On April 18, 2019, HUD issued Mortgagee Letter 19-06, (click here) setting forth new documentation requirements for down payment...
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
New FHA Requirements for Down Payment Assistance Provided by Government Entities – Mortgagee Letter 19-06
On April 18, 2019, HUD issued Mortgagee Letter 19-06, setting forth new documentation requirements for down payment assistance...
HUD Removes Ten-Year Home Warranty Protection Plan Requirements For High-LTV FHA Single Family Loans
In the December 14, 2018, issue of the Federal Register (83 FR 64269, click here) HUD published a final rule (“Rule”), effective...
FHA Updated Guidance on HECM Claim Type 22 (CT-22) Assignment Requests (ML 2018-08)
This memorandum is for clients that originate FHA HECM reverse mortgages. On October 22, 2018, the FHA issued Mortgagee Letter...
FHA Requires Second Appraisal for Certain HECMs (ML 2018-06)
This memorandum is for clients that originate FHA HECM reverse mortgages. On September 28, 2018, the FHA issued Mortgage Letter...
FHA Qualified Mortgage 2015 Points and Fees Adjustments
In the February 17, 2015 issue of the Federal Register (80 FR 8243, click here) the Department of Housing and Urban Development (HUD) announced the 2015 points and fees threshold for FHA qualified mortgages by adopting the Consumer Financial Protection Bureau’s August 14, 2014 final rule amending the qualified mortgage points and fees limit for 2015 (see our August 19, 2014 memorandum, click here).
Annual FHA MIP Reduction Memo (ML 2015-01)
Effective for case numbers assigned on or after January 26, 2015, FHA Mortgage Letter 2015-01 (ML 2015-01) reduces annual MIP rates for FHA Title II forward mortgages and provides FHA lenders the opportunity for cancellation of existing case numbers in order to utilize the MIP rates contained in ML 2015-01.
Mortgagee Letter 2014-25 – 2015 Maximum Loan Limits
On December 5, 2014, FHA published the above Mortgagee Letter (click here) that provides notice of FHA’s single family housing loan limits for Title II forward mortgages and home equity conversion mortgages (HECMs) effective for case numbers assigned on or after January 1, 2015. Below is a brief summary of ML 2014-25:
FHA Adjustable Rate Mortgage Interest Rate Adjustment and Notification Regulations under the FHA Single Family Mortgage Insurance Program are Revised
In the August 26, 2014, Federal Register (79 FR 50838), the Federal Housing Administration (FHA) published a final rule (click here) that revises two FHA single family adjustable rate mortgage (ARM) regulations. The final rule revises §203.49(d)(2) to require that an interest rate adjustment resulting in a corresponding change to the mortgagor’s monthly payment for a FHA-insured ARM have a 45-day look-back period.
FHA Final Rule Prohibits Post-Payment Interest Charges for Prepayment of FHA Mortgages under the FHA Single Family Mortgage Insurance Program
In the August 26, 2014, Federal Register (79 FR 50835), the Federal Housing Administration (FHA) published a final rule (click here) that effective for FHA-insured mortgages closing on or after January 21, 2015, revises FHA’s regulations to prohibit an FHA approved mortgagee from charging the mortgagor interest through the end of the month in which the mortgage is being prepaid, allowing them instead to charge interest only through the date the mortgage is prepaid, and prohibits the charging of interest beyond that date.