Mortgages Analyzed
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Mortgage Related Laws and Regulations
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ML 2019-03
With this HUD Mortgagee Letter ML 2019-03 and related Notice, HUD is announcing a new phase to the Department’s Low-Income Housing Tax Credit Pilot Program (the “New Pilot”) under the authority of the Housing and Economic Recovery Act of 2008, Public Law 110-289, in subtitle B of Title VIII, cited as “the Housing Tax Credit Coordination Act of 2008 (HERA)”, for streamlining the review process for FHA mortgage insurance application processing. The New Pilot covers New Construction and S...   Read More
Feb 21, 2019
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ML 2019-01
HUD Mortgagee Letter ML 2019-01 provides guidance on the use of Third Party Verification (TPV) services to verify a borrower’s employment, income, and asset information.

This guidance applies to all FHA Title II forward mortgages and Home Equity Conversion Mortgages (HECM) and these provisions are effective immediately.

Third Party Verification refers to a process through which a Borrower’s employment, income, and asset information is verified directly by the Mortgagee with a borrower...   Read More
Feb 15, 2019
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ML 2018-11
HUD Mortgagee Letter ML 2018-11 publishes the Forward mortgage limits for calendar year 2019.

The Federal Housing Administration (FHA) calculates forward mortgage limits based on the median house prices in accordance with the National Housing Act. FHA’s Single Family forward mortgage limits are set by Metropolitan Statistical Area (MSA) and county and are published periodically. FHA publishes updated limits effective for each calendar year. FHA sets these limits at or between the low-cost a...   Read More
Dec 14, 2018
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ML 2018-12
HUD Mortgagee Letter ML 2018-12 transmits the 2019 Nationwide Home Equity Conversion Mortgage (HECM) Limits.

For the period January 1, 2019 through December 31, 2019, the maximum claim amount for FHA-insured HECMs will be $726,525 (150 percent of Federal Home Loan Mortgage Corporation’s (Freddie Mac) national conforming limit of $484,350). This maximum claim amount of $726,525 is also applicable to Freddie Mac’s special exception areas: Alaska, Hawaii, Guam, and the Virgin Islands.

The...   Read More
Dec 14, 2018
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CA 18-9
The Board of Governors of the Federal Reserve System (Board), working in consultation with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), has developed updated information regarding the Home Mortgage Disclosure Act (HMDA) key data fields that Federal Reserve examiners use in connection with validating the accuracy of HMDA data collected since January 1, 2018 pursuant to the Bureau of Consumer Financial Protection’s (Bureau) October 15,...   Read More
Dec 07, 2018
 
FIL-84-2018
The FDIC has updated the Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises to reflect the most up-to-date information available about the mortgage products offered through federal housing programs, Fannie Mae and Freddie Mac.

HIGHLIGHTS:

1. The Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises is designed as a resource for community banks to gain an overview of a variety of products, compare diffe...   Read More
Dec 06, 2018
 •  FANNIE MAE  •  FREDDIE MAC  •  RESIDENTIAL MORTGAGE LENDING  •  MORTGAGES
 
FIL-76-2018
The FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the Agencies) are jointly issuing a notice of proposed rulemaking titled Real Estate Appraisals (Appraisal NPR), which will be published in the Federal Register for a 60-day comment period. The Appraisal NPR proposes to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. Evaluations would be required for transactions exem...   Read More
Nov 21, 2018
 
OCC Bulletin 2018-41
The Office of the Comptroller of the Currency (OCC) issued today its Policies and Procedures Manual (PPM) for enforcement actions against institution-affiliated parties (IAP) of national banks, federal savings associations, and federal branches and agencies of foreign banks (collectively, banks). This PPM generally sets forth the OCC’s existing policies and procedures for taking enforcement actions against a current or former IAP in response to violations of laws, regulations, final agency ord...   Read More
Nov 13, 2018
 
ML 2018-10
HUD Mortgagee Letter ML 2018-10 provides best practice guidance to determine under what circumstances guest suites are permissible in multifamily rental, or cooperative projects with mortgages insured or held by HUD under the National Housing Act.

Section 513 of the National Housing Act prohibits a multifamily Borrower from renting or permitting the rental of a multifamily housing project for ‘transient or hotel purposes.’ To comply with the statute, leases, subleases and occupancy agreem...   Read More
Nov 09, 2018
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ML 2018-09
HUD Mortgagee Letter ML 2018-09 updates past guidance related to identifying and mitigating risks posed to the FHA Insurance fund associated with increasing levels of insured loan balances of entities and their identified Key Principals that intend to submit applications for concentrated risk review.

This Mortgagee Letter is effective immediately.

This Mortgagee Letter applies to all applications for FHA multifamily mortgage insurance programs, except for refinancing pursuant to Section 22...   Read More
Oct 24, 2018
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