Loan Servicing Standards
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Housing programs play a vital role in helping low- to moderate-income, minority borrowers, and eligible veterans and servicemembers realize the dream of homeownership. MBA works with the agencies to improve servicing efficiency and reduce
servicing costs. Clear and consistent guidance leads to more equal outcomes for borrowers, reductions in cost for servicers, and encourages greater participation in programs designed to aid vulnerable populations.
Read: Partial Claim Processing Delays: Risks and Solutions
The significant volume of partial claims completed throughout the COVID-19 pandemic have led servicers of FHA-insured mortgages to repeatedly receive notices from FHA’s Mortgagee Compliance Manager (MCM) demanding return of insurance funds for missing partial claim documents. Learn about:
- The impact of delays on servicers
- Recommended changes to regulation
- Immediate actions to ameliorate delays
Read: VA Partial Claims: Establishing a Permanent Program to Assist Veteran Borrowers
Veteran borrowers facing financial hardship should have access to additional tools to resolve delinquency and avoid foreclosure. The partial claim option available to FHA and USDA borrowers is not a tool in the Department of Veteran’s Affairs (VA) suite of loss mitigation options. Learn about:
- Actions by Congress
- Benefits of a Partial Claim Program
- Impact to the VBA
Recent MBA Activity Related to Government Servicing Issues
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Joint Letter to VA on Interest Rate Reduction Refinance Loans Funding Fees
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Joint Letter to Congress on Extending National Flood Insurance Program
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Joint Letter to HUD on FHA Single-Family Housing Policy Handbook; Servicing and Loss Mitigation
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MBA Letter to FHFA and the GSEs on Adverse Market Fee and Early Payment Forbearance Purchases
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MBA Letter to Senate Leadership on Dana Wade Nomination
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MBA Letter to Oregon on COVID-19 Relief
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Joint Letter to HUD on Early Payment Forbearance
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MBA Letter to Federal Reserve on Request for Clarifying Guidance on Independent Mortgage Banks eligibility Under the Main Street Loan Program
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MBA Letter to House and Senate on CARES Act Implementation
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Joint Letter to Senate and House on COVID-19 Housing Assistance Fund