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  • Agencies announce Threshold for smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans

    Agencies announce Threshold for smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans | site |



    (November 18, 2020) - - Today the Board of Governors of the Federal Reserve System published the following information:

    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau

    Office of the Comptroller of the Currency
    WASHINGTON, D.C. — The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. The threshold amount will be effective January 1, 2021, and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2020. The Dodd-Frank Wall Street Reform and Con
    ...
    See more | Go to post

  • Federal Housing Administration Strengthens Mortgage Relief Options to Help Homeowners Impacted by Major Disasters

    Federal Housing Administration Strengthens Mortgage Relief Options to Help Homeowners Impacted by Major Disasters| site |


    (August 29, 2019) - - Today (August 29, 2019), the U.S. Department of Housing and Urban Development (HUD) published the following information:

    WASHINGTON - When disasters strike, homeowners can fall behind in their mortgage payments as they struggle to recover from a major disaster. To help homeowners impacted by major disasters, the Federal Housing Administration (FHA) today announced it is expanding its foreclosure prevention options to allow borrowers in Presidentially Declared Major Disaster Areas (PDMDAs) with delinquent FHA-insured mortgages to bring their mortgages current without increasing their interest rates or principal and interest payments.

    Read FHA’s Mortgagee Letter to mortgage servicers. “Today we take another important step to help families with FHA-insured mortgages recover from the impact of a major
    ...
    See more | Go to post

  • Federal Housing Administration announces Streamlined Claim Payment Requirements in Home Equity Conversion Mortgage Program

    Federal Housing Administration announces Streamlined Claim Payment Requirements in Home Equity Conversion Mortgage Program
    Link


    Action intended to speed reverse mortgage claim payments


    Washington, DC - - (October 22, 2018) - - The Federal Housing Administration (FHA) today announced revised requirements for Home Equity Conversion Mortgage (HECM) servicers when they assign FHA-insured reverse mortgages to the agency for claim payment.

    Effective immediately, FHA-approved HECM servicers can use alternative supporting documentation in lieu of previously required materials that, in many instances, delayed claim processing. Read FHA’s Mortgagee Letter. FHA Commissioner Brian Montgomery said, “Streamlining the HECM claim payment process makes us more responsive to participating lenders and helps continue our effort to put the program on a more financially viable path.” FHA’s new H
    ...
    See more | Go to post

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  • Staff Reporter 1
    Agencies announce Threshold for smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans
    by Staff Reporter 1
    Agencies announce Threshold for smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans | site |



    (November 18, 2020) - - Today the Board of Governors of the Federal Reserve System published the following information:

    Board of Governors of the Federal Reserve System

    Consumer Financial Protection Bureau

    Office of the Comptroller of the Currency
    WASHINGTON, D.C. — The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. The threshold amount will be effective January 1, 2021, and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2020. The Dodd-Frank Wall Street Reform and Con
    ...
    11-19-2020, 12:55 AM
  • Staff Reporter 1
    Federal Housing Administration Strengthens Mortgage Relief Options to Help Homeowners Impacted by Major Disasters
    by Staff Reporter 1
    Federal Housing Administration Strengthens Mortgage Relief Options to Help Homeowners Impacted by Major Disasters| site |


    (August 29, 2019) - - Today (August 29, 2019), the U.S. Department of Housing and Urban Development (HUD) published the following information:

    WASHINGTON - When disasters strike, homeowners can fall behind in their mortgage payments as they struggle to recover from a major disaster. To help homeowners impacted by major disasters, the Federal Housing Administration (FHA) today announced it is expanding its foreclosure prevention options to allow borrowers in Presidentially Declared Major Disaster Areas (PDMDAs) with delinquent FHA-insured mortgages to bring their mortgages current without increasing their interest rates or principal and interest payments.

    Read FHA’s Mortgagee Letter to mortgage servicers. “Today we take another important step to help families with FHA-insured mortgages recover from the impact of a major
    ...
    09-13-2019, 01:54 PM
  • Staff Reporter 1
    Federal Housing Administration announces Streamlined Claim Payment Requirements in Home Equity Conversion Mortgage Program
    by Staff Reporter 1
    Federal Housing Administration announces Streamlined Claim Payment Requirements in Home Equity Conversion Mortgage Program
    Link


    Action intended to speed reverse mortgage claim payments


    Washington, DC - - (October 22, 2018) - - The Federal Housing Administration (FHA) today announced revised requirements for Home Equity Conversion Mortgage (HECM) servicers when they assign FHA-insured reverse mortgages to the agency for claim payment.

    Effective immediately, FHA-approved HECM servicers can use alternative supporting documentation in lieu of previously required materials that, in many instances, delayed claim processing. Read FHA’s Mortgagee Letter. FHA Commissioner Brian Montgomery said, “Streamlining the HECM claim payment process makes us more responsive to participating lenders and helps continue our effort to put the program on a more financially viable path.” FHA’s new H
    ...
    10-27-2018, 08:34 AM

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