News & Analysis as of

Fair Housing Act (FHA) Borrowers

Orrick, Herrington & Sutcliffe LLP

District Court denies class certification in lending discrimination suit

On May 30, the U.S. District Court for the Eastern District of Virginia entered an opinion denying class certification in a suit accusing a credit union (defendant) of lending discrimination. Each plaintiff applied to...more

Bradley Arant Boult Cummings LLP

FHA Announces New Guidelines Allowing Borrowers to Challenge Appraisals

On May 1, 2024, the Federal Housing Administration (FHA) issued Mortgagee Letter (ML) 2024-07 titled “Appraisal Review and Reconsideration of Value Updates,” which enhances the agency’s current policy on home valuations. ML...more

Troutman Pepper

New Policies From FHA and FHFA Allow Borrowers to Challenge Property Appraisals

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On May 1, the Federal Housing Administration (FHA), and the Federal Housing Finance Agency (FHFA) announced new policies that will allow borrowers to challenge property appraisals they believe to be inaccurate or biased....more

Alston & Bird

FHA and VA Announce New Loss Mitigation Options

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What Happened? Both the FHA and VA have established new loss mitigation options to provide payment reduction to delinquent borrowers.  On February 21, 2024, the Federal Housing Administration (“FHA”) within the U.S....more

Bradley Arant Boult Cummings LLP

FHA Announces New Loss Mitigation Payment Supplement Option

Amidst record-level interest rates, on February 21, 2024, the Federal Housing Administration (FHA) announced a new loss mitigation option, the Payment Supplement, to aid struggling borrowers. The Payment Supplement will bring...more

Bradley Arant Boult Cummings LLP

FHA Seeks Additional Feedback on New Loss Mitigation Option for Struggling Borrowers

On November 16, 2023, in response to comments received on a prior draft Mortgagee Letter (ML) related to a Proposed Payment Supplement Partial Claim, the Federal Housing Administration (FHA) published another draft ML titled...more

Troutman Pepper

CFPB and DOJ File Lawsuit Against Housing Developer/Lender Over Targeting Hispanic Borrowers with Alleged False Statements and...

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On December 20, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint in a Texas federal court against Colony Ridge Development, LLC (Colony Ridge), its affiliates, and Loan...more

Bradley Arant Boult Cummings LLP

HUD Revises the HECM Program in Response to Changing Market Conditions

Last week, the Department of Housing and Urban Development (HUD) revised multiple regulations and requirements related to servicing Home Equity Conversion Mortgages (HECMs, more commonly known as “reverse mortgages”), with...more

McGlinchey Stafford

New Opportunities for Lenders and Borrowers under Special Purpose Programs

McGlinchey Stafford on

Problems with lack of affordability and access to housing are longstanding in the U.S. The CFPB has indicated that “minority households… continue to lack fair and equitable access to credit,” including mortgage lending. These...more

Bradley Arant Boult Cummings LLP

FHA Proposes New Partial Claim Loss Mitigation for Struggling Borrowers

On May 31, 2023, the Federal Housing Administration (FHA) published a draft Mortgagee Letter (ML) titled “Proposed Payment Supplement Partial Claim.” The draft ML proposes use of available partial claims funds to create a new...more

Bradley Arant Boult Cummings LLP

What COVID Home Equity Repayment Plan Means For Lenders | Insights & Events

The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more

Bradley Arant Boult Cummings LLP

FHA Implements COVID-19 Property Charge Repayment Plan for HECM Borrowers

On December 15, 2022, the Federal Housing Administration (FHA) issued Mortgagee Letter 2022-23, establishing the COVID-19 Home Equity Conversion Mortgage (HECM) Property Charge Repayment Plan. The COVID-19 HECM Property...more

Ballard Spahr LLP

FHA issues Mortgagee Letter modifying conflict of interest and dual employment policies

Ballard Spahr LLP on

In Mortgagee Letter 2022-22 dated December 15, 2022, the FHA announced updates to its Single Family Housing Policy Handbook (HUD Handbook 4000.1) that modifies its policies governing conflicts of interest and dual employment....more

Ballard Spahr LLP

HUD announces 2023 loan limits for FHA forward mortgages and HECMs

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The U.S. Department of Housing and Urban Development (HUD) recently announced the 2023 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs).  The announcements were made...more

Ballard Spahr LLP

HUD Announces Consideration of Positive Rental History for FHA Purchase Loans

Ballard Spahr LLP on

For forward Federal Housing Administration (FHA) insured purchase mortgage loans made to first-time homebuyers, the U.S. Department of Housing and Urban Development (HUD) recently announced in Mortgagee Letter 2022-17 the...more

Bradley Arant Boult Cummings LLP

What Does CA AB 3088 Mean for Mortgage Servicers?

On September 1, 2020, California passed a new law titled the “COVID-19 Small Landlord and Homeowner Relief Act of 2020.” Although the majority of the new law addresses eviction issues between landlords and tenants, it imposes...more

Bradley Arant Boult Cummings LLP

No Foreclosures or Evictions on Federally Backed Mortgage Loans until 2021

Borrowers with federally backed mortgage loans facing financial difficulty can breathe a little easier today. All of the federal agencies regulating such loans have announced that they will extend the moratoriums on...more

McGlinchey Stafford

The Federal Agencies and Enterprises Extend Foreclosure Moratoriums Again

McGlinchey Stafford on

Three federal agencies who make, guarantee, and insure mortgage loans, the Department of Housing and Urban Development (HUD)’s Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the Department...more

Bradley Arant Boult Cummings LLP

CFPB Issues Interim Final Rule to Enable COVID-19 Payment Deferral Options

On May 14, 2020, shortly after the Fannie Mae and Freddie Mac COVID-19 payment deferral options were announced, we warned mortgage servicers about the legal risks associated with offering payment deferral programs to...more

Moore & Van Allen PLLC

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

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The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

Faegre Drinker Biddle & Reath LLP

FHA Deal Accelerators: Best Practices for Handling the Opinion of Borrower's Counsel

If you were to survey U.S. Department of Housing and Urban Development (HUD) closing attorneys about what causes them heartburn between firm commitment and closing, you’d get a lot of feedback about the Opinion of Borrower’s...more

Faegre Drinker Biddle & Reath LLP

FHA Deal Accelerators: Practical Advice From a Former HUD Chief Counsel

In your quest to minimize the time between firm commitment and closing, your relationship with U.S. Department of Housing and Urban Development (HUD) counsel plays a critical role. This series offers tips for making the HUD...more

Hinshaw & Culbertson LLP

A New HUD Rule for Reverse Mortgages, with Additional Rule Changes Proposed in Congress

This past month, Washington was busy with rule changes and proposed legislation that underscores the ongoing debate over the origination and foreclosure of reverse mortgages. First, the U.S. Department of Housing and Urban...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Bank of America Corp. v. Miami

On May 1, 2017, the Supreme Court of the United States decided Bank of America Corp. v. City of Miami, No. 15-1111, holding (1) that a city qualifies as an “aggrieved person” able to bring suit under the Fair Housing Act, but...more

Ballard Spahr LLP

HUD expands fair housing liability to include LEP discrimination

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Last week, HUD issued new guidance confirming that persons with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA). LEP includes a limited ability to read, write, speak, or understand English. ...more

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