VA extends rescission date for circular on expanding home loan eligibility based on certain National Guard service; FHA issues mortgagee letter for Section 232 residential care facility mortgage insurance program; HUD allocates $70 million to 38 tribal communities; USDA updates guidelines on obtaining a payoff for a guaranteed loan mortgage recovery advance; HUD’s Office of Housing Counseling announces $10 million grant.
Housing Secretary Fudge resigns; IRS postpones controversial changes to IVES; regulators to alter Basel capital proposal; banking regulators waive appraisal requirements in Maui; feedback sought on bank call-report proposal.
The six-bill appropriations package, which includes FY2024 funding for the departments of Housing and Urban Development and Veterans Affairs, now heads to the Senate.
The Mortgage Bankers Association has opposed the extension of the risk-sharing program, which provides capital to housing finance agencies that offer FHA loans for affordable multifamily rental properties.
With the new FHA payment supplement loss-mitigation option, servicers will be able to temporarily lower a delinquent borrower’s monthly payment by up to 25%, and up to 30% of the loan’s balance can be directed into a junior lien as a partial claim.
Ginnie Mae is also revising the financial eligibility requirements for FHA Title I issuers to help increase lender participation in securitization of the loans.
Congressional lawmakers next week are expected to take up legislation meant to finalize fiscal 2024 funding bills before the latest continuing resolutions lapse.
USDA plans revisions to its single-family housing loan guarantee program guide; HUD raises civil monetary penalties; USDA lowers interest rates for its direct loan program; NAIHC names new executive director; FHA and USDA offer training opportunities in March.