Compliance News Alert: Nebraska Net Tangible Benefits Disclosure
Dec 3, 2020
In FHLMC Bulletin 2020-45, amendments were made to FHLMC Single-Family Seller/Servicer Guide § 6301.4 to incorporate some of the temporary POA requirements promulgated by FHLMC earlier this year for the COVID-19 pandemic (see FHLMC Bulletin 2020-8 for details) for loans involving POA’s in general (such as memorializing the discussions with the borrower concerning the terms of the mortgage). These will apply to all mortgages with “Application Received Dates” on or after January 4, 2021.
We are currently reviewing this announcement to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website.
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.