HUD has issued Mortgagee Letter 2010-08, HUD REO Appraisal Validity Period and Second Appraisals.  This Mortgagee Letter (ML) announces the validity period for appraisals utilized to establish the listing price on HUD's Real Estate Owned (REO) properties.  In addition, this Mortgagee Letter also announces conditions for which a second appraisal may be ordered for purchasers of REO properties utilizing FHA financing.  To view the entire Mortgagee Letter, please click Read more...

Freddie Mac provides multiple solutions to reduce mortgage costs for borrowers.  Don Bisenius discusses these solutions in the Featured Perspectives Article, Helping Homeowners:  Which Solution Works Best? To view the entire Article, please click Read more...

Freddie Mac has issued Bulletin Number 2010-6, Freddie Mac Relief Refinance Mortgage^SM Offering Extended.  On March 1, 2010, the Federal Housing Finance Agency announced the extension of the Home Affordable Refinance Program, a key component of the federal Making Home Affordable Program, to June 30, 2011.  In accordance with that announcement, with this Single-Family Seller/Servicer Guide ("Guide") Bulletin, Freddie Mac is announcing the extension of the Freddie Mac Relief Refinance Mortgage offering.

HUD has issued Mortgagee Letter 2010-07, Revisions to Model Home Equity Conversion Mortgage (HECM) Loan Agreement (Loan Agreement) and Fannie Mae Form 1009, Residential Application for Reverse Mortgages (Fannie Mae Form 1009).

This Mortgagee Letter informs lenders and HECM counselors of

• Revisions to the model HECM Loan Agreement (HECM Loan Agreement);
• Revisions to the model HECM Loan Agreement Exhibits; and
• Revisions to Fannie Mae Form 1009, Residential Loan Application for Reverse Mortgages (Fannie Mae Form 1009).

This Mortgagee Letter also provides policy guidance for the

• Prohibit use of Freddie Mac Form 65/Fannie Mae Form 1003, Uniform Residential Loan Application; and
• Reaffirm use of Form 92900-A, HUD/VA Addendum to Uniform Residential Loan Application.

To view the entire Mortgagee Letter, please click Read more...