News & Analysis as of September 22, 2024

Loan Modifications › Department of Housing and Urban Development

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Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -

HUD establishes 40-year loss-mit option

Orrick, Herrington & Sutcliffe LLP on 3/10/2023

On March 8, HUD published a final rule in the Federal Register to allow mortgagees to increase the maximum term of a loan modification from 360 to 480 months for FHA-insured mortgages after a borrower defaults. ...more

HUD Finalizes Rule Providing for 40-Year FHA Loan Modifications

Ballard Spahr LLP on 3/9/2023

The U.S. Department of Housing and Urban Development (HUD) recently issued a final rule extending the maximum term of an FHA loan modification from 30 to 40 years. The rule is effective May 8, 2023. HUD also issued Mortgagee...more

Part III: Navigating the Maze of Servicing Discharged Debt

Bradley Arant Boult Cummings LLP on 3/20/2019

Part III: Modifications Post-Discharge - Welcome to Part III of our series on the servicing of discharged mortgage debt. This part will discuss modifying a borrower’s loan after a discharge. (If you missed Part I or Part...more

New York Man Sentenced to 15 Years in Prison for Loan Modification Scheme

Goodwin on 3/10/2017

On March 7, 2017, the United States Attorney’s Office for the Eastern District of New York announced the sentencing of an individual defendant to 15 years in prison and $2.5 million in forfeiture in connection with a loan...more

CFPB Issues Guiding Principles for Loss Mitigation after HAMP

Morrison & Foerster LLP on 9/6/2016

On August 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) published a new guidance document titled CFPB’s Principles for the Future of Loss Mitigation (the “Guidance”), which outlines a recommended framework for...more

DOJ Files Suit Against California Lenders Alleging Discriminatory Loan Modification Scheme

Goodwin on 8/30/2016

On August 23, 2016, the Department of Justice (DOJ) announced the filing of a lawsuit in the United States District Court for the Northern District of California against several California-based mortgage loan modification...more

Why the Flagstar Bank Case is Important - Blog: Consumer Financial Protection Bureau

Nexsen Pruet, PLLC on 1/9/2015

Let’s revisit the Flagstar Bank case which I touched on in my November 20, 2014 posting. This is an important case for a number of reasons, most notably because it was the CFPB’s first enforcement action under the CFPB’s new...more

Treasury and HUD Announce Changes to Making Home Affordable Program

Orrick - Finance 20/20 on 12/12/2014

On December 4, Treasury and HUD announced changes to Making Home Affordable (MHA) to better assist struggling homeowners. The changes are designed to motivate homeowners in MHA to continue making timely mortgage payments. The...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), February 27, 2014

Troutman Pepper on 3/10/2014

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), September 26, 2013

Troutman Pepper on 10/3/2013

Summary Of HUD’s LEAN 232 Program E-mail Blast Office Of Residential Care Facilities (ORCF), August 28, 2013

Troutman Pepper on 9/9/2013

In an effort to summarize the highlights of the LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our...more

Extension of Loan Modification Programs

Orrick - Finance 20/20 on 6/3/2013

On May 30, Treasury and HUD announced an extension of the Making Home Affordable Modification Program (HAMP) through December 31, 2015. In addition, on May 30, the FHFA announced that it has directed Fannie Mae and Freddie...more

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Loan Modifications › Department of Housing and Urban Development

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