Last month, the Department of Housing and Urban Development (HUD) announced that FHA published proposed revisions to its single-family servicing policies to reduce burdens on homeowners and mortgage servicers. The revisions include changing the standard servicing loss mitigation home retention waterfall, eliminating unnecessary and time-consuming borrower documentation requirements for Trial Payment Plans, and modifying servicing and operational policies like the allowable fee structures. “Our proposed policy changes will strengthen servicers’ ability to keep families experiencing financial challenges in their homes. They reduce the unnecessary barriers that often impede the delivery of timely borrower assistance,” said Acting Federal Housing Commissioner Len Wolfson in a statement.
Published by Oklahoma Coalition for Affordable Housing
The vision of OCAH: That all Oklahomans have the opportunity to live in safe, healthy and affordable homes. Our Mission: To lead the movement to ensure that all residents of the state of Oklahoma flourish in safe, affordable homes and to help communities develop safe and affordable housing options for all of their residents. We reach our mission through advocacy, education and practical training to foster the production and maintenance of affordable housing throughout the state. View all posts by Oklahoma Coalition for Affordable Housing