Housing industry professionals expressed strong support for the Federal Housing Administration's (FHA) recent updates to mortgage loss mitigation strategies post-COVID-19. Key figures, including David Dworkin from the National Housing Conference and Bob Broeksmit of the Mortgage Bankers Association, emphasized the importance of responsible and fair measures taken to help struggling borrowers. Changes implemented, such as capping home-retention program usage and requiring trial payments, aim to protect the FHA’s insurance fund while balancing access to loan modifications. The FHA's approach reflects an adjustment to market conditions and promotes long-term affordability for homeowners.
Housing industry pros are largely supportive of the raft of changes the Federal Housing Administration made related to the COVID-19 era loss mitigation waterfall.
The issue is less what they rescinded as it is what they instituted, said David Dworkin, president and CEO of the National Housing Conference.
Together, these safeguards will improve sustainability, protect the FHA insurance fund, preserve borrower equity, and further align FHA with the GSEs.
The market has normalized and seeks to balance homeowner hardship relief with an FHA MMI fund that's stable over the long-term.
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