The updates to the handbook outline guidance for servicing non-performing loans under a new rule, which will be implemented in February.

The trade group urged the Department of Housing and Urban Development to roll back the minimum debt service coverage ratio and raise the maximum loan-to-cost ratios for FHA’s multifamily loan program.

Under current rules, borrowers must apply for a 203(h) mortgage within one year of the President’s declaration of the disaster.

VA wants servicers to immediately stop offering previously outlined loss-mitigation options from Chapter 5 of its servicers’ handbook.

The case revolved around a property in Brooklyn, NY, with a reverse mortgage dating back to February 2007 and whose owner died in February 2013. The borrower’s estate challenged the foreclosure, arguing that it was past the statute of limitations.

Mortgage servicers will be able to offer the mortgage recovery advance option as a standalone feature or as part of a 30- or 40-year loan modification, the Rural Housing Service said.

A California-based real estate professional admitted to conspiring to originate 102 home loans worth more than $55 million using false and fraudulent loan application information.

Vice President Kamala Harris outlines economic agenda for her presidential campaign; ex-FHA official joins M&T Bank; VA outlines secondary borrowing requirements when using assumable mortgages; FHA drafts guidance on loss-mitigation consultation requirements.

The lender is offering a temporary 125-basis-point incentive on VA Interest Rate Reduction Refinance Loans and non-credit-qualifying FHA streamline loans.

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.