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.

FHA Commissioner Julia Gordon said FHA loans don’t take longer to close than other loans.

Ginnie Mae last week announced revisions to its issuer eligibility requirements to participate in its manufactured housing MBS program.

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.

Combined FHA/VA forward mortgage volume declined by 17.7% in the fourth quarter. For the full year, volume was down 19.9%. (Includes three data tables.)

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.

MISMO said officials from FHA, VA, the U.S. Department of Agriculture and Ginnie Mae are part of the working group set up to develop the new dataset.

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.