Safeguard Properties

HUD Reports Continued Progress For Housing Recovery

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Investor Update
July 20, 2016

HUD’s latest housing scorecard, which examines housing recovery data, HUD’s programs performance, and areas for improvement, showed continued progress in the nation’s housing recovery for June—with growth in key indicators such as existing-home sales, homeowners’ equity, and home value appreciation.

“While our housing market is on a healthy trajectory, it’s clear we must continue to support programs that help more Americans recover from the Great Recession,” said Katherine O’Regan, Assistant Secretary for the Office of Policy Development and Research under HUD.

Sales of existing homes rose to the highest pace in more than nine years in May 2016. According to The National Association of Realtors (NAR), sales of existing homes rose 1.8 percent in May to an annual rate of 5.53 million and appear to be at their fastest pace since February 2007’s rate of 5.79 million. Additionally, sales were 4.5 percent higher year-over-year and have been above the 5.0 million mark for 14 of the past 15 months.

HUD’s report also shares that homeowners’ equity continues to increase and currently sits 3.7 percent higher than the fourth quarter of 2015, giving it a total of more than $13.0 trillion–the highest level since the first quarter of 2006, when it peaked at almost $13.3 trillion. The Federal Reserve reports the change in equity since April 1, 2009, when the Administration initiated actions to try and stabilize the housing market, now sits at nearly $6.8 trillion and equity has risen by more than $6.5 trillion since the end of 2011.

O’Regan also points out that home prices continue with an upward trend in April as the annual house price changes remain “fairly stable” in a 5- to 6-percent range. The Federal Housing Finance Agency (FHFA) seasonally adjusted purchase-only house price index for the month of April 2016 estimates home values rose 0.2 percent over the previous month and 5.9 percent over the previous year. The FHFA index reports U.S. home values at 3.1 percent above their previous peak set in March 2007 and stand 30.2 percent above the low point reached in March 2011.

Additionally, O’Regan shares that the Administration’s foreclosure mitigation programs continue to aid millions of homeowners as the recovery from the housing crisis continues. She states more than 10.5 million mortgage modifications and other forms of mortgage assistance arrangements were completed between April 2009 and the end of May 2016.  Likewise, she says more than 2.6 million homeowner assistance actions have taken place through the Making Home Affordable Program, including over 1.6 million permanent modifications through the Home Affordable Modification Program (HAMP), and the Federal Housing Administration (FHA) has offered more than 3.2 million loss mitigation and early delinquency interventions through May.

According to O’Regan, “These Administration programs continue to encourage improved standards and processes in the industry, with lenders offering families and individuals more than 4.7 million proprietary modifications through April.”

Source: DS News

Additional Resource:
HUD (Housing Scorecard)

HUD Oral Testimony of Julian Castro

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Investor Update
July 13, 2016

As prepared for delivery.

Chairman Hensarling, Ranking Member Waters, members of the Committee — thank you for allowing me this opportunity to discuss an initiative that is making an important, positive difference for American homeowners and their neighborhoods — HUD’s Distressed Asset Stabilization Program, also known as “DASP”.

I look forward to a good conversation this morning, but first I’d like to express my condolences to the members whose constituents were most affected by the tragedies our nation endured last week in Baton Rouge, Louisiana, in Falcon Heights, Minnesota and, most recently, in Dallas in my home state of Texas. The HUD team and I join with youin mourning the lives — both civilian and law enforcement — that were lost.

My colleague, Attorney General Loretta Lynch, recently remarked that the response to these tragedies must be “calm, peaceful, collaborative, and determined action.” And the Obama Administration is eager to work with you to help make our communities safer for every citizen, including for police officers, while also ensuring that every American’s civil rights are protected.

We come together this morning to discuss an altogether different yet essential public mandate — strengthening the nation’s housing market in ways that protect homeowners, improve neighborhoods, and boost the U.S. economy.

Without question, our nation’s housing market has made remarkable progress since the Great Recession. Real residential investment — which includes new housing construction and home improvements — has grown by more than 8 percent for six straight quarters, and continues to far outpace overall GDP growth. Sales of existing homes have climbed to their highest level in more than nine years. And homeowners’ equity continues to show sharp gains and is now nearly $7 trillion higher than when President Obama took office. And I’m proud that HUD has helped lead this turnaround. Our agency has taken a number of steps to ensure that the housing market remains a bright spot in our economy.

