HUD: FHA INFO #21-66: Waivers for COVID-19 Recovery Options

HUD: FHA INFO #21-66: Waivers for COVID-19 Recovery Options

Investor Update
August 5, 2021

Source: HUD (FHA INFO #21-66 PDF)

In this Announcement:

• FHA Announces Waivers to the Review Requirements for Its COVID-19 Advance Loan Modification and COVID-19 Recovery Options

• Reminder of Upcoming COVID-19 Recovery Options Industry Webinar

See below for details.

Today, the Federal Housing Administration (FHA) issued the following partial waivers to its policies pertaining to COVID-19 Advance Loan Modification (COVID-19 ALM) and COVID-19 Recovery Loss Mitigation Options (COVID-19 Recovery Options):

• Partial Waiver of the Borrower Review Requirements for the COVID-19 Advance Loan Modification in Handbook 4000.1 and Mortgagee Letter 2021-18

• Partial Waiver of the Re-Review of Borrower Requirements for the COVID-19 Recovery Loss Mitigation Options in Mortgagee Letter 2021-18.

These waivers address the mortgagee’s timeframes and borrower eligibility for a required review or re-review for the COVID-19 ALM and the COVID-19 Recovery Options.

Mortgagees are encouraged to thoroughly review the two waivers that posted today as well as the COVID-19 ALM and COVID-19 Recovery Options policies outlined in ML 2021-15 and ML 2021-18, respectively.

To view full announcement, please click the source link above