February 5, 2025 To: Clients and Friends From: Daniel S. Engle Subject: Fannie Mae and Freddie Mac Update Selling Guides to Permit Hybrid Appraisals on Texas Home Equity Loans On February 5, 2024, per Fannie Mae Selling Guide...
Client & Friends Memo
Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
Texas Home Equity Lending Rules in Texas Administrative Code Readopted
In the August 2, 2024, issue of the Texas Register (Volume 49, Number 31, Pages 5607-5826), the Finance Commission of Texas and the Texas Credit Union Commission (the “commissions”) announced the completion of their rule review of chapters in Title 7, Part 8 of the...
Texas Appellate Court Affirms Attorney’s Fees on Equitable Subrogation Claim on Home Equity Litigation
On March 21, 2024, the Court of Appeals, Corpus Christi-Edinburg, in an unpublished opinion, ruled that a trial court had the authority and did not abuse its discretion in awarding attorney’s fees on a successful counterclaim for equitable subrogation in a Texas home...
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March 2023 update to Fannie Mae/Freddie Mac Uniform Texas Home Equity Security Instrument (Form 3044.1)
In March 2023, Fannie Mae/Freddie Mac revised the tagline and signature block of Texas Home Equity Security Instrument (Form 3044.1)( “Form 3044.1”). In addition, the Instructions to Form 3044.1 were updated to add new Authorized Change 9. The revision to Form...
Joint Financial Regulatory Agencies propose amendments to §153.1(2) (Business Day Definition) Concerning Home Equity Lending
In the March 25, 2022, Texas Register (47 Tex.Reg 1556), the Finance Commission of Texas and the Texas Credit Union Commission (“commissions”) published a proposed amendment to the “business day” definition in §153.1(2) of the Home Equity Lending Interpretations....
Home Equity Lending Interpretation Amendments to §§153.1, 153.5, 153.12, 153.13, 153.17, 153.22, 153.26, 153.45, 153.51
In the December 31, 2021, issue of the Texas Register, click here, the Joint Financial Regulatory Agencies adopted final amendments to §§153.5, 153.12, 153.13, 153.17, 153.22, 153.26, 153.45, and 153.51 without changes to the proposed text published in the September...
Home Equity Lending Interpretation Amendments Adopted by the Finance Commission of Texas and Texas Credit Union Commission
Effective November 26, 2020, the Finance Commission of Texas and the Texas Credit Union Commission (herein “Commissions”) adopt amendments to the following home equity lending interpretations: §153.8 (relating to Security of the Equity Loan: Section 50(a)(6)(H)),...
Will Equitable Subrogation be Prohibited for Uncured Home Equity Loans? Zepeda v. Federal Home Loan Mortgage Corporation, 2019 WL 3820019
In a decision filed August 15, 2019, the United States Court of Appeals for the Fifth Circuit certified a question to the Supreme Court of Texas, the answer to which may significantly impact a lender’s ability to mitigate its losses on a constitutionally defective...
Changes to Home Equity Lending in Texas – Final Rules
Please click on the video below to access the Changes to Home Equity Lending in Texas – (S.J.R. 60) - Final Rules presentation. Please make sure you have your speakers on to listen and follow the presentation materials.You may download the documents which are covered...