FHA INFO #16-01: Additional Extension of Certain Timeframes in Connection with Mortgagee Letters 2015-11 and 2015-26
Investor Update
January 13, 2016
On January 12, 2016, the Federal Housing Administration (FHA) issued Mortgagee Letter (ML) 2016-01, Additional Extension of Certain Timeframes in Connection with Mortgagee Letter 2015-11 (Loss Mitigation Guidance for Home Equity Conversion Mortgages [HECMs] in Default due to Unpaid Property Charges) and Mortgagee Letter 2015-26.
This Mortgagee Letter extends the time to submit a Due and Payable request as outlined in ML 2015-11. The new deadline is April 17, 2016. The extension applies to the timeframe in which a mortgagee must to take First Legal Action where the mortgagee is actively reviewing the borrower for loss mitigation in accordance with ML 2015-11.
The policies in this Mortgagee Letter affect the “Effective Date” sections of ML 2015-11 and the extension period provided in ML 2015-26. All other provisions in Mortgagee Letter 2015-11 remain in effect.
Provisions of this Mortgagee Letter will be incorporated into the Single Family Housing Policy Handbook 4000.1 in the future, as applicable.
Quick Links
- View Mortgagee Letter 2016-01 and other Mortgagee Letters at: http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee
Resources
Contact the FHA Resource Center:
- Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at www.hud.gov/answers.
- E-mail the FHA Resource Center at answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
- Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at 1-800-877-8339.
Source: HUD (FHA INFO #1601 full version)