The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) delivered an action plan to President Biden this week that is aimed squarely at dismantling racial bias … more Administration Unveils Action Plan to Combat Appraisal Bias
Processing / Underwriting
CFPB Outlines Options To Prevent Algorithmic Bias In Appraisals
The Consumer Financial Protection Bureau published a 42-page paper that outlines options for ensuring that computer models used to help determine home valuations are accurate and fair. The … more CFPB Outlines Options To Prevent Algorithmic Bias In Appraisals
Mandatory Transition to FHA Catalyst: Electronic Appraisal Delivery Module
The Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2021-23, which establishes mandatory transition dates for mortgagees to submit appraisals for single family forward and reverse mortgage endorsements … more Mandatory Transition to FHA Catalyst: Electronic Appraisal Delivery Module
FHA Announces Catalyst Enhancements for HECM
The Federal Housing Administration implemented enhancements to the FHA Catalyst: Case Binder Module that will enable mortgagees to more quickly, securely and accurately deliver case binders for single-family … more FHA Announces Catalyst Enhancements for HECM
FHA Extends Guidance For Verifying Self-Employment and Rental Income
The Federal Housing Administration extended through December 31 COVID-19 policies for verifying self-employment and rental income. Details were provided in Mortgagee Letter 2020-40 and impact both FHA forward … more FHA Extends Guidance For Verifying Self-Employment and Rental Income
NRMLA Proposes Improvements to HECM Loan Docs
With input from the HUD Issues Committee, NRMLA submitted comments to the Department of Housing and Urban Development this week that recommended the FNMA-1009 be replaced by the … more NRMLA Proposes Improvements to HECM Loan Docs
NRMLA Proposes Improvements to Condo Forms and Policies
With input from the HUD Issues Committee, NRMLA recommended further changes to Forms HUD-9991 and HUD-9992 and that fees charged by condominium associations for completing these forms be … more NRMLA Proposes Improvements to Condo Forms and Policies
FHA Extends Exterior Appraisals
The Department of Housing and Urban Development has just announced the re-extension of exterior-only appraisals for case numbers assigned on or before October 31, 2020. Details were provided … more FHA Extends Exterior Appraisals
Key HECM Regulations and Resource Materials
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
NRMLA Submits Comments to CFPB On LIBOR Transition
NRMLA applauds the efforts of the Consumer Financial Protection Bureau to proactively address the sunset of LIBOR and the impact it will have on creditors and consumers, but … more NRMLA Submits Comments to CFPB On LIBOR Transition
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