SS Memos 2018 Summary

Single-Family Seller/Servicer Memorandums - 2018

Memo 18-01

  • Maximum Loan Amount

Memo 18-02

  • Minimum Down Payment Contributions
  • HomeChoiceTM and Home Study

Memo 18-03

  • Mortgage Insurance
  • Lender Portal
  • Interest Rate Buydown Fees
  • Square Footage
  • Excess Land
  • Verbal Verification of Employment
  • Collection Accounts
  • Reserves
  • Non-Conforming I
  • CCAP
  • Census Tract Information

Memo 18-04

  • Tax-Exempt Program Acquisition Cost Limits

Memo 18-05

  • Income Limits

Memo 18-06

  • Custodial Accounting – Letters of Agreement for Custodial Accounts
  • Delinquencies (Collection of Delinquencies)
  • Multi-Family Delinquency Servicing (Delinquencies and Events of Default)
  • Bankruptcy Proceedings (Notification)
  • Foreclosure Sale Third-Party Bids
  • Real Estate Owned
  • REO Disbursement Procedures

Memo 18-07

  • Approved Municipalities
  • Non-Conforming I and II

Memo 18-08

  • Maximum Loan Amount

Memo 18-09

  • Revised Forms Program Compliance Submission Checklist: UND-31 and UND-31 Renovation
  • Veterans Mortgage Program clarifications: business use of home and program qualifications
  • Business Use of Home: limited to 15% of the gross living area of the home