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27 mar 2023 · Pursuant to section 801 (a) (2) (A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Housing and Urban Development (HUD) entitled “Increased Forty-Year Term for Loan Modifications” (RIN: 2502-AJ59). We received the rule on March 9, 2023.
1 kwi 2022 · The Federal Housing Administration (FHA) published a final rule in the Federal Register, Increased Forty-Year Term for Loan Modifications (Docket No. FR-6263-F-03). The final rule will allow mortgagees to increase the maximum term of a loan modification from 360 to 480 months for FHA-insured mortgages after a default episode.
8 mar 2023 · This change will also align FHA with modifications available to borrowers with mortgages backed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which both currently provide a 40-year loan modification option.
proposed rule in the Federal Register, Increased Forty-Year Term for Loan Modifications (Docket No. FR-6263-P-01) for public comment; however, it is available to preview today. The rule proposes to increase the maximum modification loan term limit from 360 to 480 months and expands FHA’s current loan modification policy.
7 kwi 2020 · The agencies view prudent loan modification programs offered to financial institution customers affected by COVID-19 as positive and proactive actions that can manage or mitigate adverse impacts on borrowers, and lead to improved loan performance and reduced credit risk.
7 kwi 2020 · The federal financial institution regulatory agencies, in consultation with state financial regulators, issued a revised interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19.
7 kwi 2020 · The agencies view prudent loan modification programs offered to financial institution customers affected by COVID-19 as positive and proactive actions that can manage or mitigate adverse impacts on borrowers, and lead to improved loan performance and reduced credit risk.
