April 13, 2022
In This Issue:
- A Big Leadership Shakeup at Fannie Mae
- Fannie Mae Issues Selling Guide Update Regarding Use of Attorney Title Opinion Letters. Tracks Changes Freddie Mac Made in 2020
- FHA Implements New Portal to Obtain Partial Claim Payoffs or Subordination Checklists
- RESPA Rules for Advertising
- ICYMI: TDI Accepting Applications for Public Member of TTIGA Board
A Big Leadership Shakeup at Fannie Mae
HousingWire | April 8, 2022
Fannie Mae’s CEO, Hugh Frater, and Sheila Bair, the chair of its board, both announced they will resign from the mortgage finance behemoth May 1.
Antony Jenkins, who is currently vice chair of the board’s nominating and corporate governance committee, will also resign May 1.
Fannie Mae’s president, David Benson, will serve as interim CEO and board member, starting May 1, although that decision is subject to approval by Fannie Mae’s conservator, the Federal Housing Finance Agency. Fannie Mae said it plans to conduct a national search for a permanent CEO.
Fannie Mae’s board also elected Michael Heid, who currently chairs the community responsibility and sustainability committee, to succeed Bair as chair of the board.
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Fannie Mae Issues Selling Guide Update Regarding Use of Attorney Title Opinion Letters. Tracks Changes Freddie Mac Made in 2020.
HousingWire | April 11, 2022
In a selling guide announcement released last week, Fannie Mae announced that it would be accepting written opinion letters from an attorney in lieu of a title insurance policy “in limited circumstances.”
According to the announcement, lenders “must ensure the loan is covered by either a title policy issued by an acceptable insurer (including any required endorsements) or a title opinion letter issued by an attorney.”
For an attorney opinion letter (AOL) to be approved by Fannie Mae, it must come from an attorney who is properly licensed and has malpractice insurance covering title opinions “in an amount commonly prevailing in the jurisdiction.” In addition, letters must be addressed to the lender and all successors-in-interest, be commonly accepted in the property’s jurisdiction, provide gap coverage for the duration between closing and recordation, and include certain other information. The AOL must also list “all other liens and the states in which they are subordinate,” and “state the title condition of the property is acceptable and the mortgage constitutes a lien of the required priority on a fee simple estate in the property.”
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Review the Selling Guide Announcement »
TLTA Editor's Note: This aligns Fannie Mae’s guidance on use of attorney title opinion letters with guidance Freddie Mac issued in 2020. In response to this new guidance, ALTA made the following announcement: "We currently are reviewing this announcement, and, as always, continue to engage with the GSEs and our lender partners on the vital role our industry’s products and services play in a well-functioning housing finance market that serves the needs of a broad array of American homebuyers.”
FHA Implements New Portal to Obtain Partial Claim Payoffs or Subordination Checklists
HUD | Feb. 24, 2022
The Federal Housing Administration (FHA) is announcing the availability of a new portal
for the Department of Housing and Urban Development’s (HUD) Single Family Mortgage Asset Recovery Technology (SMART) system. This self-service portal – the SMART Integrated Portal (SIP) – allows borrowers, servicers, and third parties to request payoff amounts in realtime for FHA partial claims or subordination checklists.
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RESPA Rules for Advertising
ALTA | April 1, 2022
If a title or settlement company is looking to enter into a marketing services agreement (MSAs) with another company involved in the mortgage or real estate transaction, it’s important to know what is acceptable and what’s illegal under the Real Estate Settlement Procedures Act (RESPA). There are a lot of questions about what you can do to market your business.
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ICYMI: TDI Accepting Applications for Public Member of TTIGA Board
Texas Department of Insurance | April 6, 2022
The Texas Department of Insurance is accepting applications for the Texas Title Insurance Guaranty Association (TTIGA) Board of Directors. TDI is filling a vacant public member position. The TTIGA board includes four public members.
Review Current Board and Review Qualifications »
Click and Scroll Down to Review Application Process »
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