ࡱ> #` 4bjbj mx+ 4 t4646468l6T6zf`7`74777b9b9b9yyyyyyy$|he "z :<@9@9":<:<"z 777z$???:< 7 87y?:<y??q @v7T7 46=`s,y[z<zsq=<qX@v@v8q xvb99h?\:T:b9b9b9"z"z ?vb9b9b9z:<:<:<:<$p$p$ & 4  MORTGAGEE LETTER 2007-11 September 5, 2007 TO: ALL APPROVED MORTGAGEES ALL FHA ROSTER APPRAISERS SUBJECT: The FHASecure Initiative and Guidance on Appraisal Practices in Declining Markets The Federal Housing Administration is pleased to announce an initiative that will enable homeowners to refinance various types of adjustable rate mortgages (ARMs) that have recently reset. This mortgagee letter describes how lenders and homeowners may refinance mortgages that, due to the increased mortgage payment following the reset, have become delinquent. The mortgagee letter also reiterates guidance to lenders about making objective decisions regarding the underlying collateral in declining markets. The FHASecure initiative, which is a temporary program designed to provide refinancing opportunities to homeowners and to increase liquidity in the mortgage market, requires that the loan application be signed no later than December 31, 2008. Refinancing Non-FHA Adjustable Rate Mortgages Following Resets FHA is currently doing a significant business in refinancing non-FHA mortgages for borrowers who are current under their existing mortgage. This mortgagee letter extends eligibility to borrowers who became delinquent under their current mortgage following the reset of the interest rate. FHA recognizes that many lenders are engaged in a variety of loss mitigation activities to keep borrowers in their homes, and applauds these efforts. This mortgagee letter explains credit policies for refinance transactions involving non-FHA adjustable rate mortgages where the homeowners mortgage payment history during the 6 months prior to the reset showed no instances of making mortgage payments outside the month due. These instructions are designed to permit homeowners, who previous to their reset, demonstrated an ability to meet their mortgage obligations, an opportunity to refinance into a prime-rate FHA-insured mortgage. In many cases homeowners may be permitted to include mortgage payment arrearages into the new loan amount, subject to existing geographical mortgage limits and the loan-to-value limit shown below. Eligibility Highlights of the FHASecure Initiative The mortgage being refinanced must be a non-FHA ARM that has reset. The mortgagors payment history on the non-FHA ARM must show that, prior to the reset of the mortgage, the mortgagor was current in making the monthly mortgage payments, i.e., the homeowners mortgage payment history during the 6 months prior to the reset showed no instances of making mortgage payments outside the month due. If there is sufficient equity in the home, under additional eligibility instructions provided below, FHA will insure mortgages that include missed mortgage payments. Under certain conditions explained below, FHA will insure first mortgages where (1) the existing note holder writes off the amount of indebtedness that cannot be refinanced into the FHA insured mortgage; or (2) either the FHA-approved lender making the new mortgage or the existing note holder may take back a second lien that includes closing costs, arrearages or previous secondary financing if the indebtedness exceeds FHA prescribed LTV and maximum mortgage amount limits. Mortgagees must determine, as part of the underwriting process, that the reset of the non-FHA