The Federal Housing Administration this week announced updates to its Single Family Housing Policy Handbook 4000.1 that address servicing and loss mitigation. The updates include a revised loss mitigation home retention “waterfall,” which helps servicers quickly offer effective loss mitigation offers to borrowers, streamlined documentation requirements and a revised structure for certain allowable costs and fees that corresponds with fee structures used by other industry participants.
The 30-year fixed-rate mortgage ticks down
“Recent mortgage rate stability continues to benefit potential buyers this spring, as reflected in the uptick in purchase applications,” said Freddie Mac’s chief economist.