One important step has been creating DASP. It’s innovative. It helps homeowners avoid foreclosure, helps preserve strong neighborhoods, and boosts the health of the Mutual Mortgage Insurance (MMI) Fund. Since its launch in 2012, DASP has helped more than 10,000 families who were on their way to foreclosure remain in their homes. And it’s helped another 15,000 homeowners avoid foreclosure altogether. That has had a major stabilizing effect for some of the communities that were hardest hit by the Great Recession. And it’s a direct result of our efforts over the last four years to continually improve DASP’s effectiveness.

Since the program’s launch, HUD has modified DASP many times. We’ve implemented a 12-month moratorium on foreclosures, strengthened DASP’s neighborhood stabilization requirements, and made the program more transparent and more
competitive. In fact, no DASP note sale has been the same. And all of the program’s changes have helped ensure it continues to meet the needs of our growing housing market.

The same is true of the improvements we announced last week — including those aimed at encouraging more non-profit investors to join DASP. Some have tried to single out these changes as being politically motivated. They were not. Many non-profit groups have decades of experience in stabilizing neighborhoods. And HUD wants to put that expertise to work on behalf of the homeowners and communities that need it most while also maintaining the rigorous standards that have made DASP a success for the MMI Fund.

All of the program changes we will discuss today were designed with input from a broad range of stakeholders, all were assessed for how well they would fulfill our goal of strengthening neighborhoods, and all have been implemented with this Committee’s counsel in mind — including your direction, Chairman Hensarling, that any changes to DASP further protect the health of the MMI Fund. I’m proud of these changes. I’m also proud that the FHA has constructed a very sound program. In the last fiscal year, DASP recoveries were 16 percent higher than recoveries on assets conveyed through the traditional foreclosure action, or real estate owned (REO), process. And when you consider that DASP has contributed more than $2 billion to the MMI Fund above what would’ve otherwise been collected, it’s clear this innovative program is a significant reason why the Fund’s capital reserve ratio is now above its 2 percent requirement.

DASP was created during a period of economic turmoil that was unprecedented in our lifetimes. Since its launch, the program has helped preserve the dream of homeownership for thousands of families who had exhausted every other tool at the
Federal Housing Administration’s disposal while also strengthening neighborhoods all across our nation and protecting taxpayers. Ladies and gentlemen, this is an outstanding example of how public-private partnerships can and should work.

Thank you, and I would be happy to answer any questions.

Source: HUD

HUD Announces Change to Debenture Interest Rates

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Investor Update
July 27, 2016

ACTION

Notice.

SUMMARY

This notice announces changes in the interest rates to be paid on debentures issued with respect to a loan or mortgage insured by the Federal Housing Administration under the provisions of the National Housing Act (the Act). The interest rate for debentures issued under section 221(g)(4) of the Act during the 6-month period beginning July 1, 2016, is 1 3/4 percent. The interest rate for debentures issued under any other provision of the Act is the rate in effect on the date that the commitment to insure the loan or mortgage was issued, or the date that the loan or mortgage was endorsed (or initially endorsed if there are two or more endorsements) for insurance, whichever rate is higher. The interest rate for debentures issued under these other provisions with respect to a loan or mortgage committed or endorsed during the 6-month period beginning July 1, 2016, is 2 1/2 percent. However, as a result of an amendment to section 224 of the Act, if an insurance claim relating to a mortgage insured under sections 203 or 234 of the Act and endorsed for insurance after January 23, 2004, is paid in cash, the debenture interest rate for purposes of calculating a claim shall be the monthly average yield, for the month in which the default on the mortgage occurred, on United States Treasury Securities adjusted to a constant maturity of 10 years.

Source: HUD/Office of the Federal Register (full notice)

Freddie Mac: Our Expert Q&A on Investment Property Schemes

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Investor Update
July 20, 2016

Mortgage fraud schemes can be tricky in more ways than one. They prey on a victim’s desire to act on an offer that is too good to be true. And they aren’t all high profile. Some aren’t splashed across the front pages of The New York Times. At least, not yet.
 