ARM monthly payments caused the mortgagors inability to make the monthly payments and that the mortgagor has sufficient income and resources to make the monthly payments under the new FHA-insured refinancing mortgage. Additional Information About the FHASecure Initiative Maximum FHA loan-to-value ratios The maximum loan-to-value limits are shown below and are applied to the appraisers estimate of value, exclusive of any upfront mortgage insurance premium. Maximum Loan-to-Value Ratios States with Average Closings Costs At or Below 2.1 Percent of Sales Price 98.75 percent: For properties with appraised values equal to or less than $50,000. 97.65 percent: For properties with appraised values in excess of $50,000 up to $125,000 97.15 percent: For properties with appraised values in excess of $125,000. States with Average Closings Costs Above 2.1 Percent of Sales Price 98.75 percent: For properties with appraised values equal to or less than $50,000 97.75 percent: For properties with appraised values in excess of $50,000 Calculating the Maximum FHA Mortgage Amount The amount of the FHASecure mortgage may not exceed either the geographical maximum mortgage limits or the loan-to-value ratios shown above. FHA will permit the inclusion of the existing first lien, any purchase money second mortgage, closing costs, prepaid expenses, discount points, prepayment penalties, and late charges. FHA will also permit arrearages (principal, interest, taxes and insurance) to be added into the new loan amount provided the arrearages arose after the reset. Subordinate Financing Under the FHASecure Initiative If the new maximum FHA loan is not enough to pay off the existing first lien, closing costs and arrearages, the lender may execute a second lien at closing to pay the difference. The combined amount of the FHASecure first mortgage and any subordinate non-FHA insured lien may exceed the applicable FHA loan-to-value ratio and geographical maximum mortgage amount. If payments on the second are required, they must be included in qualifying the borrower. If payments are deferred, they must be so for no less than 36 months to not be considered in the qualifying ratios. Borrowers need not yet have missed any mortgage payments to be eligible for this type of subordinate financing. Underwriting the Mortgage/Qualifying the Borrower FHA encourages all approved lenders to use FHAs TOTAL Mortgage Scorecard to obtain risk classifications on each mortgage originated under the FHASecure initiative. If TOTAL renders an accept/approve, the mortgagees underwriter need not perform a personal review of the borrowers credit history and capacity to repay. However, in the more likely event that the risk class is a refer, the underwriter must: Determine that the homeowner has the capacity to make future mortgage payments as well as pay all other obligations. The payment-to-income ratio and debt-to-income ratios remain 31 percent and 43 percent, respectively. Compensating factors are to be provided by the underwriter when the ratios are exceeded. Analyze the homeowners overall credit history, especially payments on the existing mortgage. The underwriter must determine that the homeowners mortgage payment history during the 6 months prior to the reset showed no instances of making mortgage payments outside the month due and that other recurring obligations were paid on time. If the borrower was offered partial forbearance after interest rate reset, the underwriter