The bill is more generous than its companion House legislation.

The final rule closely aligns with HUD’s July 31, 2023, proposal.

Mortgage lenders must monitor the insurance landscape and inform their loan officers on the topic given that insurance costs help determine a borrower’s monthly escrow obligations.

The final guidance covers reasons for seeking a reconsideration of value and addresses compliance obligations involving appraisals.

The redrafted proposal provides specific examples of defects and clearer, proportionate remedies to the potential harm.

HUD has increased the total rehabilitation costs that can be financed under FHA’s limited 203(k) program and extended the allowable time for rehab and repair work to be completed.

The proposed rule seeks to create a permanent program governing the sale of seriously delinquent FHA-insured single-family mortgages and foreclosed home equity conversion mortgages.

HUD’s spring regulatory agenda includes about a dozen FHA-related items in the proposed or final rule planning stage.

Senate passes the VA Home Loan Awareness Act; USDA updates income limits for home loan programs; the Department of Housing and Urban Development and the Federal Emergency Management Agency announce partnership to address disaster housing recovery challenges.

The slowdown is part of a typical trend seen at federal regulators prior to a presidential election.