AbstractorPro (Real Title Services)
Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


MBA Statement on HUD's Final Rule to Offer Standalone 40-Year FHA Loan Modifications
press releases, Mortgage Bankers Association
   

MBA's President and CEO Bob Broeksmit, CMB, released the following statement on the Department of Housing and Urban Development’s (HUD) final rule to increase the maximum allowable term for Federal Housing Administration (FHA)-insured loan modifications from 360 months to 480 months:

“This additional tool will allow mortgage servicers to help struggling FHA borrowers stay in their homes through a more affordable and sustainable mortgage payment.

“Adding the 40-year loan modification to FHA’s loss mitigation toolkit creates better alignment across the government and with Fannie Mae and Freddie Mac, a long-standing MBA priority that we most recently recommended in our new white paper on the future of loss mitigation. Better alignment will improve consumer experience and lead to consistency and simplicity when addressing adverse market conditions, national emergencies, and natural disasters.

“MBA appreciates FHA’s engagement with mortgage servicers and other industry stakeholders on this issue – especially from the onset of the pandemic through the upcoming end to the national emergency. We will continue to work with FHA and Ginnie Mae to ensure effective solutions and favorable outcomes for distressed borrowers, while also protecting the Mutual Mortgage Insurance Fund and ensuring secondary market certainty.”



to post a comment on this article: login - or - register



Directory

The Source of Title Business directory has 8825 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

Protecting Your Home: The Ins and Outs of Deed Theft and How to Shield Yourself
Security American's Blog
2024/03/21
0 comments

Exploring the Implications of Eliminating Mandatory Title Insurance
Security American's Blog
2024/03/11
0 comments

Be Ready - Will the Summer Surge be a 'short game'?
Denise Williams's Blog
2024/03/02
0 comments

Forums

Source of Title's Forums are the place for title industry discussions.
Recent posts in the forums:



Classifieds

Buy, sell, or trade! Browse the ads or post your own!

© 2020, Source of Title.