Fannie Mae has released Announcement 09-24 titled, "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".

Introduction

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

To view the Announcement in its entirety, please click here

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.