2010 Mortgagee Letters http://www.hud.gov/offices/adm/hudclips/letters/mortgagee
- ML 2010-43: Flood Zone Requirements for Federal Housing Administration (FHA) Insured Mortgages
- Announces that FHA now requires flood zone determination on all properties
- Prohibits FHA Mortgage Insurance for properties in designated coastal barriers
- ML 2010-42: Federal Home Loan Bank – Affordable Housing Program, Homeownership Set-Aside Grant Program
- Provides guidance on FHLB AHP Homeownership Set-Aside Program in conjunction with FHA financing.
- ML 2010-41: Construction Specifications Institute (CSI), MasterFormat Editions
- For Multifamily Mortgagees: The construction specifications template for FHA new construction and substantial rehabilitation projects has changed…
- ML 2010-40: 2011 FHA Maximum Loan Limits
- Announces 2011 FHA single-family loan limits.
- ML 2010-39: Home Equity Conversion Mortgage (HECM) – HUD-1 Settlement Statement Closing Certification
- Introduces revised HECM – HUD-1 closing certification. For all HECM case numbers assigned on or after 12/1/10.
- ML 2010-38: Mortgagee Eligibility Requirements and Clarification of FHA’s Electronic Annual Certification Requirements and Procedures
- Clarifies eligibility requirements for annual certification
- Clarification of term “unresolved findings”
- Definition of a corporate officer
- Properly notifying HUD of business and address changes
- Timeframes associated with criminal activity
- Clarification of compliance with SAFE Act
- Reminder of annual recertification requirements
- Guidance on completing electronic annual certification
- New info to mortgagees unable to certify
- Clarifies eligibility requirements for annual certification
- ML 2010-37: HECM Program: Clarification of Policies Regarding the Requirement that HECM Lenders Provide Prospective HECM Borrowers with a List of HECM Counseling Agencies
- Clarifies HECM requirement to provide borrower with list of HECM counseling agencies.
- ML 2010-36: Requirements for Combined Loan Amounts
- Eliminates requirements that sum of all liens not exceed geographical max mortgage limit for both purchase and refinance transactions.
- ML 2010-35: Borrower Certification for FHA Refinance of Borrowers in Negative Equity Positions
- Announces that mortgagees must obtain signed certification form from borrower if underwater borrower is refinancing.
- ML 2010-34: Home Equity Conversion Mortgage Program – Introducing HECM Saver; Mortgage Insurance Premiums and Principal Limit Factor Changes for HECM Standard
- Announces HECM Saver, with lower upfront costs for mortgagors who want to borrower smaller amount than would be available with HECM Standard.
- Also effective October 4, 2010, amount of HECM loan proceeds available to mortgagors will be reduced.
- ML 2010-33: FHA Connection Enhancements to Support Sponsored Third Party Originations (Sponsored Originations)
- Enhances FHA Connection to support Sponsored Originations, effective October 4, 2010.
- ML 2010-32: Revision to Policy for Partial Payment of Claims and Mortgage Modifications
- For Multifamily Mortgagees: Implements several policy changes to Partial Payments of Claim (PPC) and Mortgage Modifications.
- ML 2010-31: Annual Base City High Cost Percentage and High Cost Area Revisions for 2010
- For Multifamily Mortgagees: Announces Annual Base City High Cost Percentages and High Cost Areas.
- ML 2010-30: Revised Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f) to Allow for Acquisitions
- For Multifamily Mortgagees: Revises certain provisions of temporary authority to Multifamily Hub Directors to waive the Three-Year Rule for Section 223 (f) applications…
- ML 2010-29: Minimum Credit Scores and Loan-to-Value Ratios
- Introduces new minimum credit scores and LTV ratio requirements for FHA loans. Effective for case numbers assigned on or after October 4, 2010.
- L 2010-28: Changes to FHA Mortgage Insurance Premiums
- Raises annual FHA premium and lowers upfront premium, except for HECMs. Effective for case numbers assigned on or after October 4, 2010.
- ML 2010-27: Renewal of Special Authority for Eligibility of Projects for Mortgage Insurance where Construction has Started…
- For Multifamily Mortgagees: Renews policy for eligibility of projects where construction has started.
- ML 2010-26: Further Policy Guidance to Defer Submission of Final Architectural Plans and Specifications Introduced by Mortgagee Letter 2008-19…
- For Multifamily Mortgagees: Provides guidance on ML 08-19 regarding deferring submission of final architectural plans…
- ML 2010-25: Processing Instructions for Refinancing Cooperative Housing Projects under Section 207 pursuant to Section 223(f)
- Provides processing instructions and guidance to issue Mortgage Insurance for refinancing Cooperative Housing Projects under Section 207 pursuant to Section 223 (f) of the National Housing Act.
