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.
Banking agencies promise new approach for handling sensitive information
The Federal Reserve, FDIC and OCC announced a “coordinated approach” for handling sensitive information used in bank examinations, including a new pledge to notify banks about data breaches that threaten to expose that information.
