House Financial Services Committee Chair Maxine Waters is asking HUD, VA and USDA to address a month-long gap in protections that are meant to help keep borrowers from foreclosure during the pandemic.
FHA should offer borrowers a flexible loan-modification option that would use a portion of a servicer’s partial claim amount to reduce a borrower’s monthly payment, dollar for dollar, according to analysts at UI.
Mortgage industry participants are suggesting HUD temporarily redistribute underwriting workloads across regions based on the size of their respective pipelines.
According to Ted Tozer, former Ginnie Mae president, the industry was warned ahead of time by the government guarantor of plans to tighten financial requirements for single-family MBS issuers.
Borrowers can still qualify for a VA-guaranteed mortgage even if they have gaps in employment due to COVID-19. Lenders are encouraged to use "good judgement and flexibility" while verifying a borrowers income.
Plagued with years of failed technology modernization initiatives, HUD is turning things around with an IT modernization roadmap deemed a success thus far by HUD's Inspector General.