- ML 2010-24: Combined Loan-to-Value Requirements for Refinance Transactions
- Eliminates unlimited CLTV ratio and returns FHA to its former CLTV limit for case numbers assigned on or after September 7, 2010.
- ML 2010-23: FHA Refinance of Borrowers in Negative Equity Positions
- Provides guidance regarding enhancements to FHA’s refinance program for underwater borrowers.
- ML 10-22: Home Equity Conversion Mortgage (HECM) Program Submission of Case Binder Documents
- Announces a new “Home Equity Conversion Mortgage Required Documents for Endorsement” list. Effective date for use is October 4, 2010.
- ML 10-21: HUD Multifamily Risk Mitigation
- Revises underwriting policies for FHA Multifamily programs.
- ML 10-20: Implementation of Final Rule FR 5356-F-02…
- Provides overview of key provisions and guidance on implementation of Final Rule.
- ML 10-19: Streamline Refinance Transactions and FHA TOTAL Scorecard
- Announces that lenders may score streamline refis through TOTAL and process, underwrite as streamline refi.
- ML 10-18: Update of Property and Preservation (P&P) Requirements and Cost Reimbursement Procedures
- Updates consolidated property and preservation (P&P) guidance for foreclosed properties that had been secured by FHA-insured mortgages.
- ML 10-17: Updated HUD REO Lead-Based Paint Appraisal Reporting Requirements
- Announces that HUD “will only order a lead-based paint evaluation for HUD REO properties constructed before 1978, and purchased with FHA-insured financing.” Effective date June 1, 2010.
- ML 10-16: Introduction of the M&M III Mortgagee Compliance Manager (MCM) and the P260 Internet Portal
- Describes FHA’s centralizing of mortgagee compliance under one contractor.
- ML 10-15: FHA Case Number and FHA Roster Appraiser Assignments
- Provides guidance on ordering FHA case numbers and selecting FHA Roster appraisers.
- ML 10-14: Electronic Signatures on Third Party Documents
- FHA will accept electronic signatures on third party documents.
- ML 10-13: Appraisal Update and/or Completion Report (Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005)
- Provides additional guidance on Appraisal Update Report.
- ML 10-12: Use of pay.gov for Lender Approval Application Fees
- Announces that those applying to become FHA lenders must submit application fees online.
- ML 10-11: Availability of Treasury Success Payments for FHA-HAMP Modifications
- Under certain conditions, servicers are eligible for Success Payments for FHA-HAMP mortgages.
- ML 10-10: Revision to Criterion 4 of the Form HUD 92264-A, “Supplement to Project Analysis”
- Revises Form HUD 92264-A, “Supplement to Project Analysis.” It changes line “c” of Criterion 4 from “Site not Attributable to Dwelling Use” to “Warranted Price of Land.”
- ML 10-09: Tier Ranking Scores – Incentive Round 38
- Announces FHA servicing lenders’ Tier Ranking Scores for Round 38.
- ML 10-08: HUD REO Appraisal Validity Period and Second Appraisals
- Announces that effective 4/1/10, HUD REO appraisals will be valid for 120 days. Also announces conditions for ordering second appraisal.
- ML 10-07: Revisions to Model Home Equity Conversion Mortgage (HECM) Loan Agreement (Loan Agreement) and Fannie Mae Form 1009, Residential Application for Reverse Mortgages (Fannie Mae Form 1009)
- Revises model HECM Loan Agreement (and exhibits) and Fannie Mae form 1009. Effective 8/1/10.
- ML 10-06: Extension of Mortgagee Letter 2009-22 Revised Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f)
- Extends deadline for temporary authority from ML 2009-22 to 2/17/2011.
- ML 10-05: Announcement of the FHA Nonprofit Data Management System
- FHA announces newly developed Nonprofit Data Management System (NPDMS).
- ML 10-04: Loss Mitigation for Imminent Default
- Provides guidance on how to assist borrowers facing imminent default. “At this time FHA is limiting the loss mitigation options that may be used…to forbearance and FHA-HAMP.”
- ML 10-03: Mortgagee Approval for Single Family Programs – Extended Procedures for Terminating Underwriting Authority
- Extends FHA’s authority to terminate DE underwriting authority in areas where the lender has a high rate of early defaults and claims.
- ML 10-02: Increase in Upfront Premiums for FHA Mortgage Insurance
- Increases mortgage insurance premium to 2.25%. Effective for case numbers assigned on or after April 5, 2010.
- ML 10-01: Extension of Authority for Processing Pre-application Firm Invitation and Firm Commitment Extension Requests
- Extension of authority from ML 09-20 (processing pre-application extension requests).
