FHA Announces Waivers to the Review Requirements for COVID Advance Loan Modification

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On August 5, 2021, the FHA issued the following waivers: (1) Partial Waiver of the Borrower Review Requirements for its COVID-19 Advance Loan Modification; and (2) Partial Waiver of the Re-Review of Borrower Requirements for the COVID-19 Recovery Loss Mitigation Options.  The waivers cover mortgagee timeframes and borrower eligibility for a required review or re-review for the COVID Advance Loan Modification and Loss Mitigation Options. 

In the announcement, the FHA suggested that mortgagees review the two waivers as well as the COVID Advance Loan Modification and Loss Mitigation Options policies.  This policies can be found in Mortgagee Letter 2021-15 and Mortgage Letter 2021-18, respectively, which were previously covered by WBK.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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