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.

FHA plans to retroactively adjust the calculation of debenture interest rates for claims filed on HECMs due or payable since Sept. 19, 2017.

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.

Sutherland and NOVAD formed a servicing operation in 2014 that won a contract to service reverse mortgages for HUD. The companies remained reverse-mortgage servicers until near the end of 2022.

Hometown Lenders was ordered to cease and desist from accepting new FHA lending business related to residents or properties located in Washington State for violations of the state’s Consumer Loan Act.

FHA’s share of the government-insured market declined to 60.8% in the first quarter of 2024, while VA production improved from the fourth quarter led by IRRRLs. (Includes three data tables.)

The VA plans to issue a circular next month addressing the current prohibition against VA borrowers paying fees or commissions to real estate agents as part of a home purchase.

FHA has doubled the fees servicers are allowed to charge for processing an assumable mortgage to a maximum of $1,800.