While some of the White House’s latest measures are funded through previous legislation and codified into law, several actions rely on as-yet-unfunded proposals.
Julia Gordon, who finally received Senate confirmation this week after being nominated in June of last year, will face increasing pressure to cut mortgage insurance premiums.
The government housing agencies have updated their frequently-asked-questions pages to assist servicers handling borrowers whose applications for relief under the Homeowner Assistance Fund are pending.
A HUD policy update has “unintentionally eliminated” reimbursements to servicers for property preservation and protection expenses that occur before a foreclosure process begins.
FHA restores access to Loan Review System; FHA extends post-foreclosure sales timeframe; HUD housing counseling advisory committee to meet; HUD to host webinar on HECM counseling program; Ginnie Mae to host listening session; Wells Fargo announces military spouse hiring program; USDA’s mandatory use of Guaranteed Underwriting System and Lender Loan Closing System takes effect.
Federal agencies want servicers of government-backed mortgages to pause foreclosure proceedings when the homeowner’s application for relief under the Homeowner Assistance Fund is pending.
FHA officials Lopa Kolluri and Julienne Joseph further explain the motivating rationale for allowing a new 40-year loan-modification option for borrowers financially impacted by the pandemic.