All the more reason for us to share the latest news with our Seller/Servicers so you can stay ahead of the curve and mitigate fraud as soon as you discover it.
 
Investment property schemes fall into this “on the rise” category. Often spread by word of mouth, which may keep the paper and digital discovery trail to a minimum, they typically involve individuals purchasing multiple investment properties with as little personal investment as possible. The borrower is promised rapid appreciation on the property and the opportunity to flip for a profit at a future date.
 
In the following frank conversation with Robb Hagberg, Director of Fraud Prevention with Freddie Mac’s Financial Fraud Investigation Unit (FFIU), we explore how to detect, prevent and report investment property schemes.
 
Q&A with Robb Hagberg
 
Q: Robb, before we delve into today’s topic, investment property schemes, what can you tell our Freddie Mac customers about the state of mortgage fraud in today’s real estate market?
 
A: Since the financial crisis, we’ve observed a lengthy cooling down period of mortgage fraud in loan originations. Over the past two years, we’ve seen only mild upticks in activity. But now, old fraud schemes are being dusted off, given a fresh coat of paint and are hitting the market. These include investment property schemes.
 
Q: What specific factors are making it more conducive for people to commit fraud in today’s market?
 
A: It’s all about the environment: expanding credit policy, inexperienced home buyers, rapid increases in collateral value and a return of bad actors to the market.
 
Q: Now on to today’s focus – what should our customers know about investment property fraud?
 
A: Investment property fraud involves luring inexperienced borrowers into purchasing rehabbed investment real estate with the promise of little or no money down and complete property management. Typical attributes of this scheme will include false down payments, inflated appraised values and refinances of hard money loans that are actually vehicles to create the illusion of equity. These types of schemes have also employed straw buyers.
 
Q: How did you and the FFIU team discover this rise in investment property fraud?
 
A: It actually started where it almost always does – a diligent employee who followed escalation processes. Based on a solid tip from our quality control team, FFIU identified what appeared to be an investment property scheme in which inexperienced, out of state buyers were acquiring investment property using a hard money loan and then immediately refinancing. The refinances were then sold to Freddie Mac. Closer inspection of the loans indicated that the appraised values were inflated and that the borrowers put little or no money down on the actual acquisition of the properties. Data analysis showed that this was not an isolated incident. We suspect multiple similar schemes, which appear to follow this pattern, are happening in other locations.
 
Q: What red flags should Seller/Servicers – and borrowers, too, for that matter – be aware of?
 
A: Common red flags that we’ve seen:

  • Financing of out of state investment property;
  • Borrowers may be renting their primary residence, but acquiring rental property;
  • Borrowers are financing multiple properties;
  • An appraisal indicates a prior property flip but offers no reasonable rationale for increase in value; 
  • Borrower is refinancing a recently originated purchase loan;
  •  Refinance is paying off what appears to be short-term/hard money financing.

Q: How are the fraudsters able to circumvent the controls this industry has in place to prevent investment property fraud?

A: It’s really a matter of the fraudsters looking for guidance work-arounds and changes. For example, when a lender or investor doesn’t have a seasoning requirement on refinances, they are more vulnerable to purchase as refinance schemes. The fraudsters will rationalize their staging of these transactions by claiming, “it meets your requirements.” But no matter how a lender/investor may write its guidelines, these types of transactions are not what they intended to fund.
 
Q: What best practices can lenders follow to detect or avoid investment property fraud – and other fraud – schemes?
 
A: Underwrite prudently and with common sense. Just because a loan file meets the investor’s documentation requirements doesn’t automatically mean the loan is a good risk or a reasonable underwrite. Focus carefully on the documentation in the file and the story it tells about the borrower. Ask yourself: are the collateral and transaction in sync and do they make sense?
 
Q: What should our customers who want to report fraud or suspected fraud to Freddie Mac do?
 
A: Don’t hesitate. I would not only encourage our customers, but also remind them that reporting to Freddie Mac is a Single-Family Seller/Servicer Guide requirement. They can refer suspicious activity to Freddie Mac by emailing our fraud mailbox at mortgage_fraud_reporting@freddiemac.com or by calling (800) 4FRAUD8. They can always give me or another member of the FFIU a call – we love to hear a story!
 
Q: Thanks, Robb. Any final thought to leave customers with today?
 
