{"id":420528,"date":"2023-12-13T16:30:39","date_gmt":"2023-12-13T21:30:39","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=420528"},"modified":"2023-12-13T17:38:34","modified_gmt":"2023-12-13T22:38:34","slug":"mba-nmsa-suggest-fixes-to-fhas-proposed-loss-mitigation-option","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/mba-nmsa-suggest-fixes-to-fhas-proposed-loss-mitigation-option\/","title":{"rendered":"MBA, NMSA suggest fixes to FHA’s proposed loss mitigation option"},"content":{"rendered":"\n

The Mortgage Bankers Association<\/a><\/strong> (MBA) and the National Mortgage Servicing Association<\/strong> (NMSA) are expressing their views on a recently revised Federal Housing Administration<\/a><\/strong> (FHA) loss mitigation proposal, stating that it needs additional adjustments to effectively address the challenges it is designed to tackle.<\/p>\n\n\n\n

The proposed policy<\/h2>\n\n\n\n

FHA in May submitted<\/a> \u2014 and in November, updated \u2014 a draft Mortgagee Letter<\/a> (ML) to the Single Family Drafting Table<\/a>, an online portal for stakeholders to review proposed policies. The proposed ML would establish a new loss mitigation option for mortgage borrowers called the \u201cpayment supplement.\u201d<\/p>\n\n\n\n

It would establish \u201ca new home retention option to help struggling homeowners meet their mortgage obligations,\u201d according to the May 2023 announcement from FHA. \u201cThe new option, called the Payment Supplement Partial Claim, would allow mortgage servicers<\/a> to use the FHA Partial Claim both to bring a borrower\u2019s mortgage current and to provide temporary reductions to their monthly mortgage payments for up to five years.\u201d<\/p>\n\n\n\n

Industry response<\/h2>\n\n\n\n

Members of the MBA and NMSA submitted a letter to FHA Commissioner Julia Gordon<\/a> on the matter this week, largely supporting it but making a series of key recommendations designed to address industry concerns.<\/p>\n\n\n\n

\u201cThe resources required to implement and maintain the Payment Supplement, including a servicer\u2019s ongoing obligation to borrowers and [the U.S. Department of Housing and Urban Development<\/a><\/strong> (HUD)] throughout the Payment Supplement Period, require additional amendments to the Draft ML,\u201d the letter explained.<\/p>\n\n\n\n

\u201cWe are very encouraged by FHA\u2019s thoughtful process to date and request certain changes to allow for the successful implementation of Payment Supplement by reducing [its proposal’s] operational, compliance, liquidity, and reputational risks,\u201d the letter added.<\/p>\n\n\n\n

The payment supplement policy “[combines] a standalone Partial Claim to bring the mortgage current with a new monthly principal reduction (MoPR), which will temporarily provide a monthly payment towards the principal portion of a borrower\u2019s monthly mortgage payment, without requiring the mortgage to be modified,\u201d the letter said.<\/p>\n\n\n\n

The payment supplement would also \u201cprovide a temporary payment reduction for three years, after which the Borrower will be responsible for resuming payment of the full monthly [principal and interest] amount.\u201d<\/p>\n\n\n\n

Recommendations<\/h2>\n\n\n\n

The MBA and NMSA letter makes four key recommendations: to increase the proposed incentive payment from $1,000 to $3,500; to provide the model note and payment supplement agreement while \u201cremov[ing] enforceability;\u201d to end the payment supplement if a borrower re-defaults during the supplement period; and to provide 9-12 months for successful implementation of the policy.<\/p>\n\n\n\n

\u201cSustainable loss mitigation policy is necessary to preserve affordable homeownership,\u201d the letter said. \u201cFHA guidance must continue to reduce the program\u2019s complexity as the draft ML touches on all aspects of a servicer\u2019s operations and loan lifecycle.\u201d<\/p>\n\n\n\n

Servicer engagement with borrowers is \u201cheavily impacted through multiple required communication touchpoints,\u201d and the supplement as currently proposed \u201cremains administratively burdensome and costly to temporarily implement and maintain as a solution under the COVID-19 Recovery Loss Mitigation waterfall,\u201d the letter explained.<\/p>\n\n\n\n

Addressing the identified gaps will improve the borrower experience, the letter said, as well as \u201creduce the risk of inadvertent noncompliance for servicers and establish a permanent program.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Trade groups including the MBA and NMSA submitted a letter to FHA designed to improve its “payment supplement” loss mitigation proposal.<\/p>\n","protected":false},"author":7007,"featured_media":335122,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1692,1687],"tags":[2683,1259,6165],"coauthors":[239905],"acf":[],"yoast_head":"\nMBA, NMSA suggest fixes to FHA's proposed loss mitigation option - HousingWire<\/title>\n<meta name=\"description\" content=\"Trade groups including the MBA and NMSA submitted a letter to FHA designed to improve its "payment supplement" loss mitigation proposal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/mba-nmsa-suggest-fixes-to-fhas-proposed-loss-mitigation-option\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MBA, NMSA suggest fixes to FHA's proposed loss mitigation option - 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