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
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
On July 15, 2020, the CPFB filed a complaint in federal court against Townestone Financial, Inc. (Townestone) representing the first ever redlining complaint against a non-bank mortgage lender. ...more
7/21/2020
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Disparate Impact ,
ECOA ,
Enforcement Actions ,
Equal Access to Credit ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
HUD ,
Mortgages ,
Non-Bank Lenders ,
Redlining
In Mortgagee Letter 2020-22, dated July 8, 2020, the U.S. Department of Housing and Urban Development (HUD) addresses the COVID-19 Loss Mitigation Options for FHA Title II single-family, forward mortgage loans. ...more
In Mortgagee Letter 2020-20 dated June 29, 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
On June 17, 2020, the U.S. Department of Housing and Urban Development (HUD) in Mortgagee Letter 2020-19 extended the foreclosure and eviction moratorium for FHA insured single-family loans from June 30, 2020 to August 31,...more
6/20/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Foreclosure ,
HUD ,
Landlords ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State of Emergency ,
Tenants ,
Veterans Administration
On June 4, 2020, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2020-16 to address the endorsement for FHA insurance of mortgage loans in a COVID-19 forbearance. ...more
On May 14, 2020, Fannie Mae in an update to Lender Letter 2020-02, Freddie Mac in Bulletin 2020-16, and the U.S. Department of Housing and Urban Development (HUD) in Mortgagee Letter 2020-13 extended their foreclosure...more
On May 12, 2020, the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA) and U.S. Department of Housing and Urban Development (HUD) announced a joint COVID-19 mortgage and housing assistance...more
The U.S. Department of Housing and Urban Development Office of Inspector General (HUD OIG) issued a statement dated April 27, 2020, that is not complimentary about how mortgage servicer websites are providing information on...more
In Mortgagee Letter 2020-07, dated April 6, 2020, the U.S. Department of Housing and Urban Development (HUD) announced the acceleration of the development and deployment of the FHA Catalyst system to permit lenders to...more
In Mortgagee Letter 2020-06, dated April 1, 2020, the U.S. Department of Housing and Urban Development (HUD) announced further loss mitigation options for FHA loans based on the Coronavirus Aid, Relief, and Economic Security...more
In Mortgagee Letter 2020-05, dated March 27, 2020, the U.S. Department of Housing and Urban Development (HUD) provides guidance on the modifications to re-verification of employment requirements for certain FHA loans and the...more
As previously reported, on March 18, 2020, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions in connection with single-family mortgages for at least 60 days, and...more
On March 18, 2020, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions in connection with single-family mortgages for at least 60 days....more
In its first No-Action Letter under the new revised policy, the CFPB addresses a long-standing issue under the Real Estate Settlement Procedures Act regarding certain payment arrangements between mortgage lenders and housing...more
9/19/2019
/ Compensation ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Housing Counseling Agencies ,
HUD ,
Mortgage Lenders ,
Mortgages ,
No-Action Letters ,
Payment Terms ,
Policies and Procedures ,
RESPA
The U.S. Department of Housing and Urban Development (HUD) recently issued Mortgagee Letter 2019-14 to announce updates to loss mitigation options for borrowers with Federal Housing Administration (FHA) insured loans if the...more
HUD’s proposed revisions to its disparate impact rule were published in today’s Federal Register. Comments on the proposal are due on or before October 18, 2019. ...more
8/19/2019
/ Affordable Housing ,
Burden-Shifting ,
Comment Period ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Federal Register ,
Housing Discrimination ,
Housing Market ,
HUD ,
Proposed Regulation ,
Race Discrimination ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
We have reported on the attempt by the U.S. Department of Housing and Urban Development (HUD) to impose new documentation requirements for down payment assistance provided by government entities to be used in connection with...more
The Department of Housing and Urban Development is expected to soon release proposed revisions to its 2013 rule under which HUD or a private plaintiff can establish liability under the Fair Housing Act (FHA) for...more
8/5/2019
/ Affordable Housing ,
Burden-Shifting ,
Congressional Review Act ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
HUD ,
Race Discrimination ,
Regulatory Agenda ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
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
8/2/2019
/ Comment Period ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
FHA Loans ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Mortgages ,
Public Comment ,
Refinancing ,
Regulatory Requirements ,
Rulemaking Process
As previously reported, recently a US District Court granted a preliminary injunction preventing the US Department of Housing and Urban Development (HUD) from implementing new requirements for government-provided down payment...more
As previously reported, the U.S. Department of Housing and Urban Development issued Mortgagee Letter 2019-06 in April of 2019 to impose new documentation requirements for down payment assistance provided by government...more
For some time the mortgage industry, without success, has asked the US Department of Housing and Urban Development to provide a clear answer to the question of whether Deferred Action for Childhood Arrival (DACA) recipients...more
6/13/2019
/ Consumer Financial Products ,
DACA ,
Eligibility Determination ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
HUD ,
Immigration Reform ,
Low Income Housing ,
Low-Income Issues ,
Mortgages ,
Residency Status ,
Rulemaking Process
The CFPB recently issued a factsheet addressing whether a Loan Estimate and Closing Disclosure are required in connection with the assumption of a residential mortgage loan....more