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
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
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
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
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
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
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
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
HUD recently released Mortgage Letter (ML) 2023-11 to update previously issued guidance on loss mitigation options for non-borrowers who acquire a title through an exempted transfer. The provisions apply to all FHA Title II...more
On April 7, HUD issued Mortgagee Letter 2023-08, which extends through May 31 the final date for borrowers to request Covid-19 forbearance and home equity conversion mortgage (HECM) extensions. The extension is intended to...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