This Mortgagee Letter (ML) communicates that Mortgagee Letter 2017-01, reducing Mortgage Insurance Premiums for loans with Closing/Disbursement date on or after January 27, 2017, has been suspended indefinitely. FHA will issue a subsequent Mortgagee Letter at a later date should this policy change.
This Mortgagee Letter is effective immediately.
This guidance applies to all FHA Title II forward mortgage programs except for mortgages ins... Read More
Jan 20, 2017
The purpose of this Mortgagee Letter is to provide policies and procedures for the servicing of FHA-insured mortgages on properties encumbered with a PACE obligation.
Policy revisions are effective immediately. All policy updates will be
incorporated into a future publication of the HUD Single Family Housing
Policy Handbook 4000.1 (Handbook 4000.1).
This guidance applies to all FHA Title II forward mortgage programs.
SUMMARY OF C... Read More
Jan 19, 2017
This Mortgagee Letter provides consolidated and updated guidance regarding the submission of HECM assignment requests to HUD. It outlines the documentation needed to demonstrate that a HECM has been serviced in accordance with applicable HUD regulations and meets all assignment eligibility criteria.
The guidance in this Mortgagee Letter is effective no later than 90 days after its publication date.
BASIC ASSIGNMENT ELIGIBILITY CRITERIA
The following basi... Read More
Jan 18, 2017
Maximum mortgage amounts were revised by the Consolidated Appropriations Act, 2008 (Public Law 110-161, approved December 26, 2007) (FY 2008 Appropriations Act). Section 221 of the General Provisions of Title II of Division K of the FY 2008 Appropriations Act revises the statutory exceptions to maximum mortgage amounts for the FHA Multifamily Housing Programs, listed in Section 221 of the FY 2008 Appropriations Act, by (1) substituting 170 percent for the 140 percent exception of any geographica... Read More
Jan 11, 2017
The purpose of this Mortgagee Letter (ML) is to notify Mortgagees of FHA's plan to implement a new Loan Review System, which will be used to manage Title II Single Family Loan Reviews, Title II Single Family Mortgagee Monitoring Reviews, and Mortgagee self-reporting of fraud, misrepresentation and other material findings. The ML also updates related process guidance in Handbook 4000.1.
As system development is ongoing, the effective date will be confirmed in a s... Read More
Jan 11, 2017
The purpose of this Mortgagee Letter is to announce the 232 Healthcare Portal is now available to process asset management transactions and notifications for all Section 232 insured projects. The asset management transactions and notifications that may be processed through the portal include, but are not limited to:
- Reserve for Replacement Escrow releases;
- Non Critical Repair Escrow Repair releases;
- Loan modifications;
- Transfer of Physical Assets;
- Request to release ... Read More
Jan 11, 2017
This Mortgagee Letter (ML) communicates revised annual MIP rates for certain FHA Title II forward mortgages.
This ML is effective for endorsement of mortgages with a Closing/Disbursement date on or after January 27, 2017. Closing/Disbursement date refers to the later of the date of the signing of the Mortgage, or the date of disbursement of the loan proceeds, as is entered in FHA Connection.
This guidance applies to all FHA Title II forward mortgage progr... Read More
Jan 09, 2017
With this Mortgagee Letter, the Department of Housing and Urban Development (HUD) introduces new Capital Needs Assessment tools, and consolidates and aligns due diligence methods for Capital Needs Assessment. The tools, collectively called the CNA e Tool, and associated protocols, will be encouraged and optional for a period, and then will become the required format for Capital Needs Assessments for many HUD programs on a timeline as further detailed in this Mortgagee Letter.
CNA... Read More
Dec 30, 2016
The purpose of this Mortgagee Letter (ML) is to:
- notify Mortgagees of the change in timeframe for pre-endorsement mortgage review during the test case phase of the Direct Endorsement Unconditional Authority process from pre-closing to post-closing, and
- update related guidance to associated policy and processes
This guidance is effective for Mortgagees approved by HUD's Homeownership Centers to enter the Direct Endorsement Unconditional Authority Test Case process on ... Read More
Dec 14, 2016
The servicing of Section 242 loans is performed either by the Lender of Record ('Lender') or by another HUD-approved lender acting as Agent for the Lender. Mortgagee Letter 2016-23, provides, in a checklist format, a summary of important servicing responsibilities of Lenders of Record holding Section 242 hospital loans. The servicing responsibilities listed in the checklist covers the lender's responsibilities for the following areas:
- Initial Endorsement
- Construction Phase
- Permanent ... Read More
Dec 01, 2016