must determine that he/she has made payments under the forbearance agreement in a timely manner. Provide comments in the remarks section of the mortgage credit analysis worksheet that he or she has determined that the cause of the borrowers inability to make payments was directly related to the increased payment attributable to the reset and not due to a disregard for obligations. Tax consequences for a borrower when the note holder writes off a portion of the amount to pay off the first mortgage FHA recognizes that there may be tax consequences resulting from debt relief. However, since FHA does not provide tax guidance, it recommends borrowersand mortgage lendersin such situations seek competent tax advice. Other considerations of which the mortgagee must be aware when refinancing these mortgages. The FHASecure initiative for refinancing borrowers harmed by non-FHA ARMs that have recently reset is not to be used to solicit homeowners to cease making timely mortgage payments; FHA reserves the right to reject for insurance those mortgage applications where it appears that a loan officer or other mortgagee employee suggested that the homeowners could stop making their payments, refinance into a FHA insured mortgage, and keep, as cash, the amount of payments not made on time. Appraisal Practices in Declining Markets Historically, FHA has provided a counter-cyclical force in helping to stabilize declining housing markets and will continue to do so. In fact, much of FHAs business activity this year has been in those states (e.g., Ohio, Michigan, Indiana) that have suffered sustained depreciation of home prices due to job losses and increased foreclosures. Nevertheless, recent property value declines in certain markets suggest the need to reiterate our guidance to mortgage lenders to ensure that appraisers are providing accurate property valuations. A declining market could be as small as a neighborhood or as large as an entire state, and no standard definition exists other than home prices are falling. Appraiser Responsibilities The purpose of the appraisal is to provide the lender/client with an accurate, and adequately supported, opinion of market value. It is the appraisers responsibility to determine whether a property being appraised is located in a declining market. The neighborhood section of each property specific appraisal form contains a housing trends section where the appraiser marks a box indicating property values are increasing, stable or declining. Whichever box is selected, the appraiser is certifying that he/she has performed an objective analysis of quantifiable data supporting the observations made. If a property is located in a declining market, the appraiser must provide an explanation in the Market Conditions section of the appraisal report that includes relevant information in support of the conclusions relating to trends in property values, demand/supply and marketing time. The appraiser must also provide a description of the prevalence and impact of sales and financing concessions and/or down payment assistance in the subjects market area. Other areas of discussion may include days on market, list-to-sale price ratios, and/or financing availability. Lender Responsibilities The mortgagees responsibility is to properly review the appraisal and determine that the appraised value used to support the mortgage is accurate and adequately supported. Lenders are reminded that if the appraiser they