Tag Archives: mitigation

Pandemic loss mitigation had a 10% redefault rate in June

Early numbers suggest mortgages in COVID-19 loss mitigation programs will have a 10% redefault rate, according to the Federal Reserve Bank of Philadelphia’s Risk Assessment, Data Analysis and Research Group. The group called the number “concerning given overall strong market conditions to date” and noted that it has varied widely depending on loan type. Mortgages […]

FHA unveils 40-year loan modification option FHA’s COVID-19 loss mitigation options may soon include a 40-year loan modification option

The Federal Housing Administration (FHA) is moving to expand its COVID-19 loss mitigation “waterfall” by introducing a 40-year loan modification option and is asking the mortgage industry for input. The proposed rule, published by the Department of Housing and Urban Development late last week, would change repayment provisions for FHA borrowers, allowing lenders to recast a borrower’s total unpaid loan […]