In an effort to help struggling borrowers stay in their homes, the US Department of Housing and Urban Development’s (“HUD” or “Department”) Federal Housing Administration (“FHA”) recently introduced its newest loss mitigation...more
The U.S. Department of Housing and Urban Development (HUD) recently announced a Payment Supplement loss mitigation program for Federal Housing Administration (FHA) insured Title 2 mortgage loans, the details of which are set...more
On March 24, FHA reminded servicers about their obligation to inform distressed homeowners about the availability of financial assistance for FHA-insured mortgages, including single-family forward mortgages and home equity...more
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
On February 13, HUD issued Mortgagee Letter 2023-03, which makes technical corrections to Mortgagee Letter 2023-02 issued in January that expanded and enhanced loss mitigation options for borrowers struggling to make payments...more
In late July, the Federal Housing Administration (FHA) made several important revisions to the Single Family Policy Handbook 4000.1. The new guidance is part of a series of changes recently announced by the Biden-era FHA,...more
On July 8, the Federal Housing Administration (FHA) announced an expanded array of loss-mitigation tools available to mortgage servicers. These measures require servicers to assess homeowners for multiple loan-modification...more
In Mortgagee Letter 2020-22, dated July 8, 2020, the U.S. Department of Housing and Urban Development (HUD) addresses the COVID-19 Loss Mitigation Options for FHA Title II single-family, forward mortgage loans. ...more
The Consumer Financial Protection Bureau (CFPB or Bureau) issued an interim final rule (IFR) on June 23, 2020 that temporarily permits mortgage servicers to offer to borrowers impacted by the coronavirus (COVID-19) pandemic...more
On April 1, 2020, the U.S. Department of Housing and Urban Development (HUD) issued a Mortgagee Letter informing mortgagees of special Loss Mitigation Home Retention Options available to single family borrowers, as well as an...more
In Mortgagee Letter 2020-06, dated April 1, 2020, the U.S. Department of Housing and Urban Development (HUD) announced further loss mitigation options for FHA loans based on the Coronavirus Aid, Relief, and Economic Security...more
The U.S. Department of Housing and Urban Development (HUD) recently issued Mortgagee Letter 2019-14 to announce updates to loss mitigation options for borrowers with Federal Housing Administration (FHA) insured loans if the...more