A: It’s time for our industry to get back to the basics. We need to remember what we know about making good credit decisions. That means saying no to bad ones and knowing the counterparties with whom we interact. We are smarter than those who perpetrate fraud and we need to stand strong together in fighting it.

For More Information

  • Read the Single-Family mortgage fraud mitigation best practices document [pdf] and mortgage screening checklist [pdf].
  • Visit the Freddie Mac fraud prevention web page and share our updated resources with appropriate members within your organization.
  • Refer to Single-Family Seller/Servicer Guide Chapters 3100 and 3200 for our complete requirements on fraud prevention, detection and reporting.
  • Contact us immediately if you suspect fraud related to any loans we’re working on together. Call (800) 4FRAUD8 or email Mortgage Fraud Reporting.

Source: Freddie Mac

Freddie Mac: Lessons Learned from the Crisis

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Investor Update
July 11, 2016

The mortgage servicing industry has become stronger and more efficient in a post-crisis world due to the efforts of servicers to delegate authority to make modification decisions and to offer modifications with more favorable terms to borrowers, such as step rate mortgages and principal forbearance, according to Yvette Gilmore, VP Single-Family Servicer Performance Management with Freddie Mac.

Gilmore stated that Treasury’s Home Affordable Modification Program (HAMP) has played an important role in helping borrowers by setting industry standards to assist in a unified way.

Nearly eight years after the crisis, the five lessons Gilmore said Freddie Mac has learned from the crisis are as follows:

  • Lower payments
  • Earlier borrower engagement
  • Reduced documentation
  • Simpler programs
  • More feedback

Payment relief drives ongoing modification performance and is the biggest predictor of long-term success for borrowers, Gilmore said. And the earlier servicers can engage with a borrower, the better the chances of completing a modification and the greater chance it will perform better over time.

“Together with our servicers we have helped nearly 1.2 million struggling homeowners avoid foreclosure since the crisis began in 2009,” Gilmore said. “Our serious delinquency rate—the percent of borrowers who are 90 days past due or in foreclosure—is at its lowest level in seven years. And an improving housing market and economic picture bode well for many homeowners who are underwater or struggling.”

Freddie Mac is currently preparing for the “new normal” in mortgage servicing for 2017 and beyond, Gilmore said. The current outlook is for fewer underwater borrowers, rising mortgage interest rates, and “more localized patterns of booms and stress in the housing market and the economy as a whole.”

The new normal includes making sure that loss mitigation programs continue to be effective for borrowers, which includes planning for a world without the government’s HAMP and Home Affordable Refinance Program (HARP), both of which are set to expire at the end of the year.

These are important considerations we’re thinking through with our regulator, the Federal Housing Finance Agency, and the industry,” Gilmore wrote. “However, I think it’s important to note that the majority of modifications we complete today are through our proprietary programs.”

Also to be considered in the era of the new normal, Gilmore said, is how to determine borrower eligibility—for example, when to require documentation and when a streamlined process is necessary.

Source: DS News

FHLMC Guide Bulletin 2016-13 Servicing Updates

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Investor Update
July 13, 2016

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-13, we’re simplifying processes and adding detail to a number of topics.  
 
Some key changes include:

  • Based on your feedback, effective October 12, 2016, giving Servicers more flexibility when filing for relief from the automatic stay of bankruptcy.
  • Enhancing requirements around when you must obtain our prior approval before starting or intervening in certain legal actions or strategies.
  • Removing the requirement to suspend foreclosure proceedings in certain instances when you receive a complete Borrower Response Package.

Additionally, we’re:

  • Eliminating the need to separately track Senior Subordinate Mortgages and allowing more flexibility in the transfer of these mortgages.
  • Providing greater clarity on expectations for property valuations when evaluating borrowers for certain loss mitigation options.
  • Updating requirements related to foreclosure sale postponements, third-party foreclosure sale remittances and deficiency recovery vendor documentation requests.

Review today’s Guide Bulletin for details on the above changes and other updates.

Reminder

As announced in Guide Bulletin 2016-2 [pdf], you must be set up to receive reimbursement of expenses and payment of incentives via Automated Clearing House (ACH) credit entries into your commercial checking accounts no later than August 1, 2016. Submit the authorization agreement (Exhibit 98) at least seven business days before August 1 to receive expense reimbursements and incentive payments via ACH credit entries on or after August 1.
 
