Posted To: MND NewsWire

The Federal Housing Administration (FHA) has issued several waivers to provisions in its Single-Family Housing Policy Handbook in acknowledgement of the financial impact on some of its borrowers from the COVID-19 pandemic. The provisions affected are those that would normally require in-person contact between borrowers and their mortgage services , including seniors who have Home Equity Conversion (HECM) reverse mortgages. The agency said the waivers allow important mortgage servicing activities to continue, but in a manner that allows for safe social distancing to help combat the pandemic. Two of the waivers are specific to HECMs . The first waives the $5,000 property charge payment arrearages cap on recalculated repayment plans. This will allow servicers to help more HECM borrowers who are…(read more)

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Source: Mortgage News Daily