News & Analysis as of

HUD Issues Final Rule Regarding ARM Disclosures

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to align HUD rules governing FHA-insured adjustable mortgage rates (ARMs) with the recent CFPB rules regarding ARM interest...more

Disparate impact cases against HUD: Illinois federal court issues decision; update on D.C. case

Because of their potential impact on the CFPB’s conclusion that the ECOA and Regulation B encompass disparate impact claims, we have been following two insurance industry lawsuits involving a challenge to HUD’s Federal...more

HUD Issues Final Rule To Eliminate Post-Payment Interest On FHA Loans

On August 26, HUD issued its final rule prohibiting mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The final rule is responsive to the CFPB’s ATR/QM rule, under which...more

HUD Issues Final Rule To FHA ARM Rate Adjustment Regulations

On August 26, HUD issued its final rule to amend FHA’s single family adjustable rate mortgage (ARM) program regulations to align with the interest rate adjustment and notification periods required for ARMs under the CFPB’s...more

HUD Requires Electronic Retention Of Foreclosure-Related Documents

On July 23, HUD issued Mortgagee Letter 2014-16, which requires FHA mortgagees to retain electronic copies of certain foreclosure-related documents and extends the record retention period to seven years after the life of an...more

C.D. Cal. Dismisses False Claims Act Qui Tam Suit Against Group of Lenders

On July 15, the U.S. District Court for the Central District of California dismissed a relator real estate agent’s suit against a group of lenders the relator alleged submitted claims for FHA insurance benefits to HUD based...more

HUD Updates Requirements For Pre-Foreclosure Sales And Deeds-In-Lieu Of Foreclosure

On July 10, HUD issued Mortgagee Letter 2014-15, which updates requirements for pre-foreclosure sales (PFS) and deeds-in-lieu (DIL) of foreclosure for all mortgagees servicing FHA single-family mortgages....more

HUD Seeks Comments On Limits Of Insurability Of Fixed Interest HECM Products, Announces Other HECM Program Changes

On July 10, HUD published a request for comment on its recent amendments to the Home Equity Conversion Mortgage (HECM) reverse mortgage program to limit the insurability of fixed interest rate reverse mortgages....more

HUD Adds Requirement For Voluntary Termination Of FHA Mortgage Insurance

On July 3, HUD issued Mortgagee Letter 2014-13, which requires mortgagees seeking voluntary termination of FHA mortgage insurance to obtain a signed borrower consent form from each borrower on the mortgage....more

When the Minimum is Not Enough: Eleventh Circuit Rules that Lenders May Require Borrowers to Obtain More than the Minimum Flood...

The United States Court of Appeals for the Eleventh Circuit recently resolved a district court split regarding minimum flood insurance coverage by holding that a lender may require a borrower who has a federally-insured...more

Treasury Aims To Expand Assistance For Borrowers, Renters

On June 26, Treasury Secretary Jack Lew announced (i) a new financing partnership between Treasury and HUD designed to support the FHA’s multifamily mortgage risk-sharing program...more

HUD Policy Revisions Address Emerging HECM Risks

On June 18, HUD issued Mortgagee Letter 2014-11, which amends the HECM reverse mortgage program to limit the insurability of fixed interest rate reverse mortgages. The letter explains that HUD has identified new emerging...more

Baltimore County renews focus on affordable housing development

Earlier this week, the Baltimore County Department of Planning hosted a forum for the affordable housing development community as a part of its renewed commitment to expanding affordable housing opporunities in Baltimore...more

D.C. Circuit Holds Government False Claims Case Not Precluded By National Mortgage Settlement

On June 10, the U.S. Court of Appeals for the District of Columbia affirmed the district court’s decision not to enjoin the federal government from pursuing alleged False Claims Act violations against a bank that argued such...more

Another insurance industry trade association group challenges the HUD disparate impact rule

We have been following the lawsuit in federal district court in D.C. in which two insurance industry trade associations have challenged the HUD disparate impact rule. The complaint in the D.C. action, which was commenced in...more

House 2015 DOJ appropriations bill prohibits DOJ use of disparate impact in FHA enforcement actions

The FY 2015 Commerce, Justice, Science Appropriations Act (H.R. 4660) passed by the House of Representatives includes an amendment (H. Amdt. 768) that prohibits the U.S. Department of Justice from using any of the funding...more

HUD Issues Proposed Rule Regarding ARM Disclosures

On May 8, 2014, HUD issued a Proposed Rule meant to align HUD rules governing FHA-insured ARMs with the recent CFPB rules regarding ARM interest rate adjustment and disclosures under Regulation Z (ARM Rules). Comments on the...more

Service animals in residence halls – an overview of federal requirements

Increasingly, students with disabilities bring service animals to college campuses. This means that educational institutions must sort through an array of competing federal and state laws governing the use of such animals in...more

HUD Proposes Amendments To FHA ARM Regulations

On May 8, HUD proposed a rule to amend the FHA’s single family adjustable rate mortgage (ARM) program regulations to align those regulations with the interest rate adjustment and notification periods required for ARMs under...more

Department of Housing and Urban Development Adopts Updated ASTM Standard

The U.S. Department of Housing and Urban Development (HUD) announced on April 16, 2014 that, effective May 16, 2014, it is adopting the recently updated Phase I Environmental Site Assessment (ESA) Standard, ASTM E1527-13. HUD...more

HUD Releases Recertification Deadline For FHA Mortgagees

On March 26, HUD presented a webinar regarding upcoming changes to the online system used by FHA mortgagees to certify, pay annual fees, and report other information. Specifically, the Lender Electronic Assessment Portal...more

HUD Proposes To Eliminate Post-Payment Interest On FHA Loans

On March 13, HUD proposed a rule to prohibit mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The proposal is responsive to the CFPB’s ATR/QM rule, under which post-payment...more

HUD Issues Proposal to Avoid FHA Loans From Being Prohibited Starting Next Year

On March 13, 2014, HUD published a proposal to eliminate the requirement that an FHA loan borrower be required to pay interest after the loan is prepaid. The move is needed because the requirement would effectively cause FHA...more

Update on disparate impact lawsuit against HUD

The settlement and Supreme Court’s dismissal of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. has increased the potential significance of the lawsuit filed in June 2013 in federal district court in Washington,...more

Special Alert: FHA Announces It Will Accept Electronically-Signed Mortgage Documents

On January 30, HUD issued Mortgagee Letter 2014-03, announcing that FHA will now treat electronic signatures as equivalent to handwritten signatures for certain mortgage documents. The announcement sets forth FHA’s first...more

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