FHA to Greenlight Standalone 40-Year Modification
National Mortgage News, Mar. 7, 2023–Bonnie Sinnock (subscription)
Under the policy change, which follows a public notice and comment period last year, borrowers will be able to get a so-called stand-alone 40-year modification. Modifications are used to make loans more affordable when borrowers have had hardships that led to long-term reductions in income compared to the period in which their loans were first originated.