HUD
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HUD Updates Equal Access Rules for Marital Status, General Identity, Sexual Orientation
February 2, 2015 the Department of Housing and Urban Development (HUD) published H 2015-01: Notice of Program Eligibility for HUD Assisted and Insured Housing Programs for All People Regardless of Sexual Orientation, Gender Identity or Marital Status as Required by HUD’s Equal Access Rule. The purpose of the Housing Notice (Notice) is to increase awareness […]
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FHA Reduces Mortgage Insurance Premium as of January 26th
By Anna DeSimone, President January 9, 2015, HUD issued Mortgagee Letter 2015-01, “Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates and Temporary Case Cancellation Authority.” The purpose of the mortgagee letter is to communicate revised annual MIP rates for FHA Title II forward mortgages and provide opportunity for cancellation of existing […]
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HUD Publishes Reverse Mortgage Advertising Rules and HECM Insurance Limits
by: Anna DeSimone June 18, 2014 the Federal Housing Administration (FHA) published two Mortgagee Letters on the Home Equity Conversion Mortgage (HECM) program. HUD announced policy changes that reduce risk to the Mutual Mortgage Insurance (MMI) Fund and support sustainability of the HECM program. The changes published address risk associated with certain fixed interest-rate (fixed-rate) products […]
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HUD Updates FHA Annual Recertification and Post-Approval Process
by: Anna DeSimone May 27, 2014, HUD Issued ML 2014-09: Annual Recertification and Post-Approval Updates. The purpose of the Mortgagee Letter was to inform lenders about changes to FHA’s systems that alter the way lenders execute post-approval updates and complete FHA’s annual recertification process. The changes detailed in this Mortgagee Letter became effective May 27, […]
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HUD Begins Accepting Electronic Signatures on FHA Loans
by: Anna DeSimone January 30, 2014, HUD issued Mortgagee Letter 2014-03 announcing that FHA will accept electronic signatures on documents included in the case binder for mortgage insurance, servicing and loss mitigation documentation, FHA insurance claim documentation, and on HUD’s Real Estate Owned (REO) Sales Contract and related addenda. Unless otherwise prohibited by law, mortgagees […]
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HUD Releases New Guidance for Manual Underwriting Changes
by: Anna DeSimoneOn January 21, 2014, HUD published ML 2014-02: Manual Underwriting. The Mortgagee Letter provides policy guidance for revised manual underwriting requirements published in Final Federal Register Notice FR- 5595-N-01 on December 11, 2013. Please refer to my article published December 12, 2013 in the Compliance Monitor: FHA Manual Underwriting Changes Announced This guidance […]
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FHA Issues New Manual Underwriting Requirements
by: Anna DeSimoneDecember 11, 2013, HUD published in the Federal Register its final notice entitled, “Federal Housing Administration (FHA) Risk Management Initiatives: New Manual Underwriting Requirements.” The manual underwriting requirements are applicable for purchase transactions and all credit qualifying FHA refinance transactions. The effective date of the new manual underwriting requirements shall be announced by […]
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HUD Releases Qualified Mortgage Definition
by: Anna DeSimoneDecember 11 2013 the U.S. Department of Housing and Urban Development (HUD) released its final rule which defines a ‘Qualified Mortgage (QM)’ that is insured, guaranteed or administered by HUD. The final rule will be effective on January 10, 2014 and will apply to mortgages with a case number assignment on or after […]
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HUD Issues Lender Self-Reporting Requirements
by: Anna DeSimone On November 13, 2013, HUD issued ML 2013-41. The Mortgagee Letter clarifies the self-reporting requirements of all Single Family FHA-approved lenders, including: What must be reported to FHA Timeframe for lenders’ internal reporting to senior management Timeframe for lenders’ external reporting to FHA; How findings should be reported to FHA; FHA’s review […]
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HUD Clarifies Loss Mitigation During Foreclosure Process
by: Anna DeSimoneNovember 1, 2013 HUD issued Mortgagee Letter 2013-40 to clarify the Department’s requirements delineated in 24 CFR 203.502 and to communicate expectations for servicers who are engaging in loss mitigation during the foreclosure process. Mortgagees must implement the requirements in this Mortgagee Letter by January 1, 2014.The policies set forth in the Mortgagee […]