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
HUD
FHA Extends Exterior-Only Appraisals
The U.S. Department of Housing and Urban Development extended the option for exterior-only appraisals through December 31, 2020 for Traditional HECM, HECM-to-HECM Refinance, Rate and Term Refinance and … more FHA Extends Exterior-Only Appraisals
FHA Extends HECM Foreclosure Moratorium
HECM borrowers who have been impacted by COVID-19 and are facing foreclosure have been granted an extension to December 31, 2020 to request a six-month delay in having … more FHA Extends HECM Foreclosure Moratorium
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
FHA Issues Forbearance Guidance and HERMIT Changes
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
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.