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NCLC submitted comments to support HUD’s decision to promulgate regulations that establish the necessary framework for a successful default servicing program and that supplement the guidance established by the RESPA.
The GSEs have sold around 700,000 loans in non-performing loan (NPL) and reperforming loan (RPL) pools since 2015. During the height of the COVID pandemic, Fannie Mae sold off 99,100 reperforming loans, the highest total for any year. When their loans are sold, the homeowners lose access to streamlined foreclosure alternatives created to help homeowners…
On behalf of our low-income clients, we applaud the servicing policy updates that HUD provided in Mortgagee Letter 2023-03. By expanding access to the waterfall established in response to the COVID-19 pandemic, FHA is minimizing barriers to all borrowers seeking help after a financial crisis. Increasing the partial claim cap to 30% will more effectively…
Read More about Comments to HUD Regarding Mortgagee Letter 2023-03
Required use of the Supplementary Consumer Information Form (SCIF) begins on March 1 WASHINGTON – Americans for Financial Reform, the Connecticut Fair Housing Center, Consumer Action, National Coalition for Asian Pacific American Community Development (National CAPACD), the National Consumer Law Center, the National Fair Housing Alliance, National Housing Resource Center, and UnidosUS celebrate today’s decision…
Consumers with HELOCs have substantially fewer and weaker protections than homeowners with other types of mortgages: The federal Flood Disaster Protection Act does not require servicers to escrow for flood insurance for HELOCs. The Electronic Funds Transfer Act does not apply to HELOCs. The minimum number of loans a lender must originate before becoming subject…
Read More about Home Equity Lines of Credit Gaps in Coverage & Exemptions from Regulations
Comments submitted on behalf of civil rights and consumer advocacy organizations regarding the request for public input issued by the Financial Access and Education Subcommittee of the White House Task Force on New Americans. The consumer groups urge the Financial Access and Education Subcommittee to incorporate policies that would explicitly expand language access within the…