Browsing Tag:Brodsky

fha-publishes-title-i-property-enchancment-and-manufactured-residence-loans-applications-sections-of-handbook-4000-1-weiner-brodsky-kider-pc
On November 9, 2021, the FHA published the Title I Property Improvement and Manufactured Home Loans Programs sections of its Single Family Housing Policy Handbook 4000.1 (Handbook). All new content can be implemented immediately, but must be implemented by 09.The Title I sections of the manual summarize the existing guidance from approximately 120 Title I Letters of Credit...
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fha-extends-deadline-to-submit-feedback-on-draft-hecm-steerage-weiner-brodsky-kider-pc
On November 1, 2021, the FHA announced an extension of the review and feedback period for the proposed draft home conversion mortgage (HECM) sections in their Single Family Housing Policy Guide (SF Handbook 4000.1). The feedback period now ends on December 31, 2021.The WBK previously dealt with the first publication of the draft of the HECM guideline by...
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fha-publishes-draft-servicing-defect-taxonomy-to-drafting-desk-weiner-brodsky-kider-pc
On October 28, 2021, the FHA published a proposed error taxonomy for the Servicing Loan Reviews in the FHA's Drafting Table. The new updates build on the April 2021 changes to FHA's 4000.1 manual that revised the Maintenance and Damage Control section. The proposed error taxonomy will be Appendix 8.0 to Manual 4000.1. The error taxonomy...
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fha-posts-draft-hecm-program-sections-of-handbook-4000-1-weiner-brodsky-kider-pc
The FHA recently released the draft Home Equity Conversion Mortgage (HECM) Origination through Servicing sections of its Single Family Housing Policy Handbook 4000.1 for stakeholder review and feedback. The draft sections will be available online for industry feedback until Monday, November 15, 2021. The draft sections of Manual 4000.1 include the FHA's proposed comprehensive consolidation of HECM...
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fha-single-household-pronounces-fha-catalyst-single-household-default-monitoring-system-sfdms-reporting-module-weiner-brodsky-kider-pc
On September 13, 2021, HUD published Mortgage Letter (ML) 2021-21, FHA Catalyst: Single Family Default Monitoring System (SFDMS) Reporting Module. The ML announces the transition from FHA Connection (FHAC) to the FHA Catalyst system for reporting overdue FHA Title II Single Family Forward Mortgages in SFDMS. The FHA assures that the new module improves the data integrity...
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fha-gives-extra-covid-19-forbearance-and-hecm-extensions-proposes-new-covid-associated-modification-coverage-weiner-brodsky-kider-pc
On September 27, 2021, the Federal Housing Administration (FHA) announced additional COVID-19 relief for borrowers. In the Mortgagee Letter (ML) 2021-24, the FHA issued a new forbearance relief, granting borrowers up to six months of deferral for those who made their first such COVID-19 omission between October 1, 2021 and the end of the national COVID- 19-apply in...
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fha-points-non-permanent-partial-waivers-to-its-hecm-insurance-policies-weiner-brodsky-kider-pc
The FHA approved on 2. The temporary partial waivers apply to Mortgagee Letter 2015-11 and Mortgagee Letter 2016-07 and are valid until June 30, 2022.The Mortgagee Letter 2015-11 waiver enables mortgage holders to offer HECM borrowers amortization plans with unpaid real estate fees, regardless of their total outstanding arrears. The 2016-07 mortgage letter waiver allows mortgage creditors to...
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fha-declares-waivers-to-the-evaluate-necessities-for-covid-advance-mortgage-modification-weiner-brodsky-kider-pc
On August 5, 2021, the FHA issued the following waivers: (1) Partially waiving the borrower screening requirements for their COVID-19 Advance Loan Modification; and (2) partial waiver of reconsideration of borrower requirements for COVID-19 mitigation recovery options. The waivers cover the mortgage holder's timeframe and the borrower's eligibility for any required review or re-examination for the COVID...
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fha-revises-handbook-4000-1-weiner-brodsky-kider-pc
In the latest Handbook 4000.1 Transmittal, FHA announced several updates that include the following highlights:Section I: Clarification of the approval guidelines for mortgage holders and alignment of the guideline language of the manual with the applicable regulations; and Update the requirements for case folder submission for the DE Authority test case phase of Title II.Section II: Update...
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fha-updates-covid-19-restoration-loss-mitigation-choices-weiner-brodsky-kider-pc
On July 23, 2021, the FHA released Mortgage Letter 2021-18 (ML 2021-18) amending its COVID-19 loss mitigation guidelines for borrowers with FHA-insured forward mortgages affected by the COVID-19 pandemic. ML 2021-18 primarily introduces a "waterfall" for loss mitigation options for owner-occupied primary residences, including: (1) the standalone COVID-19 recovery subclaim (which replaces the standalone COVID-19 subclaim) and (...
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