by Weiner Brodsky Kider New York recently enacted Senate Bill 884 (SB 884), which amends the HECM servicing requirements under the newly added section 280-d of the New York Real … more NY Amends Servicing Requirements for HECMs
Loan Servicing
NRMLA Comments On LIBOR Transition and H4P Improvements
On behalf of its members, NRMLA submitted comments to the Department of Housing and Urban Development requesting that lenders and servicers be given 180 days to prepare for … more NRMLA Comments On LIBOR Transition and H4P Improvements
DC Reopens HomeSaver Foreclosure Prevention Program
To support its residents during the COVID-19 pandemic, the District of Columbia Housing Finance Agency has reopened its HomeSaver foreclosure prevention program. Through the U.S. Department of the … more DC Reopens HomeSaver Foreclosure Prevention Program
FHA Extends COVID-19 Relief Through End of June
HECM borrowers who have been impacted by COVID-19 and are facing foreclosure have been granted an extension through June 30, 2021 to request a six-month delay in having … more FHA Extends COVID-19 Relief Through End of June
FHA Takes Further Servicing Actions to Protect Seniors
To help combat the COVID-19 pandemic, FHA issued a series of waivers of provisions in its Single Family Housing Policy Handbook 4000.1 that would normally require in-person contact … more FHA Takes Further Servicing Actions to Protect Seniors
FHA Extends Protections For Borrowers Impacted By COVID-19
HECM borrowers who have been impacted by COVID-19 and are facing foreclosure have been granted an extension through March 31, 2021 to request a six-month delay in having … more FHA Extends Protections For Borrowers Impacted By COVID-19
FHA Extends Foreclosure Moratorium and Exterior-Only Appraisals
Today, the Federal Housing Administration published multiple mortgagee letters that extend a foreclosure and eviction moratorium and other COVID-19 protections for forward mortgage borrowers and reverse mortgage borrowers … more FHA Extends Foreclosure Moratorium and Exterior-Only Appraisals
Research Confirms HECM Reforms Have Reduced T&I Defaults
An analysis of HECM data confirms that Financial Assessment and upfront draw restrictions are having the desired effect of reducing tax and insurance defaults. That’s according to a … more Research Confirms HECM Reforms Have Reduced T&I Defaults
HUD Issues Temporary Partial Waivers For Assignment Claims
The Federal Housing Administration issued two temporary partial waivers to its HECM servicing policies that allow mortgagees to be more flexible in submitting assignment claims. Details were provided … more HUD Issues Temporary Partial Waivers For Assignment Claims
FHA Announces Temporary NBS Protections
Eligible non-borrowing spouses currently have 90 days after the death of the last surviving HECM borrower to establish legal ownership or other ongoing legal right to remain in … more FHA Announces Temporary NBS Protections