Agency | GSE News

This topic consolidates all announcements, newsletters, bulletins, handbook/guide updates, and general news coming from FHFA, Fannie Mae, FHA, Freddie Mac, GNMA, RHS, and VA.




July 12, 2018

FHA: Life of loan policy to remain, but agency considering options

Housingwire--Ben Lane

It looks like there won’t be any significant changes to the Federal Housing Administration’s mortgage insurance program this year.

Earlier this week, new FHA Commissioner Brian Montgomery told a group of reportersthat there likely won’t be a cut to the FHA’s mortgage insurance premiums this year, due to the health of the Mutual Mortgage Insurance Fund, the FHA’s flagship insurance fund.

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July 12, 2018

FHA on DACA Borrowers

Rob Chrisman

First off, anyone hoping for a mortgage insurance premium cut this year will probably be disappointed. Per Brian Montgomery, the health of the Mutual Mortgage Insurance Fund just isn’t where it needs to be.

Joan Timm with Summit Mortgage and several others have asked me about government guidelines regarding DACA borrowers. Looking briefly and Freddie and Fannie, Joan wrote...

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July 12, 2018

USDA Guaranteed Underwriting System (GUS) - Document Upload Process

This serves as a reminder that lenders must ensure that all required documentation is uploaded into GUS at or before the time of final submission to USDA. The Agency will not review the request until the required documents have been successfully uploaded.

Users are reminded to separate all origination documents into two files for upload into GUS as follows:

1) Uniform Residential...

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ACES Automated Document Manager

July 12, 2018

Fannie Mae Expands Mortgage Insurance Options for Lenders

MReport--Radhika Ojha

Fannie Mae has recently introduced another insurance product to help lenders satisfy its charter requirement for high-LTV loans. The government-sponsored enterprise's (GSE's) charter requires it to ensure appropriate credit enhancement of loans that have a loan-to-value (LTV) ratio that's greater than 80 percent when it is acquired by Fannie Mae.

"Fannie Mae's Enterprise-Paid Mortgage Insurance (EPMI) offering provides...

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July 12, 2018

FHA False Claims Actions Among Industry Concerns

Mortgage Daily--Mortgage Daily Staff

Among the concerns shared by attendees at a recent secondary marketing conference is the legal uncertainty accompanying government-insured originations. A majority want a company-wide production management dashboard. The Mortgage Bankers Association hosted its annual National Secondary Market Conference & Expo in New York City during May.According to the trade group, attendees included industry leaders and decision makers from residential and...

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July 11, 2018

Fannie Mae Reverse Mortgage Loan Servicing Manual Announcement RVS-2018-02

The Reverse Mortgage Loan Servicing Manual has been updated to include changes related to REO Hazard Insurance Coverage Requirements. This policy change is applicable only to Home Equity Conversion Mortgage (HECM) reverse mortgage loans.

REO Hazard Insurance Coverage Requirements

In response to customer feedback, Reverse Mortgage Loan Servicing Manual 5-04, Property Management, has been updated to revise hazard insurance...

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July 11, 2018

Fannie Mae Enhancements to AMN/HSSN

This weekend, we'll update the Asset Management Network (AMN)/HomeSaver Solutions™ Network (HSSN) application. To implement this release, AMN/HSSN will be unavailable for processing from 7:30 a.m. ET until 4 p.m. ET on Saturday, July 14. For more information, please review the release notes.

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Surviving an Onsite Audit

July 11, 2018

Fannie Mae Updated fraud alert: Misrepresentation of Borrower Employment

We have updated the Fannie Mae fraud alert, "Misrepresentation of Borrower Employment" (originally posted on May 24), which identified apparently fictitious employers being used on loan applications in Southern California. Updates include the addition of two more apparently non-existent employers, the removal of one entry on the list, and an expanded "red flags" list with sample exhibits. View the updated 

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July 11, 2018

REMINDER: VA Circular 26-16-18 Property Assessed Clean Energy (PACE) Loan Processing is Rescinded July 1, 2018

Mortgage Action Alliance (MAA)--The Grassroots Newletter Volume XII | Issue 25 | July 11, 2018

VA Ends Policy Permitting PACE Liens on VA Loans

The Department of Veterans Affairs (VA) has ended its policy permitting VA-guaranteed financing on properties with a pre-existing Property Assessed Clean Energy Loan (PACE) obligation. The policy was originally announced in Circular 26-16-18 on July...

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