During the first three months of the COVID-19 pandemic, nearly 11 million households fell behind on their rent or mortgage payments and 30 million individuals missed at least one student loan payment, according to new research released today by the Mortgage Bankers Association’s Research Institute for Housing America.
Tag: FHA Forbearance Indemnification Policy
MBA, Trade Groups Urge HUD to Modify FHA Forbearance Indemnification Policy
Sixteen industry trade organizations joined the Mortgage Bankers Association in a letter this week to HUD, expressing concerns with a recently announced FHA policy requiring lenders to provide 20 percent indemnification of the original loan amount for up to two years in relation to borrowers who enter into forbearance due to COVID19-related hardship after closing and prior to FHA insuring their loan.
MBA, Trade Groups Urge HUD to Modify FHA Forbearance Indemnification Policy
Sixteen industry trade organizations joined the Mortgage Bankers Association in a letter this week to HUD, expressing concerns with a recently announced FHA policy requiring lenders to provide 20 percent indemnification of the original loan amount for up to two years in relation to borrowers who enter into forbearance due to COVID19-related hardship after closing and prior to FHA insuring their loan.