Quick Links:

MMLA Working Group Call Subscription - for MMLA members only - join monthly calls to discuss current regulations and trends

CMB Program - Take your career to the next level by achieving your Certified Mortgage Bankers accreditation.  

NMLS Con-Ed Courses through MSource Training & Consulting - our Educational Industry Partner

WELCOME to the MMLA's e-Learning Center!  

This page is designed to be your one-stop resource for educational needs for the Mortgage Lending Industry!  Why search multiple websites when you can find all newsworthy events here in one place!  Check this page often for latest industry news regarding changes that will affect the way you take and process mortgages.   We will post notices from the various agencies, noteworthy articles, and helpful tools as provided by our members. 

Remember that the MMLA provides its members live seminars, webinars as well as breakfast and luncheon events on relevant subjects from time to time. Check the online calendar listing for information on upcoming events.    

Click on the links below for the latest published notices:

MMLA VIRTUAL EDUCATION SERIES OF WEBINARS  - Members can access recordings here.

 Click here for forbearance codes for servicers and originators.

Supreme Court declares CFPB unconstitutional!  The Supreme Court has held that the Consumer Financial Protection Bureau’s (CFPB) single-director, for-cause removal structure is unconstitutional because it violates the separation of powers.  However, the court found that the structure can be saved by striking out the for-cause termination provision.   View the complete announcement here. 

MBA Statement on the Supreme Court Ruling in Seila v. CFPB

To review the full ruling, click here.

CFPB Takes steps to address GSE Patch
MBA Statement on CFPB’s Proposed Changes to the QM Rule and Extension of the GSE Patch   
  To read the NPRM on the General QM loan definition, click here: files.consumerfinance.gov/f/documents/....
  To read the NPRM on the proposed extension of the QM Patch, click here: files.consumerfinance.gov/f/documents/....

  The list of rural and underserved counties, using the HMDA data described in the interpretive rule, can be found on the Bureau's website at https://www.consumerfinance.gov/policy-compliance/guidance/mortgage-resources/rural-and-underserved-counties-list/
   The interpretive rule can be found here: files.consumerfinance.gov/f/documents/....

CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Recovering from Pandemic-Related Financial Hardships

   Click here to learn about mortgage and housing assistance during the pandemic: https://www.cfpb.gov/housing
   Click here to read the IFR: files.consumerfinance.gov/f/documents/...



The President signs the PPP Flexibility Act into law




The Federal Housing Administration, Veterans Administration and the USDA Rural Housing Service jointly released this Fact Sheet on CARES Act forbearances for servicers.

Bloomberg article: Dirt-Cheap U.S. Mortgages Thwarted by $5 Billion in Margin Calls

Compliance InsidersWhat you should know about the LIBOR to SOFR transition - with Melissa Kozicki

UPDATE - URLA postponed - AGAIN

Here are some COVID-19 resources for your reference:

MMLA Statement on COVID-19

MBA Coronavirus (COVID-19) Updates

DIFS Commissioner Fox's Statment on COVID-19

Michigan Dept. of Health and Human Services (MDHHS)

Center for Disease Control and Prevention (CDC)

Fannie Mae

Freddie Mac


Getting workplace ready for COVID-19


Thank you to DataFacts for providing some fantastic e-books on important topics such as: 
 - How to Tackle 2020
 - Ultimate Guide to Finding the Best Mortgage
 - Guide to Millennial Homebuyers
 - 25 Awesome Credit Tips

These booklets are free to MMLA members and are great tools for your customers and your business.  Check them out today!

If you have contact to post on this page, send to [email protected]

If you want a rewarding experience and want a way to “give back” to your association…please consider joining the MMLA’s Education Committee.  We meet by phone at noon on the first Tuesday at every month.   The committee discussed issues facing the mortgage industry and plans the educational events for members.   Contact [email protected] if you want to be part of this group!

Completion of the Lender Annual Recertification

The annual recertification for lenders with a fiscal year ending December 31, 2019, is due no later than March 31, 2020.   Lenders are urged to complete their annual recertification package as soon as possible. If audited financial statements are unavailable, the Lender Data Verification, Certification, and Payment steps can be completed at any time. 

If lenders do not want to renew their FHA approval, they must log-in to the Lender Electronic Assessment Portal (LEAP) and submit a voluntary withdrawal request. Failure to comply with the annual recertification requirements does not constitute a voluntary withdrawal. 

