The Federal Housing Administration published Mortgagee Letter 2020-30, which provides underwriting guidelines for homeowners who were granted a mortgage forbearance due to the COVID-19 National Emergency. Additionally, ML … more FHA Issues Forbearance Guidance and HERMIT Changes
Regulations
Guidance Regarding Presidentially-Declared Disaster Areas
The Federal Housing Administration this week issued FHA INFO #20-64 as a clarification to mortgagees about its guidance for originating and/or servicing FHA-insured mortgages in locations in the U.S. and … more Guidance Regarding Presidentially-Declared Disaster Areas
NRMLA Proposes Improvements to Condo Forms and Policies
With input from the HUD Issues Committee, NRMLA recommended further changes to Forms HUD-9991 and HUD-9992 and that fees charged by condominium associations for completing these forms be … more NRMLA Proposes Improvements to Condo Forms and Policies
FHA Extends Exterior Appraisals
The Department of Housing and Urban Development has just announced the re-extension of exterior-only appraisals for case numbers assigned on or before October 31, 2020. Details were provided … more FHA Extends Exterior Appraisals
FHA Extends Foreclosure Moratorium Through Year-End
The Federal Housing Administration extended its foreclosure and eviction moratorium through December 31, 2020. The announcement was made in Mortgagee Letter 2020-27. “Due to the continued national emergency … more FHA Extends Foreclosure Moratorium Through Year-End
Key HECM Regulations and Resource Materials
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
FHA Launches Catalyst For Forward Mortgages; HECMs Must Wait
The Federal Housing Administration launched a new Electronic Appraisal Delivery (EAD) module on the FHA Catalyst platform that allows mortgagees to electronically submit appraisals for forward mortgage transactions. … more FHA Launches Catalyst For Forward Mortgages; HECMs Must Wait
HUD OIG Issues HECM Fraud Bulletin
Due to the economic fallout from COVID-19, more people may be considering reverse mortgages but as a consequence become targets of fraud schemes related to them, according to … more HUD OIG Issues HECM Fraud Bulletin
HUD Delays Housing Counselor Certification Deadline
The U.S. Department of Housing and Urban Development published an Interim Final Rule that extended to August 1, 2021, the deadline for housing counselors to pass the certification … more HUD Delays Housing Counselor Certification Deadline
NRMLA Submits Comments to CFPB On LIBOR Transition
NRMLA applauds the efforts of the Consumer Financial Protection Bureau to proactively address the sunset of LIBOR and the impact it will have on creditors and consumers, but … more NRMLA Submits Comments to CFPB On LIBOR Transition