FHA Commissioner Julia Gordon is seeking more federal funding to address ongoing challenges in housing supply and affordability.

Better Mortgage launched the product as part of an effort by the lender to expand its government-insured mortgage originations.

FHA recently posted a draft mortgagee letter proposing revisions related to how it will handle partial claim document recording and payoff statements.

The Mortgage Bankers Association and the Housing Policy Council have called for specific changes to the proposed updates to FHA’s defect taxonomy for servicing loan reviews.

The VA has introduced a new program participation management system for its loan guaranty program.

The changes are effective Sept. 28 and are necessary to improve the long-term stability of the HECM program, FHA said.

The Department of Housing and Urban Development updates code on manufactured home construction and safety standards; HUD issues final rule modernizing housing counseling services delivery; HUD’s Office of Housing Counseling hosts virtual conference.

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.