For questions about the Lender Annual Recertification process, contact the FHA Resource Center at [email protected] or call 1-800-CALLFHA (1-800-225-5342).

Quick Links (if you experience issues opening PDF documents in Internet Explorer, try using a different web browser).

Contact the FHA Resource Center:

  • Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at: www.hud.gov/answers.
  • E-mail the FHA Resource Center at: [email protected]. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays. 
  • Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.


CFPB Director Kraninger Provides Semi-Annual Testimony   Consumer Finanical Protection Bureau Director Kathy Kraninger provided her semi-annual testimony before the House Financial Services Committee. During the hearing, Kraninger addressed questions regarding the "QM Patch," the Bureau's recent UDAAP guidance, and HMDA reporting.

- Federal Issues/Developments Highlights

The Department of Insurance and Financial Services has issued a new Director’s Orders:  
February 03 Great Lakes Specialty Finance, Inc. dba Check 'N Go 19-15562  Order Accepting Stipulation and Requiring Compliance and Payment of Fines; Stipulation to Entry of Order    

February 06 Harbour Mortgage Company 19-15675  Final Order

For a listing of all Director’s Orders visit http://www.michigan.gov/difs/0,5269,7-303-20594_20598---,00.html

URLA Effective Date - FINALLY   After three years, Fannie Mae and Freddie Mac announced a new timeline for implementation of the updated URLA (1003).  Beginning on November 1, 2020, Financial institutions will be required to use the new URLA and AUS specifications beginning on November 1, 2020. There will; however, be a pipeline transition period for 12 months. Any applications that are received prior to the November 2020 deadline that were submitted using the old legacy format may be completed on the previous URLA, even after the mandate date. However, this transition period ends on November 1, 2021 and the current URLA and submissions based on the legacy AUS specifications will no longer be accepted.



CFPB Provides Insight into Potential QM Changes  Click here for full article from MBA

CFPB Issues No-Action Letter to Facilitate Housing Counseling Services for Prospective Home Buyer

Federal Issues/Developments Highlights

The Department of Insurance and Financial Services has issued a new Bulletin:  Bulletin 2020-04-CF  CPI-Adjusted Regulatory Loan Act Loan Processing Fee (supersedes Bulletin 2018-01-CF)

For a listing of all Bulletins visit http://www.michigan.gov/difs/0,5269,7-303-12900---,00.html


The Department of Insurance and Financial Services has issued a new Director’s Order:

 January 22 Fidelity Funding Co., Inc. 19-15682

Order Accepting Stipulation and Requiring Compliance and Payment of Fines; Stipulation to Entry of Order Requiring Compliance and Payment of Civil Fines


For a listing of all Director’s Orders visit http://www.michigan.gov/difs/0,5269,7-303-20594_20598---,00.html


Week of Jan 20, 2020

The Department of Insurance and Financial Services has issued a new Director’s Order:


January 14 Harbour Mortgage Company 19-15675

Order to Refund Good Faith Deposit


For a listing of all Director’s Orders visit http://www.michigan.gov/difs/0,5269,7-303-20594_20598---,00.html


Due to a system defect identified after a recent system release, the Funding Fee Payment System (FFPS) is incorrectly charging a 3.3% Funding Fee for cash-out refinance loans closed on, or after, January 1, 2020.  In accordance with Public Law 116-23, Blue Water Navy Vietnam Veterans Act of 2019 and VA Circular 26-19-30, the correct amount to be remitted is 3.6%.  This issue is tentatively scheduled to be resolved with a system fix on January 16, 2020.  There is no manual work around. Click here for the full notice.

The Department of Insurance and Financial Services has issued a new Director’s Order:


December  11 Hull Funding, LLC dba Motown Financial, LLC dba Zenith Mortgage, LLC 18-15266  Order Accepting Stipulation and Order of Revocation; Stipulation to Entry of Order of Revocation


December 11 E-Z Cash 1, Inc. 19-15748 Order Accepting Stipulation and Requiring Compliance and Payment of Fines; Stipulation to Entry of Order


For a listing of all Director’s Orders visit http://www.michigan.gov/difs/0,5269,7-303-20594_20598---,00.html


 MBA Federal Issues and Developments

MBA Research Highlights


FHFA Increases 2020 Maximum Conforming Loan Limits to $510,400  The Federal Housing Finance Agency announced maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020, with the 2020 maximum conforming loan limit for one-unit properties rising to $510,400 from $484,350. 

