FHA Releases Updated Webinar on COVID-19 Loss Mitigation Policies

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FHA recently announced that it made available a pre-recorded webinar that further breaks down its policies described in Mortgagee Letter 2021-15 (ML 21-15), which WBK previously covered here.  In ML 21-15, FHA extended the existing foreclosure and eviction moratoria for all FHA-insured mortgages to July 31, 2021, with the exception of FHA-insured mortgages secured by vacant or abandoned properties.  ML 21-15, in part, also established a new COVID-19 Advance Loan Modification policy, requiring mortgagees to review eligible borrowers for a permanent change in one or more terms of the borrower’s mortgage that achieves at least a 25% reduction to the borrower’s monthly principal and interest payment that does not require borrower contact.  Those interested in accessing the webinar can sign up here

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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