The final rule is effective Oct. 16 and is unchanged from a proposal released by the Department of Housing and Urban Development in October 2023.

The draft mortgagee letter outlines guidance on a federal flood risk management standard related to minimum property requirements for newly built residential structures in special flood hazard areas.

Congress passes continuing resolution to fund the federal government and the National Flood Insurance Program; Sen. Tim Scott introduces Renewing Opportunity in the American Dream to Housing Act; trade groups ask FHA to extend waiver on policy updates related to in-person meeting requirement with borrowers in default; the Department of Justice has announced a $2.4 million settlement with shuttered FHA HECM lender.

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.