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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MBA Joint Trade Letter to VA on VASP Program
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MBA Joint Letter on Yes in My Backyard (YIMBY) Act (H.R. 3507 and S. 1688)
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MBA Recommendation Letter to CFPB to Modernize the Mortgage Servicing Rules of Regulation X
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MBA Letter to FHA on Proposed Changes to HECM for Purchase Program
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MBA Letter to FHA on Show Me State Premium Homes v. McDonnell (8th Cir. 2023)
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MBA Joint Letter to House and Senate Leadership on Averting Shutdown, Reauthorizing NFIP
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MBA Joint Trade Request to Extend the Face-to-Face Waiver
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MBA Joint Letter to HUD on Face-to-Face Requirements
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MBA Coalition Letter on FHFA Suspended Counterparty Program NPR (State MBAs)
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MBA Comment on Proposed Interagency Guidance on Reconsiderations of Value (ROV)
