Follow-up Letter to FHA Regarding ML 2023-03
This letter follows up on the joint August 24, 2023 letter to HUD on partial claim eligibility.
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Joint Letter to HUD Regarding Partial Claim Eligibility
This letter asks HUD to expand eligibility requirements for the partial claim to borrowers who have quickly recovered from their hardship.
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NCLC Petition for Reg X Rulemaking on HELOCs, Reverse Mortgages, Language Access, and Manufactured Housing
The National Consumer Law Center urges the Bureau to modify the mortgage servicing rules in Regulation X, 12 C.F.R. Part 1024, to provide consistent, fair, and transparent protections to borrowers across the mortgage market. NCLC requests that the Bureau remove the HELOC exemption from Regulation X sub-part C; remove the reverse mortgage exemption from Regulation…
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NCLC and CRL Comments to HUD's Proposed Payment Supplement Partial Claim
In these comments, the National Consumer Law Center and the Center for Responsible Lending provided detailed comments to HUD’s proposed Payment Supplement Partial Claim program, which will help borrowers avoid unnecessary foreclosure.
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Coalition Letter in Support of HUD's Proposed Payment Supplement Partial Claim Program
The letter, joined by sixty-three non-profit organizations, supports HUD’s proposed Payment Supplement Partial Claim program as a necessary innovation to provide FHA-insured borrowers who have fallen behind on their loans with the payment relief needed to help them avoid foreclosure.
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Letter to HUD on Modernization of Engagement With Single Family Mortgagors in Default
On behalf of NCLC’s low-income clients, NCLC responds to HUD’s planned revision of the face-to-face meeting regulation, 24 C.F.R. § 203.604, as indicated on the agency’s regulatory agenda. By ensuring that servicers make a significant attempt to discuss loss mitigation options with borrowers, 24 C.F.R. § 203.604 facilitates the effective communication between borrowers and servicers…
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Unmet Promise: Reverse Mortgage Servicing Challenges and How to Preserve Housing Stability for Older Adults
BY: SARAH BOLLING MANCINI WITH: COLIN WEIDIG, CAMILLE DESIERTO, MARYANN FLANAGAN, RACHEL SCOTT There are roughly 480,000 reverse mortgages currently outstanding in the United States. This number is expected to grow as baby boomers age. The program was designed to allow older homeowners to borrow against their home equity without the risk of displacement, but…
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Advocates Praise FHA’s Expansion of Access to Foreclosure Alternatives
Advocates applaud FHA's decision to give all borrowers facing financial hardship access to crucial foreclosure alternatives that the agency developed in response to the pandemic.
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Assisting Homeowners with Reverse Mortgages after a Natural Disaster: A Guide for Advocates
After a disaster, older homeowners may struggle to meet their obligations under a reverse mortgage and may be concerned about losing the home to foreclosure. This guide spells out the resources and options that are available to help older adults maintain homeownership.
