authority granted under HERA and the Department’s implementation of Sections 2832 and 2834 of the Act.
• 09-23: Making Home Affordable Program: FHA’s Home Affordable Modification Loss Mitigation Option. Announces a new FHA Loss Mitigation option, the FHA-Home Affordable Modification Program (FHA-HAMP)…effective August 15, 2009.
• 09-22: Revised Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f) Apartments. Rescinds and replaces ML 2009-06, Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f) Applications.
• 09-21: Home Equity Conversion Mortgage Refinancing of Existing Loans. Discusses a technical correction for the HECM program and reiterates guidelines for refinancing HECM mortgages.
• 09-20: Processing Pre-Application Firm Invitation and Firm Commitment Extension Requests. Discusses FHA’s “policy to grant temporary authority to Multifamily Hub/Program Center Directors to grant one extension, for up to 90-days, of the pre-application firm invitation letter and one 120-day extension of an issued Firm Commitment…Expires December 31, 2009.”
• 09-19: Condominium Approval Process – Single Family Housing. FHA will now allow lenders to determine project eligibility, review project documentation, and certify to compliance of Section 203(b) of the NHA and 24 CFR 203 of HUD’s regulations…effective for all case numbers assigned on or after October 1, 2009.
• 09-18: Energy Efficient Mortgages – Increase in the Dollar Amount of Energy Efficient Improvements Energy Efficient Mortgages – Increase in the Dollar Amount of Energy Efficient Improvements. Provides guidance on the new maximum mortgage amounts for FHA insured Energy Efficient Mortgages.
• 09-17: Accuracy of Lender Data for FHA-approved Mortgagees. Eliminates paper version of yearly FHA renewal, replacing it with automated Annual Certification process completed in FHA Connection. Lenders must also confirm or update their information in the FHA Connection.
• 09-16: Manufactured Housing Policy Guidance – Property and Underwriting Eligibility. Provides guidance on manufactured housing eligibility requirements under Title II of the National Housing Act.
• 09-15: Using First-Time Homebuyer Tax Credits for the Downpayment. Provides basic information about the first-time homebuyer tax credit and how to assist homebuyers that are eligible for the tax credit.
• 09-14: Online Versions of Handbooks 4155.1, Mortgage Credit Analysis for Mortgage Insurance; and 4155.2, Lenders’ Guide to Single Family Mortgage Insurance Processing. Announces new online HUD Handbooks 4155.1 and 4155.2.
• 09-13: Guidance on FHA Model Mortgage Form for New Mexico. Provides clarification about FHA model mortgage form to be used in New Mexico in light of Fannie Mae and Freddie Mac 2008 security instrument revision.
• 09-12: Mortgagee Monitoring. Reminds you to review your company’s procedures to ensure that your organization is in full compliance with all FHA requirements.
• 09-11: Final HECM for Purchase Program. Contains new guidance for HECM for Purchase program and supercedes ML 2008-33.
• 09-10: Home Equity Conversion Mortgage Program: Clarification of Home Equity Conversion Mortgage Counseling Issues. Clarifies several issues regarding HECM counseling requirements.
• 09-09: Adoption of Market Conditions Addendum (Fannie Mae Form 1004MC/Freddie Mac Form 71) and Appraisal Reporting Requirements for Properties located in Declining Markets. FHA will adopt the Market Conditions Addendum (Fannie Mae Form 1004MC/ Freddie Mac Form 71, released November 2008) for appraisals performed on or after April 1, 2009.
• 09-08: Limits on Cash-Out Refinances. Effective for case number assignments on or after April 1, 2009, the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85 percent of the appraiser’s estimate of value.
• 09-07: Loan Limit Increases for FHA. Provides information on changes to single family loan limits.
• 09-06: Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f). Grants temporary authority to Multifamily Hub Directors to grant waivers of the Three Year Rule for Section 223(f) to provide liquidity for recently constructed properties that weren’t able to secure permanent long term financing (due to the freeze in capital markets).
• 09-05: Project Lifeline Initiative’s Impact on FHA’s Foreclosure Time Frames. Under certain conditions, HUD will allow a 30 day extension of the relevant time frame (initiation of foreclosure or reasonable diligence) for participation in the Project Lifeline Initiative.
• 09-04: Tier Ranking Scores – Incentive Round 34. Announces the FHA servicing lenders’ tier rankings for Round 34.
• 09-03: HOPE for Homeowners Origination and Servicing Guidance Supplement. Incorporates changes made by EESA, supplements Mortgagee Letters 2008-29 and 2008-30 and is effective immediately.
• 09-02: Co-branded Outreach Materials. Announces free series of education and outreach flyers to distribute to prospective FHA borrowers.
• 09-01: Annual Renewal Of FHA Approval. Reflects revised HUD policy for when a lender fails to meet annual renewal of FHA approval requirements, and updates relevant Handbook provisions.

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Hud posted a press release this morning, announcing more policy changes. These changes are aimed at strengthening FHA’s capital reserves while working to reduce risk. The announced FHA policy changes include:

1. Increased mortgage insurance premium (MIP)
2. Updated FICO scores and down payments
3. Reduced allowable seller concessions from 6% to 3%
4. Increased enforcement on FHA lenders

Read all the details in HUD’s press release.

With all the recent regulation changes, it can be frustrating trying to keep up. We are happy to answer your questions. Visit www.MortgageComplianceAdvisors.com or call 877-250-5243.

Check out our newly redesigned website to find upcoming regulation deadlines, the latest compliance news, and other helpful resources.

Our new website is designed to be a helpful central location where you can find an abundance of frequently updated information for regulations from FHA, Fannie Mae, Freddie Mac, VA, the FTC, etc. Each deadline or resource is linked to the official regulation or form, so that you can read the exact wording.

Regulations continue to change, but Mortgage Compliance Advisors will help you comply.