The Federal Housing Administration published a technical update to Mortgagee Letter 2021-15 that will provide additional time for borrowers economically impacted by the COVID-19 pandemic to seek relief. … more FHA Clarifies COVID-Relief Options For Borrowers
Regulations
OCC Requests Comment on Reverse Mortgage
The Office of the Comptroller of the Currency is soliciting comments concerning the renewal of its information collection titled “Reverse Mortgage Products: Guidance for Managing Compliance and Reputation … more OCC Requests Comment on Reverse Mortgage
NRMLA Submits Comments on Defect Taxonomy and Draft HECM Handbook
NRMLA submitted two sets of comments to the Department of Housing and Urban Development this past week, one that seeks changes to loan level servicing reviews in FHA’s … more NRMLA Submits Comments on Defect Taxonomy and Draft HECM Handbook
CFPB Issues Final Rule to Facilitate Transition from LIBOR
The Consumer Financial Protection Bureau (CFPB) published a final rule that facilitates the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes … more CFPB Issues Final Rule to Facilitate Transition from LIBOR
NRMLA Submits Comments to HUD on LIBOR Transition
In comments submitted to the Department of Housing and Urban Development this week, NRMLA provided answers to 14 questions posed by HUD in an October 5 notice pertaining to … more NRMLA Submits Comments to HUD on LIBOR Transition
FHA Updates Appraisal Guidelines to Reduce Racial Bias
The Federal Housing Administration published Mortgagee Letter (ML) 21-27 to reinforce the agency’s commitment to preventing racial bias in the valuation of single family properties. The ML clarifies FHA’s … more FHA Updates Appraisal Guidelines to Reduce Racial Bias
FHA Annual Report: Economic Value of HECM Portfolio Improves By $4.3B
The Home Equity Conversion Mortgage portfolio saw a significant improvement in its net present value over the past year and is now positive for the first time since … more FHA Annual Report: Economic Value of HECM Portfolio Improves By $4.3B
CFPB Issues Joint Statement on Discontinuing LIBOR
The Consumer Financial Protection Bureau joined four other federal financial regulatory agencies and state bank and credit union regulators in issuing a statement highlighting the risks posed by … more CFPB Issues Joint Statement on Discontinuing LIBOR
HUD Seeks Industry Feedback on LIBOR Transition
On October 5, 2021, the Department of Housing and Urban Development published an advance notice of proposed rulemaking in the Federal Register (FR), Adjustable Rate Mortgages: Transitioning from … more HUD Seeks Industry Feedback on LIBOR Transition
HECM Handbook Posted to Drafting Table
The Federal Housing Administration posted the draft Home Equity Conversion Mortgage (HECM) Origination through Servicing sections of its Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) for stakeholder … more HECM Handbook Posted to Drafting Table