For questions regarding setup, Servicers may contact us at Reimbursement_System_Setup@freddiemac.com. Once you’re set up, you may submit any ACH credit-related questions or concerns to Freddie Mac at 104_Expense@freddiemac.com.
 
For More Information

Source: Freddie Mac

FHFA Launches Map of Potentially Eligible Borrowers for Principal Reduction Modification

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Investor Update
July 11, 2016

After the announcement on April 14, 2016 that Fannie Mae and Freddie Mac will be offering a one-time Principal Reduction Modification program, one of the main questions we received was “where are eligible borrowers located?” Today, we are launching an interactive online map on FHFA.gov that highlights the top 10 states where these potentially eligible borrowers live. The program, however, is open to eligible borrowers nationwide.

The largest number of potentially eligible borrowers can be found in:

1.Florida – 6,260
2.New Jersey – 6,257
3.New York – 2,823
4.Illinois – 2,434
5.Ohio – 1,214
6.Pennsylvania – 1,109
7.Nevada – 1,032
8.Maryland – 726
9.Connecticut – 703
10.Massachusetts – 682
 
?As you can see from the above map, eligible borrowers tend to be concentrated in communities across the country that have not yet fully recovered from the foreclosure crisis, especially in states with long foreclosure timelines. In each of the top 10 states, the interactive map provides a breakdown by zip code or MSA of potentially eligible borrowers. You can view the zip code and MSA breakdowns by switching between the two tabs at the top left of the map. You can also hover over each of the highlighted states for state-specific data, including the number of potentially eligible borrowers in each state, the average unpaid principal balance (UPB) of each loan, the average length of delinquency, and the average loan-to-value (LTV) ratio. For example, for the 6,260 potentially eligible borrowers in Florida, the average UPB is $156,719, the average days delinquent is 1,590, and the average LTV ratio is 158%.

The borrowers shown on the map are those who Fannie Mae and Freddie Mac estimate will be eligible for the Principal Reduction Modification program. A borrower’s actual eligibility will be determined by their servicer once the servicer has implemented the program. Overall, FHFA estimates that more than 30,000 borrowers will be eligible nationwide. This is a slightly smaller number than was estimated when FHFA announced the program in April. This reduction can be attributed to the fact that the housing market is continuously evolving and may have improved in some areas. 

While the total number of potentially eligible borrowers may seem small, it is important to give some context. The total number of underwater borrowers with a Fannie Mae or Freddie Mac loan has dropped by over 80 percent in the last four years.  Of all underwater loans nationally, only about 2 percent are both severely delinquent and owned or guaranteed by Fannie Mae or Freddie Mac. The Principal Reduction Modification program is the final crisis-era modification program designed to give these borrowers a last opportunity to avoid foreclosure and stay in their homes. 

As part of the strategy to reach as many potentially eligible borrowers as possible, FHFA, Fannie Mae, and Freddie Mac will leverage existing relationships between servicers and local housing partners in the top MSAs, as well as each of the Housing Finance Agencies in the top 10 states. Look for updates from FHFA on additional efforts to engage the eligible population throughout the summer and fall. 

Servicers will begin soliciting potentially eligible borrowers for a Streamlined Modification no later than July 15, which will enable borrowers who believe they may be eligible for a Principal Reduction Modification to start a modification that may include a reduced monthly payment, an interest rate reduction and forbearance of principal and/or amounts in arrearage. Accepting a Streamlined Modification offer will not guarantee eligibility for a Principal Reduction Modification, but borrowers later determined to be eligible will see their forbearance amount converted to forgiveness. Servicers must solicit all borrowers eligible for the Principal Reduction Modification starting no later than October 15. All Principal Reduction Modification solicitation offers must be sent by December 31.

Borrowers must act quickly to save their homes: homeowners who are struggling to pay their mortgage and feel they meet the basic eligibility criteria outlined in the program announcement should contact their servicer directly.

For additional information on the Principal Reduction Modification program, visit FHFA.gov or contact us at PRM@FHFA.gov.

