Senate Appropriations Committee has asked HUD to ensure transparency and improve the resolution of defaulted and foreclosed HECMs and to better manage the sale of troubled taxpayer assets.
FHA has published new implementation requirements for condominium units secured by Home Equity Conversion Mortgage loans. The guidance also ap-plies to condo units that qualify for HECM spot-financing.
Despite a legal setback, the department said it intends to proceed with a for-mal rulemaking on downpayment assistance provided by government entities. This time, though, with proper notice to stakeholders.
The Consumer Financial Protection Bureau has issued guidance for Home Equity Conversion Mortgage borrowers on how to meet reverse-mortgage ob-ligations while recovering from a natural disaster.
The agency has issued interim instructions for obtaining an FHA case number for a unit in an unapproved condominium project that will be processed as a single transaction.
The Department of Veterans Affairs has issued guidance to mortgage servicers regarding the process of sending loss mitigation letters to borrowers who have fallen behind on their monthly payments. The guidance encourages servicers to work with distressed borrowers to avoid foreclosure.
As Florida braces for Hurricane Dorian, FHA announced expanded loss mitigation options for homeowners located in presidentially declared major disaster areas.
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