FHA and Ginnie Mae officials are working to ensure HECMs are available by implementing various reforms.

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.

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.

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.

FHA said it would consider stakeholder feedback in future policy updates. But industry trade groups are already calling for changes to the cyber incident reporting requirements announced and launched in May.

Ginnie Mae last week proposed a new pool type to allow repooling of home equity conversion mortgages that have reached their buyout limit. Comments on the HMBS 2.0 term sheet are due July 31.