selected provides a poor or even fraudulent appraisal that leads the Department to insure a mortgage at an inflated amount, the lender is held equally responsible with the appraiser for the violation if the lender knew or should have known. FHA will pursue appropriate enforcement actions against both or either party if necessary. Lenders accept responsibility, equally with the appraisers for the integrity, accuracy and thoroughness of the appraisal submitted to FHA for mortgage insurance purposes. If you should have any questions concerning this Mortgagee Letter, call 1-800-CALLFHA. Sincerely, Brian D. Montgomery Assistant Secretary for Housing- Federal Housing Commissioner   PAGE  PAGE 6  U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER  HYPERLINK "http://www.hud.gov" www.hud.gov espanol.hud.gov #$*+,HILdefgoswz Žzsles`\XThc\h /h+& h7u5 hw5\ hDd5\ hc\5\hc\hc\5\hz8h'KB5\h^@h^@56\h^@hz856\ h^@5\hhdt5\hhw5hh@5 h:5 h@5hdth0(hdt5 hwO5h0(h0(5 h0(5 hVk5 hdt5hhdt5 +,Iefg   ) * pqr d1$5$9Dgd\ d1$5$9Dgd7ugd7u `^``gd7u`gd /gddtgd0(^gddt344 ? i j q  : ; P ` l s t y z  7 t     * 𹲫~hP@aJh^@@aJh7uOJQJ hh7u h^@5>* h7u5>* h'KB5>* h@5>*hh7u5>*h?ZhNu h^@6hR h$9h;h^@h@h)h~h /h7uh'KBhc\h.* / > C J 67>  &'(bcmoqurdh /h7u5>*@aJh /h /5>*@aJh^@5>*@aJhBO@aJh /@aJh\@aJh~@aJhh@aJhh7u@aJh7u@aJ hPh4.hPh4.@aJh4.@aJh"b@aJh^@@aJh$9@aJhv@aJ'rstu6LI & FEƀ"Fgd^@gd^@I & FEƀ"Fgd^@ d1$5$9Dgd7u d1$5$9Dgd\/0ST568Lpu$/12ƿƭƩƭơƝƭƭƭƭƭƭҏh7u@aJh.Q@aJh.Qh.Q5>*@aJh~h)hn/hPh hPh4. hPh hPh^@h^@hz8@aJh /@aJhz85>*@aJh /h /5>*@aJh^@56>*@aJ-67YL d1$5$9DgdI & FEƀ"Fgd^@I & FEƀ"Fgd^@gdP & Fgd^@gd^@12UV}NN/$ 0$d%d&d'd*$NOPQa$gd gd d1$5$9Dgdachd1$5$9D^hgdvQ & Fd1$5$9DEƀ"Fgd.Q d1$5$9Dgd7u23:>RTUVZbu 6A\^k WX{Ŀznzeee]znzh[!OJQJh 5OJQJh 56>*OJQJh 5>*OJQJh OJQJh5>*CJOJQJh 5>*CJOJQJh h{\ h \ h\ h7u\ hv\hXBhv6@aJhXBh7u6@aJh|56@aJhXBh7u56@aJh.Q56@aJ$]^Xz & F 0$d%d&d'd*$1$5$7$8$9DEƀ"FH$NOPQgd , 0$d%d&d'd*$NOPQgd  z & F 0$d%d&d'd*$1$5$7$8$9DEƀ"FH$NOPQgd  WXXXX, 0$d%d&d'd*$NOPQgd z & F 0$d%d&d'd*$1$5$7$8$9DEƀ"FH$NOPQgd ;<TXgim{ 8MPQ;V_fx123eŽŶӫӧ~zsoehLhL56hL h)h~h) h)h)h~h~6h~ hNuh~hLh~6 h~56h7uhP hPh hPh7uhPh~6 hPh) hPh~ hPhP hL56h.Qh.Q56h h 5OJQJh OJQJ'z & F 0$d%d&d'd*$1$5$7$8$9DEƀ"FH$NOPQgd :;<XI" !1$7$8$H$gd , 0$d%d&d'd*$NOPQgd z & F 0$d%d&d'd*$1$5$7$8$9DEƀ"FH$NOPQgd <hiPQ23a\\gd~I & FEƀ"Fgd~gdacgdPI & FEƀ"FgdP3ef  ;!*B*\phhXBh7u5B*\phhoPh\ hR~h7uhR~h7u>*hXBh7u5\hZhVkh7u5>*h hw3h7u>*h)h~h7uh|)(9(:(**++,,|-}-////00222333 ^`gdzEgddtgdg'gd7u'^gdXB^gdXBgdXBgd7uy1}11112x2222233I3J3M3Q3V3W3p3s3t3333333333333333333ӷysysoysydyshBO0J%mHnHuh7 h70J%jh70J%Uh;.jh;.U h8KCJh8KhzEh%'h:hdthZCJOJQJ^JaJhgCJOJQJ^JaJh)CJOJQJ^JaJ hR~h7uCJOJQJ^JaJhCJOJQJ^JaJh7uCJOJQJ^JaJ'33333)3J3t3u3v3w3x3y3z3{3|3}3~333333333 @ ^@ `gdzE ^`gdzE @ ^@ `gddt3333333333333333333333333!h]hgd7 !&`#$gd8Kdgd0( @ ^@ `gdzE3333333444)4F4G4H4I444444"$a$!$*$a$ d*$] $d*$]a$ $d*$a$ @!h]hgd7 !&`#$gd8K333334444F4H4I4J4j4k4l4w4x44444444ynjf` h8KCJhdth;.hdth8KmH PsH P.hdth8K0J#5>*B*CJ\mH PphsH Pjh8K5CJU\hdth8K5CJ\mH PsH Pjh8K5CJU\h8KCJOJQJ^Jh8K@CJh8K@CJ h8K@h8K@CJh8K@CJjh8KUh8Kh744gd0(D....()()))() 0000&PP8$:pwBP/ =!"#$% `!|3yiH(L x x]lE^ k !6cvLxIjG0bhZBiM};5|]@ һcuvݙ3zw @O=G^/` ` LM9>9=ur&A?mbl>~dz#30y2aYs>kпog?~IZg4X4SkObR` U1v~lgHsypȈ# mbhc)/ {^i,Q{(1Vk 9FA*|_f8ؑȎbv<-K'Zoߐ(>3ERΈC8AO";uv~_@t2,geUضc^Ύ6neYGĬhYvs(jڸgP˪z 6vN T>l` :4Yu0΅3k~ϊmˊ$^D~$ VsdR}$e("ɰR|SbSA([Y(5^mtN2gyU's d3d^OR]M-rURcz:4Uk)ee9c=/7a;¬N֜-lҽ(mN T[ؚ} >-D}v]ċ`&2[e)J|[Ac,Bc9f!^ f=ڽ95b\K^n=Y4m]M xkgr21߲Bu?HTY\*|X(AX$ >O (<&$#YZIN4zvU֛ 5D:IX-PjͤN('lOWdLL*@ǏgJJ#Vɱ?2[$Ud0k=aK|Ju?