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 Letter on Extending the NFIP
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MBA Comment Letter to HUD on Notice of Proposed Information Collection
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MBA Joint Comment Letter to VA on Public Comment Process for Foreclosure Prevention Solution for Veteran Borrowers
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MBA Joint Comment Letter on AVM Quality Control Standards
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MBA Letter to FHFA on the GSE Pricing
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MBA Response to HUD RFI on Enhanced Access to HUD Programs
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MBA Joint Letter to VA on VASP
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MBA Letter to Financial Stability Oversight Council (FSOC) on Proposed SIFI Designation Guidance
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MBA Comment Letter to CSBS on NMLS Mortgage Call Report
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Joint Trade Letter to FHA’s Proposal to Assist Borrowers in High-Interest Rate Environment
