By significantly lowering the monthly payments for the borrower, more homeowners would have the ability to retain their homes after default following periods of hardship.
The Federal Housing Administration added a 40-year mortgage modification option to assist borrowers who are behind on their mortgage payments for FHA Title II forward mortgages, and hopes to make it permanent.
The American Bankers Association, the Housing Policy Council and the Mortgage Bankers Association today offered comments on recent proposed changes to a section of the Federal Housing Administration’s Single-Family Housing Policy Handbook related to the servicing defect taxonomy.
The Federal Housing Administration in recent days posted draft updates for comment on the defect taxonomy for servicing loan reviews, which is used to identify loan-level defects and remedies for these shortcomings.
Following misunderstanding about Freddie Mac’s rules for purchasing mortgages secured by group homes, the Department of Housing and Urban Development and the Federal Housing Finance Agency released a policy clarification.
The Federal Housing Administration this week announced updates to its Single Family Housing Policy Handbook 4000.1 that address servicing and loss mitigation.
The American Bankers Association joined the Housing Policy Council and the Mortgage Bankers Association in a comment letter to the Department of Housing and Urban Development last week offering feedback on recent proposed changes to the servicing section of the Federal Housing Administration Single-Family Housing Policy Handbook.
The Department of Housing and Urban Development last week issued underwriting guidelines for borrowers who have been previously granted forbearance due to COVID-19 or other presidentially declared disaster.
ABA this week joined a coalition of housing and financial trade groups in a letter urging the Federal Housing Administration to change its current underwriting policy on student loan debt, noting that current requirements “may be disqualifying otherwise creditworthy borrowers” from qualifying for FHA financing.
The Federal Housing Administration yesterday announced a temporary policy for lenders to obtain FHA insurance endorsements on mortgages where the borrower has requested or obtained a COVID-19 forbearance.