|r;ͩ6k9{-3XUw]j8ל<3l"m'+m}Wucf|ERfOR&gKAP]$/48lf QWDyK  www.hud.govyK (http://www.hud.gov/*T@T Normal1$5$7$8$9DH$@CJ_HmH sH tH `@` Heading 1$$ @d*$@&a$5@CJOJQJDA@D Default Paragraph FontViV  Table Normal :V 44 la (k(No List 4+@4  Endnote Text>*> Endnote ReferenceH*66  Footnote Text@&!@ Footnote ReferenceH*NN TOC 1) $ 0*$]^`0JJ TOC 2% $ 0*$]^`0JJ TOC 3% $ p0*$]^p`0JJ TOC 4% $ @ 0*$]^@ `0JJ TOC 5% $ 0*$]^`0BB TOC 6 $0*$^`0:: TOC 70*$^`0BB TOC 8 $0*$^`0BB TOC 9 $ 0*$^`0N N Index 1% $ `*$]^``N N Index 2% $ 0*$]^`0>.>  TOA Heading  $*$*"* Caption:O: _Equation Caption4@4 Header ! 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! 2 9& -2 9; 8000! !! 2 9  @Times New Roman- 2   -@Times New Roman-- 2 X '@Times New Roman-:2 3XASSISTANT SECRETARY FOR HOUSING)  $)*# #''##)'**&)** )* 2 3~- 2 3 52 ~XFEDERAL HOUSING COMMISSIONER#*#'*")** **')44 **#' 2 ~7 - 2 X -'@"Arial-- 2 0  ''-2  www.hud.gov556(((%$$:2 E  espanol.hud.gov ($($(((%$$- 2 O  -'--.  @Times New Roman- Courier New- @Times New Roman-   2 +XX, -- - 0X--/X-  2 /XX/  2 /qX/ -'- - ,X--i A ~,X(???ϟϟϟϟ'π7~ϟw~ϟs~fϿ>g?oy3?o?>|???9y?`>??Ϝ??π~>|}ϿgϿ??~8p8p8p 8p{8p?8p?8p8p?8p8p8p8p8p98pq8p|8p>?8p?8p?8p?8p8p8p8p8p8p8p8p8p8p8p8p}8p8p8p8p?8p8p8p8p8p8p8p?C8p8p8p8p8p8p8p8p8p8p8p8p8p8p8p8p?p?p?p>?8p?;p?=;p?=?;p=?;p?;p??;p;p?;;;?;x;{;{;{;{0;{;{{>?{{{|{<{<{<{{{{{{{?{{w{g{{{{{{{c{G{{3￿{{?{{￿{￿{?{?{{{{?{7{;{۾{{?|{{?{{{{?x{????c?<8?cg~??>8??x.xl?d__- - a--`-   2 ``  2 `` -'- ---  --'"Systemm|$ٞ-  ''@Times New Roman- )2 _ MORTGAGEE LETTER 200]MGBLGLBBBABAAG111 2 _71 2 _- 2 _1101 2 _P 42 X September 7+7 +Q7++ 2 2512 c, 20070111 2 V 4- 2 FX -- 2 XTO:BM 2  ~ 2  ,.2 ALL APPROVED MORTGAGEESGBBG;;GMGBG]LGBLGLBB7 2   4 2 2X , 2 2 , 2 2AG/2 2LL FHA ROSTER APPRAISERSBB;MGFM6BBFG;;GG&7BG7 2 2  4 2 X 5 2 X 5- 2 XSUBJECT:7GB0BFB 2 2 2 The A7+@Times New Roman- 2 LFHAAMA2 Secure6++7&+- 2 / 2 G Initiative%71 1+G2 ( and Guidance on Appraisal Practices in 077L6707++16G67+1&1;+1+ ++&7 2 a 4 2 X , 2  , 2   2  %2 Declining MarketsRG++771]1*7+ & 2  4- 2 wX , 2 w ,- 2 w - 2 2 V2 J2The Federal Housing Administration is pleased to a<1+6+1+ +G10&10G0M0& *01&0++&+11+,2  nnounce an initiative 11111+++10+1+%2 ` that will enable t1*G+1*1+/2 ` Xhomeowners to refinance 11M+1G1+ %0 + 1+1++J2 ` F*various types of adjustable rate mortgages1+ 11%.1+&1 +10&+0+ ++M10+0+& 2 `  2 ` (ARMs) : GBX& (2 ` that have recently a1+1+1+ +++1.2 Xreset+ +&+ 2 :.2 R + 2  ,2 This mortgagee letter <0&M1 0+0++++ g2 =describes how lenders and homeowners may refinance mortgages 1+&+1+&01G*11+&+1101M+1F1+ &M,. + 1+1++M10+0+&:2 J Xthat, due to the increased mort1+11+11+1+ ++&+1M1 72 J gage payment following the rer0+0+1,/M+1 11F101+ +2 J set&+22 J , have become delinquent. 1+1+1++1L+1+011+1 2 J  2 J !The ;1+%2 Xmortgagee letter tM1 0+0++++ #2 also reiterates +%1 ++ ++&2  guidance to 011+1++12 lenders:*11+ & 2  2 aboutr+111 2  I2  )making objective decisions regarding the M+11011++1+0++&10& +0+ 1101+-J2 3 X*underlying collateral in declining markets111+ .10+1++ +11*+110M+ 1+% 2 3 .2 3  The r<1+@Times New Roman-2 3 FHASecure<G;1++1&+-A2 3 R $ initiative, which is a temporary pr0+1+G0+1%++M01 +!.1 2 3 ogram 10!+M2 X designed to 1+&01+10C2 -%provide refinancing opportunities to 1 101+ + 1*1+10111110+&1M2 ,homeowners and to increase liquidity in the 10M+1G1+ &+0111+ ++&*010.11+%2  Xmortgage market, tM1 0+0+M+ 1+O2  -requires that the loan application be signed +10 +%1+1+1+1*11++111+&01+142  no later than December 31, 10*+ 1+0G*++M1+ 112  2011 2  I01 2  z802  .  