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Assumptions on the Rise: Are You Ready for Mortgage Assumptions?

December 16, 2022 By Nanci Weissgold, Anoush Garakani and Melissa Malpass

A&B ABstract: Mortgage assumptions – where a buyer assumes the existing mortgage loan of a seller – have fluctuated in popularity since the 1980s. However, inflation and the high interest rate environment, coupled with an observable shift to a buyer’s market, are raising the prospect that assumable mortgages – especially those with historically low interest […]

Filed Under: Ability to Repay/Qualified Mortgage, Consumer Financial Protection Bureau (CFPB), Department of Housing and Urban Development (HUD), Licensing, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA), TRID, Truth in Lending Act (TILA), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #mortgageservicing, assumablemortgage, Assumptions, HUD, mortgage lending, Mortgage Servicing, Servicing, UDAAP

FHA Issues Final Rule on Acceptance of Private Flood Insurance Policies

November 29, 2022 By Morey Barnes Yost

A&B ABstract:  On November 21, 2022, the Federal Housing Administration (“FHA”) announced a final rule to provide for the acceptance of private flood insurance in connection with FHA-insured loans. FHA to Permit Private Flood Insurance Policies Effective December 21, 2022, the FHA has adopted a long-awaited final rule (the “FHA Rule”) permitting the acceptance of […]

Filed Under: Department of Housing and Urban Development (HUD), Flood Insurance, Mortgage Loans Tagged With: Fair Housing Administration, FHA, Flood Insurance, HUD, mortgage lending

Biden-Harris Administration Announces Extension of COVID-19 Foreclosure Moratorium

June 24, 2021 By Nanci Weissgold and Anoush Garakani

A&B Abstract: Today, the Biden Administration announced an extension of the foreclosure moratorium for federally-backed mortgage loans (the “Presidential Announcement”). To implement the Presidential Announcement, the federal agencies (i.e., HUD/FHA, USDA, and VA) and GSEs (i.e., Fannie Mae and Freddie Mac) have announced (or are anticipated to announce) extensions of the foreclosure moratorium until July […]

Filed Under: CARES Act, Consumer Loan, COVID-19, Department of Housing and Urban Development (HUD), Federal Housing Finance Agency (FHFA), Forbearance, HUD, Mortgage Loans, Mortgage Servicing Tagged With: #GSEs, Covid-19, Forbearance, Foreclosure, HUD, Mortgage Servicing, Servicing

CFPB Rescinds Compliance Bulletin on Marketing Services Arrangements and Issues FAQs on RESPA Section 8

October 8, 2020 By Nanci Weissgold and Anoush Garakani

A&B ABstract:  On October 7, 2020, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) rescinded Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (“Bulletin 2015-05”).  In addition, the Bureau published Frequently Asked Questions (“RESPA FAQs”) on the Real Estate Settlement Procedures Act (“RESPA”) Section 8 topics in an effort to “provide clearer rules of […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Department of Housing and Urban Development (HUD), HUD, Real Estate Settlement Procedures Act (RESPA) Tagged With: #CFPB, HUD, Marketing Services Agreements, MSA, RESPA, Section 8

Attorneys General Urge FHFA and HUD to Take Additional Measures to Protect Borrowers Affected by COVID-19

April 28, 2020 By Nanci Weissgold and Anoush Garakani

A&B Abstract: On April 23, 2020, the attorneys general of 33 states, the District of Columbia and Puerto Rico (the “Attorneys General”) sent two letters, one to the Federal Housing Finance Agency (“FHFA”) and the other to the U.S. Department of Housing and Urban Development (“HUD” and collectively with FHFA, the “Agencies”), respectively, noting that […]

Filed Under: Attorney General Actions, Department of Housing and Urban Development (HUD), Federal Housing Finance Agency (FHFA), Mortgage Loans, Mortgage Servicing, Uncategorized Tagged With: CARES Act, Covid-19, Forbearance, HUD, Mortgage Servicing, Servicing

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