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.
ABA, associations seek clarity about Fannie, Freddie credit scoring change
The recent announcement that Fannie Mae and Freddie Mac will expand credit scoring options for mortgages is a promising first step in creating a scoring system to better serve creditworthy Americans, but there remain several questions about how...