The U.S. Department of Housing and Urban Development (HUD) has revised ML 2024-24, originally set for implementation on July 1, 2023, due to its perceived burdens on lenders. The updated guidance, effective July 1, 2025, broadens compliance options for lenders while amending procedural terms related to borrower interviews and loss mitigation processes. Although COVID-era practices will conclude by September 2025, ongoing cases will be honored. Enhanced flexibility aims to ensure effective borrower engagement with adjusted repayment plan criteria to better align lender capabilities with statutory goals.
Through the new guidance, HUD is providing lenders with more flexibility in borrower engagement while adjusting certain requirements established under ML 2024-24.
The updated ML aims to decrease the burden on lenders while also ensuring compliance with essential regulations surrounding borrower support and loss mitigation.
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