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Loan Modifications › Final Rules

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... more +
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 -
Orrick, Herrington & Sutcliffe LLP

CFPB rescinds COVID-related protections under RESPA Regulation X

Orrick, Herrington & Sutcliffe LLP on

On May 16, the CFPB published a Federal Register notice withdrawing its COVID-19-era mortgage servicing protections for borrowers. The CFPB identified two reasons for rescinding this measure: first, the rule was intended to...more

Bradley Arant Boult Cummings LLP

CFPB Rescinding the 2021 COVID-19 Mortgage Servicing Final Rule

Bradley Arant Boult Cummings LLP on

On May 15, 2025, the Consumer Financial Protection Bureau (CFPB) filed an interim final rule in the Federal Register that will rescind its prior 2021 COVID-19 mortgage servicing final rule. The interim final rule is set for...more

Orrick, Herrington & Sutcliffe LLP

HUD establishes 40-year loss-mit option

Orrick, Herrington & Sutcliffe LLP on

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

Ballard Spahr LLP

HUD Finalizes Rule Providing for 40-Year FHA Loan Modifications

Ballard Spahr LLP on

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

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