News & Analysis as of

FHA Loans

Orrick, Herrington & Sutcliffe LLP

Fannie Mae releases notice on loan limit changes

On January 3, Fannie Mae updated its mortgage loan underwriting system, Desktop Underwriter (DU), to support changes made to FHA and VA loan limits. The update will take place during the weekend of January 20. ...more

Orrick, Herrington & Sutcliffe LLP

HUD announces Arkansas disaster relief

On April 5, HUD announced disaster assistance for areas in Arkansas impacted by severe storms and tornadoes on March 31. The disaster assistance follows President Biden’s major disaster declaration on April 2. ...more

Fox Rothschild LLP

Navigating A Home Transfer In Divorce

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Just about every divorce case involves a house and its corresponding mortgage. In a small number of cases parties agree that dissolution of the marriage is also an opportune time to downsize the residence, but in most...more

Ballard Spahr LLP

HUD OIG Again Takes Issue with Mortgage Servicer Websites Addressing CARES Act

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As previously reported, in April 2020 the U.S. Department of Housing and Urban Development Office of Inspector General (HUD OIG) issued a statement criticizing how mortgage servicer websites were providing information on the...more

Steptoe & Johnson PLLC

West Virginia Foreclosures in the Age of Corona

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Economic turmoil brought on by the coronavirus pandemic has created much concern about a potential rise in residential foreclosures. On August 5, 2020, Governor Jim Justice followed his presentation on school reopening...more

Ballard Spahr LLP

HUD Provides Guidance on Making FHA Loans to Borrowers With Forbearances

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In Mortgagee Letter 2020-30 dated September 10, 2020, the U.S. Department of Housing and Urban Development (HUD) provides guidance on the underwriting of applicants for FHA insured mortgage loans who were granted a previous...more

Ballard Spahr LLP

FHA Extends Temporary Employment Verification and Appraisal Guidance due to COVID-19 (UPDATED)

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In Mortgagee Letter 2020-28 dated August 28, 2020, the U.S. Department of Housing and Urban Development announced the extension of FHA temporary guidance regarding employment verification and appraisals due to COVID-19. The...more

McGlinchey Stafford

Federal Agencies Extend Moratoriums Through the End of 2020

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Two federal enterprises who purchase and securitize mortgages, Fannie Mae and Freddie Mac, along with three federal agencies who make, guarantee, and insure mortgage loans, the Department of Housing and Urban Development...more

Ballard Spahr LLP

FHFA, HUD, and VA Announce Extension of Foreclosure Moratoriums Through December 31

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On August 27, 2020, the Federal Housing Finance Agency (FHFA) announced the extension of the Fannie Mae and Freddie Mac moratorium on single-family foreclosures from August 31, 2020, to December 31, 2020. The moratorium on...more

Ballard Spahr LLP

Legislation Would Require Purchase and Insurance of COVID-19 Forbearance Loans Without Additional Conditions

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Companion bills were recently introduced in the U.S. House of Representatives (H.R. 6794) and the U.S. Senate (S. 4260) to create the Promoting Access to Credit for Homebuyers Act of 2020. The Act would require Fannie Mae and...more

Ballard Spahr LLP

HUD Revises Effective Date for Recent Updates to FHA Loan COVID-19 Guidance

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As previously reported, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2020-23, dated July 28, 2020, to update COVID-19 national emergency guidance for FHA loans....more

Ballard Spahr LLP

HUD Updates COVID-19 Guidance for FHA Loans

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The U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2020-23, dated July 28, 2020, to update COVID-19 national emergency guidance for FHA loans. The guidance addresses the verification of...more

McGlinchey Stafford

COVID Law Imposes Forbearance and Loss Mitigation Requirements

McGlinchey Stafford on

On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

Buchalter

Mortgage Banking COVID-19 Client Alert: FHA, Freddie Mac and Fannie Mae to Suspend Foreclosures and Evictions

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On March 18, President Trump ordered FHA to suspend foreclosures and evictions on FHA-insured loans until at least the end of April. Immediately afterword, the Federal Housing Finance Agency announced that it was directing...more

Coblentz Patch Duffy & Bass

Emergency Protections in Place for Tenants and Homeowners in Response to COVID-19 Pandemic

In recent days, the federal government, the state of California, and many local governments have taken action to provide tenant and homeowner protections in response to the COVID-19 pandemic....more

Dentons

HUD's Order Clarifies Evictions and Foreclosures

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Despite President Trump’s broad announcement yesterday that all evictions would be suspended by HUD, the Press Release and actual Order issued by HUD are much more limited. In short, HUD’s foreclosure and eviction suspension...more

Ballard Spahr LLP

House to hold hearing on artificial intelligence

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On February 12, 2020, the House Financial Services Task Force on Artificial Intelligence will hold a hearing titled, “Equitable Algorithms: Examining Ways to Reduce AI Bias in Financial Services.”...more

The Volkov Law Group

False Claims Act 2019 Year in Review

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Jessica Sanderson, Of Counsel at The Volkov Law Group rejoins us for her annual review of False Claims Act enforcement. 2020 marks the 150th anniversary of the Department of Justice (“DOJ”), and it unwrapped a nice gift:...more

Tucker Arensberg, P.C.

Considering Purchasing a Condo Unit But Worried About Financing?

Tucker Arensberg, P.C. on

Have you considered purchasing a condominium unit but were scared off when someone warned you that obtaining a mortgage loan could be difficult?  It seems like most real estate professionals have war stories about seemingly...more

Ballard Spahr LLP

HUD Reduces Maximum LTV for FHA Cash-Out Refinance Loans

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In Mortgagee Letter 2019-11, the U.S. Department of Housing and Urban Development (HUD) announced that it is reducing the maximum loan-to-value ratio and combined maximum loan-to-value ratio on cash-out refinance mortgages...more

Ballard Spahr LLP

How is the government shutdown impacting the federal banking agencies and consumer financial services regulators?

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The CFPB and the federal banking agencies—the FDIC, Fed, and OCC— remain open during the government shutdown as their funding does not come from congressional appropriations.  ...more

Ballard Spahr LLP

FHA Loan Limits Increase for 2019

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The U.S. Department of Housing and Urban Development (HUD) recently announced in Mortgagee Letter 2018-11 a nearly 7% increase in the Federal Housing Administration (FHA) forward mortgage loan limits for 2019. ...more

Goodwin

DOJ Settles with Mortgage Lender for $13.2 Million Concerning FHA Mortgage Certifications

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On October 19, the Department of Justice (DOJ) announced that it settled allegations that a Florida-based mortgage lender violated the False Claims Act (FCA) ?by falsely certifying that it complied with Federal Housing...more

Bradley Arant Boult Cummings LLP

HUD OIG Report Could be Precursor to Increased Partial Claim Reimbursement Demands

On September 21, 2018, the Department of Housing and Urban Development (“HUD”)’s Office of Inspector General (“OIG”) completed a review of HUD’s partial claims program. In many ways, the title of the OIG audit report, “HUD...more

Ballard Spahr LLP

HUD Looking to Bring Lenders Back to FHA Lending Space

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In a July 2018 interview with HousingWire, FHA Commissioner Brian Montgomery stated that the FHA wants to bring big banks back to the FHA lending space by increasing transparency and decreasing False Claims Act (FCA)...more

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