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Mortgages › Borrowers › Department of Housing and Urban Development

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Orrick, Herrington & Sutcliffe LLP

FHA finalizes rule for modernization of engagement with mortgagors in default

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On August 2, the FHA finalized a rule allowing mortgagees to communicate with borrowers in default remotely, rather than in-person which was previously required, citing positive feedback after waivers of the in-person...more

Alston & Bird

HUD Issues Guidance on Appraisal Reviews and Reconsiderations of Value

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What Happened? Continuing its focus on appraisal bias, the U.S. Department of Housing and Urban Development (“HUD”) issued new guidance to Federal Housing Administration (“FHA”) mortgagees regarding appraisal reviews and...more

Ballard Spahr LLP

HUD, Fannie Mae and Freddie Mac Issue Reconsideration of Value Guidance to Combat Appraisal Bias

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The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), recently issued Mortgagee Letter 2024-07 addressing reconsideration of value (ROV) policies in connection with...more

Alston & Bird

FHA and VA Announce New Loss Mitigation Options

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What Happened? Both the FHA and VA have established new loss mitigation options to provide payment reduction to delinquent borrowers.  On February 21, 2024, the Federal Housing Administration (“FHA”) within the U.S....more

Mayer Brown

US FHA Introduces Payment Supplement Loss Mitigation Option

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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

Ballard Spahr LLP

HUD Announces FHA Loan Payment Supplement Loss Mitigation Program

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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

Bradley Arant Boult Cummings LLP

HUD Revises the HECM Program in Response to Changing Market Conditions

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Last week, the Department of Housing and Urban Development (HUD) revised multiple regulations and requirements related to servicing Home Equity Conversion Mortgages (HECMs, more commonly known as “reverse mortgages”), with...more

Orrick, Herrington & Sutcliffe LLP

HUD seeks comments on update to HECM policy

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On November 9, FHA posted a proposed update to its Home Equity Conversion Mortgage (HECM) policy. According to FHA, the proposal “enables certain categories of… HECMs that were previously ineligible for assignment to be...more

Husch Blackwell LLP

CFPB Affirms HUD RESPA Guidance Related to Housing Credit Counselors

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The Consumer Financial Protection Bureau (CFPB) has been making waves in the mortgage settlement services space with its renewed increased attention to the Real Estate Settlement Procedures Act’s (RESPA) anti-kickback...more

Bradley Arant Boult Cummings LLP

FHA Proposes New Partial Claim Loss Mitigation for Struggling Borrowers

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On May 31, 2023, the Federal Housing Administration (FHA) published a draft Mortgagee Letter (ML) titled “Proposed Payment Supplement Partial Claim.” The draft ML proposes use of available partial claims funds to create a new...more

Bradley Arant Boult Cummings LLP

Seventh Circuit Requires Proof in FCA Suits That False Statement in Mortgage Insurance Application Caused Subsequent Default

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In its June 14, 2023, decision in United States ex rel. Michelle Calderon v. Carrington Mortgage Services, LLC, No. 22-1553, 2023 WL 3991013, (7th Cir. 2023), the Seventh Circuit explained the high bar for relators to prove...more

McGlinchey Stafford

HUD Implements 40-Year Loan Modification Option

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On March 8, 2023, the Department of Housing and Urban Development (HUD) published a final rule allowing mortgagees to modify a Federal Housing Administration (FHA) insured mortgage by recasting the total unpaid loan for a new...more

Ballard Spahr LLP

FHA issues Mortgagee Letter modifying conflict of interest and dual employment policies

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In Mortgagee Letter 2022-22 dated December 15, 2022, the FHA announced updates to its Single Family Housing Policy Handbook (HUD Handbook 4000.1) that modifies its policies governing conflicts of interest and dual employment....more

Ballard Spahr LLP

HUD announces 2023 loan limits for FHA forward mortgages and HECMs

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The U.S. Department of Housing and Urban Development (HUD) recently announced the 2023 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs).  The announcements were made...more

Ballard Spahr LLP

HUD Announces Consideration of Positive Rental History for FHA Purchase Loans

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For forward Federal Housing Administration (FHA) insured purchase mortgage loans made to first-time homebuyers, the U.S. Department of Housing and Urban Development (HUD) recently announced in Mortgagee Letter 2022-17 the...more

Locke Lord LLP

New York Opens Significant New ‎Lending Market by Authorizing Reverse Mortgages Secured ‎by ‎Co-Op Apartments‎

Locke Lord LLP on

The law does not take effect until mid-2022 and is subject to regulations to be promulgated by the ‎New ‎York Department of Financial Services. ‎ On December 1, 2021, New York Governor Kathy Hochul signed into law a bill...more

Troutman Pepper

CFPB Highlights Extension of Period to Request Initial COVID-19 Hardship Forbearance for Certain Government Backed Loans

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On October 4, the Consumer Financial Protection Bureau (CFPB) announced on its website that the deadline to request initial forbearance for a COVID-19 hardship for loans backed by the Federal Housing Administration (HUD/FHA),...more

Davis Wright Tremaine LLP

COVID, Year Two: A Look at Mortgage Relief, Regulatory Scrutiny, and the Road Ahead

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March 13, 2021, marked the one-year anniversary of President Trump's declaring COVID-19 a national emergency. Through the CARES Act, agency action and guidance, and various state laws and executive orders, governments across...more

Bradley Arant Boult Cummings LLP

No Foreclosures or Evictions on Federally Backed Mortgage Loans until 2021

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Borrowers with federally backed mortgage loans facing financial difficulty can breathe a little easier today. All of the federal agencies regulating such loans have announced that they will extend the moratoriums on...more

McGlinchey Stafford

The Federal Agencies and Enterprises Extend Foreclosure Moratoriums Again

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Three federal agencies who make, guarantee, and insure mortgage loans, the Department of Housing and Urban Development (HUD)’s Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the Department...more

Lowenstein Sandler LLP

Potential Consequences to Mortgage Servicers of COVID-19 Delinquencies and Expanded Forbearance Programs–March 31 Update

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In response to the challenges posed to U.S. mortgage borrowers as a result of the COVID-19 pandemic, Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development (HUD), including the Federal Housing...more

Moore & Van Allen PLLC

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

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The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

Ballard Spahr LLP

HUD Announces Updates To FHA Loss Mitigation Options In Disaster Areas

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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

Bradley Arant Boult Cummings LLP

Eleventh Circuit Rules Reverse Mortgage Companies Not Prohibited from Foreclosing on Non-Borrowing Spouses

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Mortgagees of Home Equity Conversion Mortgages (“HECMs,” more commonly known as reverse mortgages) obtained a significant victory in an important federal appellate court, which ruled last month that non-borrowing spouses are...more

BCLP

11th Circuit Rejects Reverse Mortgage Foreclosure Statute-Based Defense

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The Eleventh Circuit recently rejected a defense to foreclosure based on a federal statute governing insurance of reverse mortgages by the Department of Housing and Urban Development (“HUD”). HUD administers a...more

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