NMP - October 2016 - 36

✒ Industry Updates: October 2016 By Gavin T. Ales USDA Reduces the Upfront and Annual Guarantee Fees On March 31, 2016, the USDA announced a reduction in the upfront guarantee fee and the annual guarantee fee, effective for all loans obligated by the USDA on or after Oct. 1, 2017. A loan is obligated when the USDA has issued Form RD 355518 "Conditional Commitment for Single Family Housing Loan Guarantee" to the lender and approved a complete loan application package. For all loans obligated on or after Oct. 1, 2017, the loan will be subject to a one percent upfront guarantee fee and a 0.35 percent annual fee. Currently, the upfront guarantee fee is 2.75 percent and the annual fee is 0.50 percent. APRIL 2016 n National Mortgage Professional Magazine n NationalMortgageProfessional.com 36 Fannie Mae and Freddie Mac Release Redesigned URLA/Form 1003 Fannie Mae and Freddie Mac released to the public their redesigned Uniform Residential Loan Application (aka Form 1003, URLA) on Aug. 23, 2016. This is the first redesign by the GSEs of the URLA in more than 20 years. The form is designed to assist lenders in collecting additional information required under the HMDA revisions, which are effective beginning with applications dated Jan. 1, 2018, and after. Accordingly, the redesigned URLA is not to be used by lenders until Jan. 1, 2018, but its use is not mandatory by the GSEs at that time. For those users who are not able to use the redesigned URLA at that time, the release also includes a new Demographic Information Addendum which can be used with the existing URLA to capture additional HMDA data. The GSEs have not yet published a mandatory use date for the redesigned URLA. In addition to modifications to the fields of information collected on the URLA, the redesign also modified the form to only collect applicable information through dynamic sections. Sections that are applicable to the transaction will expand to show all pertinent data. Sections that are inapplicable to the transaction or borrower are collapsed. These features are similar to the CFPB's Loan Estimate and Closing Disclosure which removes inapplicable disclosures to the borrower so as to prevent overloading the borrower with information. Updates to the FEMA Standard Flood Hazard Determination Form The Standard Flood Hazard Determination Form has been updated with changes by the Federal Emergency Management Agency (FEMA) on June 1, 2016. The previous form originally expired May 30, 2015. FEMA's Web site states that the previous May 30, 2015 form can continue to be used during the "phase in" period of the updated form. However, note that FEMA's Web site does not indicate how long the phase in period is. Gavin T. Ales is chief compliance officer with Torrance, Calif.-based DocMagic Inc. He may be reached by phone at (800) 649-1362, ext. 6446 or e-mail Gavin@DocMagic.com. SPONSORED EDITORIAL nmp news flash continued from page 26 PRMI Partners With Feeding America to Stamp Out Hunger in America Primary Residential Mortgage Inc. (PRMI) has announced its first partnership with Feeding America and its nationwide network of food banks in an eight-week fundraising campaign. PRMI's goal is to raise $150,000 to help provide 1.65 million meals to food-insecure individuals and families across America. A 2014 study concluded that 48 million Americans struggle with hunger annually, including 15 million children and 5.7 million seniors. Feeding America, the nation's largest hunger-relief organization, is able to provide 11 meals per dollar donated to people in need. "Hunger in America is a significant issue that affects far too many and because of this, we wanted to take action and create change," said David Zitting, president and chief executive officer of PRMI. "At PRMI, we strive to make a positive impact in our local communities through the home buying process and look to do the same as we help put up a strong fight against hunger." PRMI kicked off the Give A Meal Team Challenge at its 7th Annual National Conference in Hilton Head, S.C., which falls during Feeding America's Hunger Action Month. PRMI employees across the country will team up in a competition to raise funds with each donation helping the community from which it is made. "We are honored to be working with PRMI to raise more meals for people and families facing hunger," said Nancy Curby, interim senior vice president of development for Feeding America. "Food insecurity exists in nearly every community across the United States, and with help from partners like PRMI, we can ensure that more families have the meals they need." HUD Pushes Measure for Gender Equality in Housing The U.S. Department of Housing & Urban Development (HUD) has published a final rule to ensure that all individuals have equal access to many of HUD's core shelter programs in accordance with their gender identity. Following what had previously been a practice encouraged by HUD, providers that operate singlesex projects using funds awarded through the Department's Office of Community Planning and Development (CPD) will now be required to provide all individuals, including transgender individuals and other individuals who do not identify with the sex they were assigned at birth, with access to programs, benefits, services, and accommodations in accordance with their gender identity without being subjected to intrusive questioning or being asked to provide documentation. "Today, we take another important step to ensure full acceptance of transgender and gender non-conforming individuals in the programs HUD supports," said HUD Secretary Julián Castro. "This new rule will ensure equal access to the very programs that help to prevent homelessness for persons who are routinely forced to choose between being placed in facilities against their gender identity or living on our streets." HUD's new rule will require a recipient, subrecipient, or provider to establish, amend, or maintain program admissions, occupancy, and operating policies and procedures (including policies and procedures to protect individuals' privacy and security), so that equal access is provided to individuals based on their gender identity. This requirement includes tenant selection and admission preferences. HUD's mission is to create inclusive communities and quality affordable housing for all. Excluding any eligible person from HUDfunded temporary, emergency shelters, buildings, facilities, housing or programs because of that person's gender identity or non-conformance with gender stereotypes would contravene this responsibility. Survey: Three Out of Four Americans Fear Losing Their Housing Optimism about the economy http://www.NationalMortgageProfessional.com

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