The Federal Housing Administration publicized the availability of a new Default Reason Code in the Single Family Default Monitoring System (SFDMS) to ensure that loss mitigation actions that … more FHA Implements COVID-19 Default Reporting Code
Regulations
Financial Assessment Is Working (Part VI)
Financial Assessment is still working. Now in its sixth year, FHA’s policy of requiring the financial assessment (FA) of borrowers’ ability to pay has cut tax and insurance … more Financial Assessment Is Working (Part VI)
CFPB Issues Final Rule on HMDA Thresholds
The Consumer Financial Protection Bureau issued a final rule today raising the loan-volume coverage thresholds for financial institutions that must report data under the Home Mortgage Reporting Act (HMDA). … more CFPB Issues Final Rule on HMDA Thresholds
FHA Improves HECM Assignment Claims Process
This week, the Federal Housing Administration published Mortgagee Letter (ML) 2020-12, which gives servicers the ability to submit alternative documentation for assignment claims and extends delivery deadlines for assignment claims impacted … more FHA Improves HECM Assignment Claims Process
FHA Allows Digital Delivery of HECM Case Binders
The Federal Housing Administration this week published Mortgagee Letter (ML) 2020-07, which gives mortgagees the option to electronically deliver case binders for Single Family forward mortgage and HECM … more FHA Allows Digital Delivery of HECM Case Binders
FHA Provides Loss Mitigation Relief to HECM and Forward Borrowers
On Wednesday, April 1, the Federal Housing Administration published Mortgagee Letter 2020-06 to implement the mortgage forbearance provisions provided in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that … more FHA Provides Loss Mitigation Relief to HECM and Forward Borrowers
FHA Announces Appraisal Policy Updates
The Federal Housing Administration published Mortgagee Letter 2020-05, which permits FHA roster appraisers to use exterior-only or desktop-only appraisal inspections as a substitute for interior inspections for HECM for … more FHA Announces Appraisal Policy Updates
Consumer Groups to FHA Commissioner: More Protections Needed For Reverse Mortgage Borrowers
While a 60-day moratorium on all foreclosures and evictions is “an important first step,” the National Consumer Law Center, along with 41 other consumer advocacy organizations, urged FHA … more Consumer Groups to FHA Commissioner: More Protections Needed For Reverse Mortgage Borrowers
FHA Suspends Foreclosures and Evictions For 60 Days
The Federal Housing Administration declared an immediate foreclosure and eviction moratorium for all FHA-insured single family mortgages, including HECMs, for a 60-day period. Details were provided in Mortgagee … more FHA Suspends Foreclosures and Evictions For 60 Days
FHA Publishes COVID-19 Q&A For Lenders and Servicers
The Federal Housing Administration’s Office of Single Family Housing (OSFH) has developed and is maintaining a Q&A document to provide stakeholders with the latest information about FHA’s response … more FHA Publishes COVID-19 Q&A For Lenders and Servicers