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HUD Mortgagee letter 2010-07
ML 10-07 updates the following documents Home Equity Conversion Mortgage (HECM) Loan Agreement Revisions to the model HECM Loan Agreement Exhibits Fannie Mae Form 1009.... . . . keep reading
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HUD Mortgagee Letter 2010-04
SUBJECT: Loss Mitigation for Imminent Default The Helping Families Save Their Home Act of 2009 expanded the authority to use FHA Loss Mitigation to assist defaulted FHA borrowers avoid foreclosure.... . . . keep reading
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HUD Mortgagee Letter 2010-03
This Mortgagee Letter is being issued to advise that the Department of Housing and Urban Development (HUD) will be using its regulatory authority to terminate a mortgagee's authorization to underwrite single family loans in geographic areas where the lender has a high rate of early defaults and claims. . . . keep reading
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HUD Mortgagee Letter 2010-02
Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA creditqualifying and non-credit qualifying streamlined refinance transactions . . . keep reading
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HUD Mortgagee Letter 2010-1
The Department is extending the special authority for processing Pre-application Firm Invitation and Firm Commitment extension requests established by Mortgagee Letter 2009-20 for a period of one year from the publication date of this Mortgagee Letter. ML 2009-20, published June 26, 2009, expired December 31, 2009. The Department has determined the extension authority is still needed because of market conditions. . . . keep reading
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HUD Mortgagee Letter 2009-53
This Mortgagee Letter clarifies how fees and charges for Federal Housing Administration (FHA)-insured loans must be disclosed on the new Good Faith Estimate and HUD-1 Settlement Statement, consistent with changes to the Real Estate Settlement Procedures Act (RESPA). The new forms must be used for mortgages that originated on or after January 1, 2010. . . . keep reading
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HUD Mortgagee Letter 2009-51
The Federal Housing Administration (FHA) is adopting the Appraisal Update and/or Completion Report, Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005. This is a dual-purpose form. Part . . . keep reading
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HUD Mortgagee Letter 2009-50
This Mortgagee Letter provides notice of the 2010 comprehensive update to the Federal Housing Administration's (FHA) single-family loan limits, under the authority of the recent passage of the Continuing Resolution, 2010 (CR) as part of the Department of Interior, Environmental, and Related Agencies Appropriations Act, Public Law 111-88. The loan limits described in this Mortgagee Letter are effective for loans with credit approval issued by the mortgagee on or after January 1, 2010 through December 31, 2010. . . . keep reading
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HUD Mortgagee Letter 2009-49
This Mortgagee Letter iterates guidance issued under Mortgagee Letter 2006-20 addressing FHA requirements for secured subordinate financing under the Home Equity Conversion Mortgage (HECM) Program. . . . keep reading
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HUD Mortgagee Letter 2009-47
This Mortgagee Letter provides guidance to counselors and lenders regarding the HECM Counselor Roster final regulation. This Final Rule establishes • testing standards to qualify individuals as HECM counselors eligible to provide HECM counseling, and • a roster of eligible HECM counselors. Note: Only those counselors on the HECM Roster can provide HECM counseling to potential HECM borrowers. . . . keep reading
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HUD Mortgagee Letter 2009-46b
In accordance with the passage of the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Administration (FHA) is implementing a new approval process for condominium projects and insurance requirements for mortgages on individual units, as authorized under Section 203(b) of the National Housing Act. The requirements of this Mortgagee Letter are effective for all case numbers assigned on or after December 7, 2009, except as noted. This Mortgagee Letter revises and consolidates existing guidance, and therefore replaces Mortgagee Letter 2009-19. . . . keep reading
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HUD Mortgagee Letter 2009-46a
In Mortgagee Letter 2009-46 B, the Federal Housing Administration (FHA) announced the permanent baseline guidance for condominium project eligibility. This Mortgagee Letter (ML) waives five provisions of that guidance and serves as a temporary directive to address current housing market conditions. This temporary guidance is effective for all FHA case numbers assigned on or after December 7, 2009 through December 31, 2010, except as noted for the "Spot Loan" Approval Process. FHA reserves the right to modify, suspend or terminate the guidance contained in this document if analysis of condominium mortgage performance indicates that the insurance fund is at risk. I. . . . keep reading
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HUD Mortgagee Letter 2009-45
The purpose of this Mortgagee Letter is to announce that the Department's on-line, web-based training application, EClass, is now available. The EClass System will provide additional training on FHA's Loss Mitigation Programs, including FHA's Home Affordable Modification Program (FHA-HAMP), as well as continuing education on issues that have generated the most industry questions and requests for further training. It is our expectation that servicers will fully utilize the training to ensure that they are well-informed of FHA's Loss Mitigation policies and procedures. . . . keep reading
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HUD Mortgagee Letter 2009-44
The purpose of this Mortgagee Letter is to provide clarification of the debenture interest calculation for HECM Claim Type 21 (Foreclosure or Deed-in-Lieu of Foreclosure). In addition, this Mortgagee Letter also provides updated filing instructions for HECM Claim Type 21, and for HECM Claim Type 24 (Supplemental). . . . keep reading
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Mortgagee Letter 2009-34
TO: ALL APPROVED MORTGAGEES SUBJECT: Home Equity Conversion Mortgage (HECM) -- Principal Limit Factors This Mortgagee Letter announces a new set of principal limit factors (PLFs) for the Federal Housing Administration (FHA) HECM program, to assist with the viability of the program. The new principal limit factors must be used for all HECMs for which the FHA case number is assigned on or after October 1, 2009. . . . keep reading
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Coaching/Consulting
