The American Rescue Plan provides $10 billion to help consumers catch up on mortgage payments or pay other housing-related costs. However, how the money is allocated will depend on states.

The general consensus among private mortgage insurers is that a potential cut to FHA mortgage insurance premiums will have little impact on their business.

The new timeline moves the moratorium’s expiration deadline, as well as the timeframe for a borrower to request an initial COVID-19 forbearance by three months to June 30.

Mortgage trade groups called on the FHA to align its policy language with other federal regulations that govern private flood coverage.

According to Black Knight, an uptick in forbearance requests has pushed the total number of borrowers in relief back above the 2.7 million mark.

Susquehanna International Group dismissed the private MI industry’s concerns over a potential FHA cut as “unwarranted” and not aligned “with the underlying math.”

The U.S. District Court of Chicago indicted four individuals for participating in a fraud scheme to obtain mortgage loans totaling at least $3 million.

Industry watchers predict FHA premiums will be cut by 25 basis points in the coming weeks. An even bigger cut is possible later in the year.

The forbearance reading for portfolio loans and private label securities worsened, increasing by 26 basis points to 8.94% as of Jan. 17.

The ban on evictions and foreclosures has been extended through March 31.