The SFLS program is intended to yield a recovery to the MMIF that meets or exceeds the recovery obtained from a foreclosure-based claim.

The Community Home Lenders of America warned that Congress shouldn’t use federal housing programs to pay for legislation.

The pilot seeks to demonstrate how HUD could reduce the costs associated with delivering and retaining original partial claim documents.

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.