Temporary Authority Implementation Update

CFPB requesting public comment on TRID Rule.  https://www.consumerfinance.gov/about-us/newsroom/bureau-to-assess-integrated-mortgage-disclosure-rule/#_=_  

FHA Mortgagee Letter 2019-18

FHA Actuarial Report Shows MMI Fund Capital Ratio at 12-Year High

Fannie Mae Selling Guide Announcement SEL-2019-08

Freddie Mac Bulletin 2019-22

Fannie Mae and Freddie Mac Publish Updated Redesigned URLA and Supporting Documents

MBA Updates:

October Update:

Effective with case numbers assigned Tuesday, October 15, 2019, the NEW Condo Section of the FHA Manual 4000.1 will be in effect


FREDDIE MAC:  Freddie Mac Single-Family changes:    https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/upcoming_requirement_changes.pdf

Updates include:

  • Income Requirements
  • Employer Assisted Homeownership (EAH) Benefit
  • Purchase Transaction Mortgages
  • Student Loans
  • Monthly Housing and DTI Ratios
  • Condominium Projects

Additional Guide Updates on Recent Borrower Employment Gaps, Automated Collateral Evaluation (ACE) Eligibility, Environmental Hazard Disclosure to Borrower, and Freddie Mac Relief Refinance Mortgages.

USDA:  On September 23, 2019 USDA Rural Development dramatically changed how student loan payments are calculated.  The revised guidance to Section 11.2 of HB-1-3555 pertaining to Student Loans will be permanently incorporated into Chapter 11 of HB-1-3555 in the near future but is effective immediately.   https://content.govdelivery.com/accounts/USDARD/bulletins/26142f4

FHA:  FHA Mortgagee Letter 2019-17 – Home Equity Conversion Mortgage (HECM) Program – Condominium Requirements-Dated September 27, 2019    https://www.hud.gov/sites/dfiles/OCHCO/documents/19-17hsgml.pd

Fannie Mae:  Selling Guide Announcement SEL-2019-08

Week of 8/26/19:

All licensees have been receiving notices from DIFS regarding perpetual bonds.  Michigan is transitioning to the NMLS requirement that all 
MLO individual bonds and all company ‘blanket’ MLO bonds be perpetual; i.e. they do not have an expiration date.  All licensees need to confirm with their surety bond companies that their MLO bonds do not expire.  If their individual or ‘blanket’ MLO bonds have an expiration date, they will need to be converted to perpetual and the original bond mailed to DIFS.   It is extremely important that this be done as soon as possible.  The MLO’s ability to renew his/her license will be affected if the original perpetual bond is not received by DIFS prior to the Dec. 31st deadline.   Note:  Individual bonds must be signed by the loan originator before mailing to DIFS.  (Bonds not executed will be rejected by DIFS).

Earlier this year he Consumer Financial Protection Bureau (CFPB)  issued an Advance Notice of Proposed Rulemaking (ANPR) seeking information relating to the expiration of the temporary qualified mortgage provision applicable to certain mortgage loans eligible for purchase or guarantee by Fannie Mae and Freddie Mac, in the Bureau’s Ability to Repay/Qualified Mortgage (ATR/QM) Rule also known as the ‘GSE Patch’. The Patch is scheduled to expire no later than January 10, 2021. 

Just recently the CPFB announced that it will allow the so-called “GSE patch” to EXPIRE in January, 2021. This patch permits Government-Sponsored Entities Fannie Mae and Freddie Mac to buy loans even though the borrower’s debt-to-income (“DTI”) ratio exceeds the standard limit of 43%.

The CFPB’s decision revives a long-standing debate about what constitutes a creditworthy loan. By eliminating the patch, the DTI ratio of 43% will become an absolute rule, making any loans with higher DTI’s ineligible for GSE funding.

The CFPB is aware that a large percentage of the GSE’s utilize this patch and has been clear that the patch will not expire until there is a plan in place to soften the impact; i.e. Revising Appendix Q.    MMLA will continue to keep you posted on the important topic!

