Servicing

As climate changes expose more U.S. housing stock to potential flood damage, the Congressional Budget Office has issued an impact report encompassing homeowners with mortgages protected by the GSEs or backed by the FHA or VA.

Following a collaborative onboarding and integration cycle, this new partnership expands on an existing correspondent relationship to a strategic servicing partnership.

In its Annual Report to Congress for fiscal year 2023, the FHA detailed the work of its single-family mortgage insurance programs in fiscal year 2023, including updates on credit access, capital in the MMI Fund, and delinquency rates of mortgages in its portfolio.

An update to allowable inspection fees will increase compensation for inspections that determine a property’s occupancy status and safeguard neighborhoods from blight arising from inadequately maintained unoccupied homes.

Attorney Lisa Woodburn details a recent Florida case where a property owners association was awarded nearly $90,000 for delinquent assessments, interest, late charges, costs, and attorneys’ fees.

In an effort to assist borrowers impacted by Maui’s August wildfires, mortgage servicers will be prohibited from initiating or completing foreclosure actions through May 6, 2024.

The FHA has proposed changes to the Home Equity Conversion Mortgage Program geared toward improving program stability and to adapt to changing market conditions. Full details after the link.

Delivering solid third quarter earnings while supporting the U.S. housing finance system, Freddie Mac reported net revenues at $5.7 billion, up 10% year-over-year, driven by higher net interest income and non-interest income.

A new report takes a deeper look at HUD’s Rapid Unsheltered Survivor Housing (RUSH) Program. Click through to read about suggested improvements that should be made before future implementation of the program.

After joining the nationwide mortgage subservicer earlier this year as CFO, former head of CitiMortgage and WaMu Home Loans David Schneider has been named new company President.