Source: FHFA

FHA INFO #16-48: Press Release and White Paper on the Future of Foreclosure Prevention Issued Today

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Investor Update
July 25, 2016

Today, the U.S. Department of the Treasury issued a Press Release regarding the publication of a joint white paper by Treasury, the U.S. Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) that is designed to serve as a guide for future loss mitigation programs.

The guidance draws on lessons learned from the implementation of the government’s crisis-era housing foreclosure prevention/loss mitigation recovery programs, and outlines five principles the agencies believe were essential to the success of the government’s programs and should provide a foundation for any future loss mitigation programs.

For complete information, refer to the Guiding Principles for the Future of Loss Mitigation white paper.

Quick Links

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 Relay Service at 1-800-877-8339.

Source: HUD (FHA INFO #1648 full version)

FHA INFO #16-44: Mortgagee Letter 2016-10

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Investor Update
July 13, 2016

Revised HECM Financial Assessment and Property Charge Guide and Other HECM Updates in Mortgagee Letter 2016-10

Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2016-10, Home Equity Conversion Mortgage (HECM) Program – Servicing Fee Set-Aside Growth Rate; Third Party Property Tax Verification Fees; and Financial Assessment and Property Charge Guide. This Mortgagee Letter:

  • Announces and transmits an updated HECM Financial Assessment and Property Charge Guide;
  • Revises the calculation of the growth rate (compounding interest rate) for HECM Servicing Fee Set-Asides to use the Note Rate; and
  • Adds the Third Party Property Tax Verification Fee to the list of allowable fees and charges.

The revised Financial Assessment and Property Charge Guide and the Servicing Fee Set-Aside policy become effective for FHA case numbers assigned on or after October 3, 2016. The Third Party Property Tax Verification Fee update is effective for FHA case numbers assigned on or after today, July 13, 2016.

FHA will host an industry briefing conference call to review the details in Mortgagee Letter 2016-10 on July 21. Additional information is included at the end of this FHA INFO.

Revised HECM Financial Assessment and Property Charge Guide
During the past year, FHA has gained additional insights into the practical application of its HECM Financial Assessment and Property Charge policies that became effective for FHA case numbers assigned on or after April 27, 2015. Based on this experience, FHA is making additional revisions to the HECM Financial Assessment and Property Charge Guide. These revisions include:

  • Updates to reflect applicable forward mortgage policy changes that have been made to the Single Family Housing Policy Handbook 4000.1 subsequent to the Guide’s November 2014 publication;
  • More specific guidance for several components of the Financial Assessment; and
  • Additional criteria for evaluating Compensating Factors in completing the Residual Income analysis to ensure HECM borrowers can comply with HECM requirements and stay in their homes long term.

The revised Financial Assessment and Property Charge Guide is attached to Mortgagee Letter 2016-10, and becomes effective for FHA case numbers assigned on or after October 3, 2016. The current Guide, in effect for case numbers assigned through October 2, 2016, remains accessible from HUD’s Client Information Policy Systems (HUDCLIPS) web page and the HECM for Lenders web page.

FHA Systems Changes Required
To support certain revisions contained in Mortgagee Letter 2016-10, FHA will implement changes to both its FHA Connection (FHAC) and Home Equity Reverse Mortgage Information Technology (HERMIT) systems to coincide with the effective dates noted in the Mortgagee Letter. FHA will communicate additional information about the FHAC and HERMIT systems changes in the future.

Industry Briefing Conference Call on July 21
FHA-approved mortgagees and other stakeholders are invited to attend an industry briefing conference call on July 21. During this call, FHA subject matter experts will provide an overview of the revisions contained in Mortgagee Letter 2016-10.

  • Title: HECM Mortgagee Letter 2016-10
  • Date: July 21, 2016
  • Time: 2:00 PM – 3:00 PM (Eastern)
  • Dial-in: (866) 254-5935
  • Access Code: 397712

Mortgagees may submit questions in advance of this call to FHA’s special e-mail box, FHASFCall@hud.gov, by July 19. Please limit your submissions to two questions, which FHA subject matter experts will consider for responses during the call. Please note that this is an unattended e-mail box to be used only for submitting questions concerning Mortgagee Letter 2016-10. FHA will be unable to respond in writing to individual questions or inquiries submitted to this e-mail box.

Quick Links

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 Relay Service at 1-800-877-8339.

Source: HUD