The CFPB had a big data release on Friday August 30, 2019, hitting their target to release the HMDA national loan-level dataset before the end of the summer. HMDAVision, created by a woman-owned analytics company, is now live with this data. Check out this blog post for more: polygonresearch.com/blog



DIFS Announces new MIAB board Members   Changes to the current Mortgage Industry Advisory Board (MIAB) were appointed by the Director and announced as follows:

Chairperson - Allison Johnston, CMB
Vice Chair - Audrey Acquisti
Secretary - Terry Heindricks
New member:  Daniel Grzywacz, CMB

Congratulations to all - we are happy to have such great people representing our industry.

Week of 8/19/19:

Federal Issues/Developments Highlights

Week of 8/12/19:

FHA announced today that they are revising their policy for condominiums for all case numbers assigned beginning Oct. 15th.  The policies have not been published as of yet.   We will post as soon as they are available.

Week of 8/5/19:

GSEs Announce Changes to the Uniform Residential Loan Application

FHA cracks down on cash-out refinancing

From the MBA:

Week of 7/29/19:

FHA lowering maximum LTV for cash-out refinances:  The Federal Housing Administration (FHA) will lower its maximum loan-to-value (LTV) requirements for cash-out refinance transactions from 85 percent to 80 percent, effective for loans with case numbers assigned on or after Sept. 1. Separately, Ginnie Mae will address the associated with the rapid serial refinancing knowns as ‘loan churning’ by revising the pooling eligibility requirements applicable to all VA-guaranteed refinance loans and establishing new pooling criteria for certain cash-out refinances with LTV greater than 90 percent. Ginnie Mae’s policy becomes effective with mortgage-backed securities guaranteed on or after Nov. 1.

Mortgagee Letter 2019-11  https://www.hud.gov/sites/dfiles/OCHCO/documents/19-11ml.pdf

The first Fed Rate Cut in 11 years   View source article:  https://nationalmortgageprofessional.com/news/71876/announces-rate


Federal Updates:

Week of 7/15:

Freddie Mac Announces New Edits and comparison Options for Cash Contracts  https://sf.freddiemac.com/articles/news/new-edits-and-cash-enhancements-in-loan-selling-advisor

Fannie Mae Selling and Servicing News  https://view.exacttarget.com/?qs=0c616e681d50debd66fa85110b10582e5a192165a90027452e04c7a02487011de230e248847773101d182d4a807afa8f8e68d61b27d0d15f1e70fb059cdd953b90f2ddc1551f0bf4bfc6a3d4fca6d60d898e9efd0169787c

Median Home Price Climbs to All-time High  Average single-family residence sold for $266,000 in Q2


CFPB Recommends Financial Institutions Report Suspected Financial Exploitation of Older Adults  https://files.consumerfinance.gov/f/documents/cfpb_suspected-elder-financial-exploitation-financial-institutions_report.pdf

Amazon’s Impending Invasion of Banking https://www.forbes.com/sites/ronshevlin/2019/07/08/amazon-invasion/#21f57abc7921

Stearns Lending Declares Chapter 11 Bankruptcy  https://www.housingwire.com/articles/49511-stearns-lending-declares-chapter-11-bankruptcy

Fannie Mae and Freddie Mac Issue Relief Policies for Victims of Tropical Storm Barry


The June 2019 IRS Form 4506-T update announced here, including the removal of Line 5a regarding mailing the tax transcript to third parties, has been postponed, pending further clarification from the IRS.  



6/6/2019 – Disclosure Template for ARM borrowers in preparation for LIBOR sunset:

  • Click MBA’s disclosure template from the link below
  • Next, under Overview – to the right – click Read More to view the disclosure template


6/20/2019 – MBA’s clarification with VA on IRRRL’s 36-month fee recoupment requirement:

"It has come to our attention that there is some confusion in the industry regarding the fee recoupment requirements for VA IRRRLs. Questions have arisen as to when the 36-month fee recoupment requirement is applied to VA IRRRLs, and whether an increase in the principal balance of the loan or the monthly payment (e.g., because of a reduced term) impacts this requirement.

"In response to some of the inquiries we have received, we reached out to VA Loan Guaranty Service staff for clarification. Below, we are sharing the input that we were provided by VA Loan Guaranty Service staff. In their view, the 36-month recoupment requirement must be met for all VA IRRRLs. 

