Payment Supplement News Today

Nearly 360,000 foreclosure filings were reported last year — up 10% from 2022.

The foreclosure situation is not as serious as what we've seen in the past, since some mitigating circumstances are preventing a crisis.

In an effort to help struggling borrowers stay in their homes, the US Department of Housing and Urban Development’s (“HUD” or “Department”) Federal Housing Administration (“FHA”)...

On November 16, 2023, in response to comments received on a prior draft Mortgagee Letter (ML) related to a Proposed Payment Supplement Partial Claim, the Federal Housing Administration...

Trade groups including the MBA and NMSA submitted a letter to FHA designed to improve its "payment supplement" loss mitigation proposal.

Trade associations seek improvements in FHA's recently revised proposal

While we await the release of the changes in the official conforming loan limits later today (many lenders and MI companies went to $750k in October, the CLL will probably increase around 6 percent for 2024 to around $770,000, and to $1,155,000 for high cost areas), both vendors and lenders continue with changes, instituting workweek reductions, furloughs, pay cuts, and layoffs due to overcapacity… Much different than a couple years ago when those same companies couldn’t hire peopl...

On May 31, 2023, the Federal Housing Administration, FHA, published a draft Mortgagee Letter titled Proposed Payment Supplement Partial Claim. The draft ML proposes use of available partial claims funds to create a new loss mitigation option to assist struggling borrowers.

Imagine my surprise at finding tag (like on the playground) is an organized sport. Imagine my surprise at finding two gas stations at the same intersection yesterday in Truckee, California with two different prices for unleaded! Rather than wait for the CFPB to tell me that I could save money by going to the cheapest station, as it did by paying for a study on how different lenders have different mortgage prices, I actually reasoned, all by myself, that I could, and did, buy the least expensive ...