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FNMA Announcement 09-24: Delivery of Higher-Priced Mortgage Loans, Revised Qualifying Rate Requirements...

Fannie Mae has issued the following Announcement 09-24: Delivery of Higher-Priced Mortgage Loans, Revised Qualifying Rate Requirements, Assessment of Late Charges, Clarifications to Points and Fees Limitation, and Updates to Reporting under the Home Mortgage Disclosure Act.  This Announcement updates or clarifies the following:

  • Delivery of higher-priced mortgage loans in accordance with 2008 amendments to Regulation Z
  • Qualifying rate requirements for certain ARM loans, loans subject to temporary interest rate buydowns, and step-rate mortgage loans
  • Policy regarding late charges and application of mortgage payments
  • Policy regarding points and fees limitation
  • Delivery requirements in response to recent Home Mortgage Disclosure Act amendments

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