"To give a little more detail, we were told that this requirement is in place regardless of whether the principal balance on the loan increases, decreases, or remains flat. With respect to monthly payments, we were told that IRRRLs must result in lower regular monthly payments so as to allow the borrower to recoup costs/fees within 36 months. If there is an increase in monthly payment, recoupment of any costs/fees cannot be satisfied. 

"While an earlier VA circular (26-18-1) did provide an exemption from fee recoupment in certain situations (such as term reduction), we were told that the more recent VA circular (26-18-13) is the binding constraint in this case. We understand that VA is in the process of consolidating its IRRRL guidance, which we hope will provide further clarity for the industry shortly."

FHA:  6/11/2019:   DACA RECIPIENTS ARE NOT ELIGIBLE FOR FHA LOANS; see Legislative – H.R. 3154 - below for more information


UNIFORM MORTGAGE DATA PROGRAM:  6/12/19: Optional use for the redesigned URLA  will not begin on 7/1/19.  A new effective date will be provided later.

It is expected that a redesign of the new URLA is taking place to include a new preferred language question.  MMLA recommendation: You are encouraged to work with your technology vendors to make use of the Fannie or Freddie testing environments beginning in July.  https://www.fanniemae.com/content/news/urla-announcement-june-2019.pdf

FREDDIE MAC:  6/19/2019 – Bulletin 2019-14 – CHOICERevovation Mortgage    https://guide.freddiemac.com/app/guide/bulletin/2019-14

6/20/2019 – Bulletin 2019-15 – Home Possible Borrower Income Limits   https://guide.freddiemac.com/app/guide/bulletin/2019-15

6/21/2019: Finalized Rule for Single Family Housing Direct and Guaranteed Loan Programs:

The Rural Housing Service (RHS or Agency) published a proposal rule on August 31, 2018 to amend its regulations for the direct and guaranteed single family housing loan and grant programs.  Through the actions, RHS finalizes the rule as a final based upon public comments, but with a revision to the definition of rural area to cite the statute which defines rural area and with a technical corrections to the suspension or debarment requirement.


PRESIDENTIAL EXECUTIVE ORDER:  6/25/2019: President Trump signed an Executive Order establishing the “White House Council on Eliminating Regulatory Barriers to Affordable Housing”. The new Council is being tasked identifying the federal, state, local and tribal policies that contribute to increasing the costs of affordable housing development and recommending policies that would streamline the regulatory burdens that would speed the development of affordable housing construction. The Council has a January 2021 deadline in reporting its findings.

Week of 6/17:

Surety Bonds - Michigan - Company and MLO
 All Michigan financials institutions regulated by DIFS should have received an email this week regarding a change to their existing surety bonds. Everyone should contact their surety bond company to determine if their existing bond(s) are perpetual (they automatically renew). If they aren't perpetual (no matter what the current expiration date is), form FIS-2135 or FIS-2137 must be completed by your surety company, executed by you and MAILED to DIFS before 12/31/19. MLO Form: 
https://lnkd.in/gpNZvxc Company Bond: https://lnkd.in/gdGcW4y

  Fannie Mae Servicing Announcment

CFPB To Hold First Symposium On June 25 via webcast.

 On January 1, 2020 the USDA Single Family Housing Guaranteed Loan Program will begin to assess and collect a fee (aka technology fee) from lenders on each closed loan that was submitted via the Guaranteed Underwriting System (GUS). Specifically, any file submitted via GUS that is issued Form RD 3555-18E, “Conditional Commitment for Single Family Housing Loan Guarantee,” on or after January 1, 2020, will require lenders to remit a one-time $25 technology fee with their loan closing package (i.e. the same time a lender currently remits the upfront guarantee fee).  The collection of the fee will enable the Agency to fund future information technology enhancements needed to improve program delivery and reduce burden to the public. Questions regarding this announcement may be directed to SFHGLP in the Rural Housing National Office at 202-720-1452.

Notice to Implement a Guarantee Systems User Fee for Lender Use of the Single Family Housing Section 502 Guaranteed Loan Program Automated Systems was published in the Federal Register on July 13, 2018.

3555-1 Chapter16_Final Advanced Copy 6-2019 includes direction on the disclosure and collection of the technology fee along with a new section on frequently asked questions for loan closings.

Week of 6/3/19:

Disclaimer:  Please note that resouces posted on this page is provided for informational use only and should not be considers legal advice.  We encourage you to consult with your company's professionals for their advice.

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