2   , 2 X -- 2  X Refinancing G+!707+712  hNonF17 2  - 2  6FHA;MG 2   D2  &Adjustable Rate Mortgages Following ReG7 6& 16+G1 +]1+ 001+&;10G61G+ 2  s& 2  e+2   ts &- @ !  X--2  e  - 2   4@Times- 2 z X ,@Times New Roman-k2 X@FHA is currently doing a significant business in refinancing non7HH',2"!,202231-'12!,,222'2,''2"-!2,2,31222 2 a -"52 FHA mortgages for borrowers 7HHN2!1-2,'!2!23!!2I,!'2 dX]who are current under their existing mortgage. This mortgagee letter extends eligibility to H22,!,,2!",2222,!3,!,3'21N2!1-2,>2'N2!1-1-,,,!,3,22',1202 2 Xborrowers who 22!!2H-!'H222 became2,-,N,M2 , delinquent under their current mortgage fol3,222,2222,!2,!,2!",2N2!1-2,!2/2  lowing the reset of the 2H312,!,',2!3,#2 MXinterest rate. 2,!,'!,, 2 Mw . 2 X -2 6XFHA re7HH""2 6Zecognizes that ,,312-,'2,2 6many eN-302 6lenders:,23,!'k2 6@ are engaged in a variety of loss mitigation activities to keep ,",,32-1,23,2,!,02!2''N2,22,,2,'22,,2^2 X7borrowers in their homes, and applauds these efforts. 22!!2H-!'22,!22N,(,22,22,22'2,',,!!3!':2  This mortgagee letter explains =2'N2!1-1-,,-!,32,2'2 credit :,!,212 Xpolicies for refinance trl22,,'!2!!-!2,2-,!2  ansactions-2',,22' 2  involving non222221222 2  -"72  FHA adjustable rate mortgagess7HH,22',2,!,,N2!1-2,' 2  2 where t:H2-!,2 )he 1+2 X`homeowners mortgage payment history during the 6 months prior to the reset showed no instances 11M+1G1+ %M10+0+2,.N+11%1!.11 101+1M101%1 1 11* +&+&11G+1111%+1++&V2 X2of making mortgage payments outside the month due.1 M+110M1 0+0+1,0M+1%10&1+1*M10111+ 2   , 2 ~X - 2 XT=2 hese2,', 2 F A2 _$instructions are designed to permit 2'!2,22',",2-'12,222-!N 2 h22  omeowners 2N,2H2,!' 2  ,2   whoH22 2   2  previous2",222'"2 .  to their reset22,!!,', 2 :, 2 S 2 l demonstrated 2,N22'!,,2O2 gX-an ability to meet their mortgage obligations,2,202N,,2,!O2!1-2,222,22' 2 gI ,I2 gb ) an opportunity to refinance into a primei,23222!2202!,!3,2,,32,2!N, 2 g-!2 grate FHA!,,7IH 2 gM-"&2 Xinsured mortgage. 2'2!,2N2!2-1, 2 B 2 \In  22 manyO-302  cases A-,','2  homeowners22N,2H3,!'P2  . may be permitted to include mortgage payment N-02,3,!N,222,22-N2!1-2,2.0N,2%2 PXarrearages into t ,!!-,!-2,'222 PMhe new loan amount, subject to existing geographical mortgage limits and the 2,2,H2,2,N222'22,,2-3&212,31!,22,,N2"1-2,N',222,2 Xloan2,2 2 -!2 %to2 2 s-!/2 value limit shown below.2,2,N'22H22,2H2   2  - 2 :X - 2 X - 2 #X - 2 X - 2 X --                    ՜.+,D՜.+,x4 px  HUD~O|+ =Assistant Secretary for Housing-Federal Housing Commisioners Title X$,  _PID_HLINKS_AdHocReviewCycleID_NewReviewCycle_EmailSubject _AuthorEmail_AuthorEmailDisplayName _DocHome _PreviousAdHocReviewCycleIDA`d6http://www.hud.gov/h/ML on RefinancesJames.A.Beavers@hud.govBeavers, James A{-}D  !"#$%&'()*+,-./0123456789:;<>?@ABCDFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FData =1TableEɀWordDocumentmxSummaryInformation(RDocumentSummaryInformation8CompObjq  FMicrosoft Office Word Document MSWordDocWord.Document.89qRoot Entry FData =1TableEɀWordDocumentmx X$,H  _PID_HLINKS_AdHocReviewCycleID_NewReviewCycle_EmailSubject _AuthorEmail_AuthorEmailDisplayName _DocHome _PreviousAdHocReviewCycleIDA`d6http://www.hud.gov/m߲{h/#Revised FHASecure Mortgagee LetterMichael.E.Winiarski@hud.govWiniarski, Michael ESummaryInformation(RDocumentSummaryInformation8CompObjq  FMicrosoft Office Word Document MSWordDocWord.Document.89q՜.+,D՜.+,x4 px  HUD~O|+ =Assistant Secretary for Housing-Federal Housing Commisioners Title|