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Federal Housing Administration (FHA)

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday October 29

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October 28, 2024 - The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the October–December 2024 and January–March 2025 quarters....more

Wyrick Robbins Yates & Ponton LLP

Maybe Not Practical After All: HUD Proposes Revised Cyber Incident Reporting Requirement for FHA-Approved Mortgagees

As we discussed in a recent post, earlier this year the U.S. Department of Housing and Urban Development (“HUD”) issued Mortgagee Letter 2024-10, which imposed a new requirement on all FHA-approved mortgagees to report...more

Cooley LLP

Federal Housing Administration Publishes Draft Updates to Its Cyber Reporting Requirements

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On September 30, 2024, the Federal Housing Administration (FHA) published a draft Mortgagee Letter (ML) with updated cyber incident reporting requirements and a call for interested stakeholders to provide feedback to the...more

Ballard Spahr LLP

CFPB’s Chopra: government must tackle spiraling refinance, homeowners’ insurance costs

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As interest rates drop, the CFPB is exploring ways to streamline mortgage rules to make the refinancing process easier and closing costs less expensive, Director Rohit Chopra said at a housing conference sponsored by the...more

Cadwalader, Wickersham & Taft LLP

Beware of the Law of Unintended Consequences

A recent study, Government Litigation Risk and the Decline in Low-Income Mortgage Lending, provides further evidence that the law of unintended consequences reigns supreme, particularly in the realm of public policy. The...more

Orrick, Herrington & Sutcliffe LLP

FHA finalizes rule for modernization of engagement with mortgagors in default

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

Ballard Spahr LLP

HUD, Fannie Mae and Freddie Mac Delay Implementation of Reconsideration of Value Guidance

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As previously reported, the U.S. Department of Housing and Urban Development (HUD) in connection with single-family residential mortgage loans insured by the Federal Housing Administration (FHA), and Fannie Mae and Freddie...more

Cadwalader, Wickersham & Taft LLP

Stay Just a Little Bit Longer: Not Jackson Browne but the Statute of Limitations

The Second Department recently held  in Trento 67, LLC v. OneWest Bank, N.A., et. al  that the FHA COVID-19 moratorium constituted a stay of foreclosures for federally-backed mortgages, and thus tolled the statute of...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Orrick, Herrington & Sutcliffe LLP

HUD proposes rule to govern the sale of FHA mortgage notes

On July 17, HUD announced a rule to regulate the sale of seriously delinquent mortgage loans insured by FHA. According to HUD, the proposed rule would increase the availability of affordable homes and enhance the stability of...more

Orrick, Herrington & Sutcliffe LLP

FHA expands its definition of Government-Sponsored Enterprises (GSEs)

Recently, HUD issued Mortgagee Letter 2024-12, updating its regulations to redefine Government-Sponsored Enterprises (GSEs) as separate from other governmental institutions with respect to FHA requirements for specific loan...more

Ballard Spahr LLP

FHA Updates Default Taxonomy Regarding Third Party Originator Fraud

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The Federal Housing Administration (FHA) recently finalized in Mortgage Letter 2024-14, dated July 10, 2024, a revision to its Defect Taxonomy to clarify that fraud or material misrepresentation involving a sponsored...more

Ballard Spahr LLP

FHA Finalizes Enhancements to its 203(k) Rehabilitation Mortgage Loan Program

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The Federal Housing Administration (FHA) recently finalized enhancements to its 203(k) rehabilitation mortgage loan program in Mortgagee Letter 2024-13. This action follows the FHA proposing enhancements to the program last...more

Orrick, Herrington & Sutcliffe LLP

HUD Issues New Heightened Cybersecurity Incident Notice Requirements: 5 Things to Know

The U.S. Department of Housing and Urban Development (HUD) has issued new heightened cybersecurity incident notice requirements that take effect immediately. FHA-approved mortgagees are now required to notify HUD of any...more

Brownstein Hyatt Farber Schreck

FHFA Asks for Input on FHLBanks

In May 2024, the Federal Housing Finance Agency (FHFA) published a Request for Input (RFI) titled “Federal Home Loan Bank Core Mission Activities and Mission Achievement” with comments due to the FHFA on July 15, 2024. This...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

Orrick, Herrington & Sutcliffe LLP

FHA issues reporting requirements on significant cybersecurity incidents

On May 23, HUD issued Mortgagee Letter (ML) 2024-10 titled “Significant Cybersecurity Incident (Cyber Incident) Reporting Requirements” which required FHA-approved mortgagees to notify HUD when a “Cyber Incident” occurs. A...more

Cooley LLP

Federal Housing Administration Adopts New Cyber Reporting Requirements

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The Federal Housing Administration (FHA) published Mortgagee Letter 2024-10 (Letter) on May 23, 2024, requiring FHA-approved Mortgagees to report certain cyber incidents to the Department of Housing and Urban Development...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

Ballard Spahr LLP

Director Chopra issues statement on FDIC/OCC/FHA proposal on incentive-based compensation arrangements

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CFPB Director Rohit Chopra has released a statement about the proposal issued by the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Federal Housing Finance Agency to address...more

Buchalter

HUD Issues Rule with New Flood Risk Standards – Impacts New Construction and Substantial Improvements to Properties Financed and...

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On April 2, 2024, HUD published a new rule in the Federal Register regarding the Federal Flood Risk Management Standard (FFRMS). The new rule updates the HUD regulations on Floodplain Management and Protection of Wetlands and...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

Orrick, Herrington & Sutcliffe LLP

FHA implements changes to branch office registration requirements

On March 19, the FHA issued Mortgagee Letter 2024-04 to implement the provisions of a Final Rule, “Changes in Branch Office Registration Requirements.” The Final Rule will eliminate the requirement for mortgagees and lenders...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday, March 21, 2024

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March 20, 2024- The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "SEC Overreach: Examining the Need for Reform." March 20, 2024- The U.S. House Committee on...more

Mayer Brown

FHA Branch Offices Could Become a Thing of the Past: HUD Finalizes Rule Eliminating Mandatory Branch Office Registration

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Federal Housing Administration (“FHA”) approved lenders and mortgagees will no longer be required to register their branch offices. The US Department of Housing and Urban Development (“HUD”) published a final rule (the “Final...more

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