Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
HUD extends FHA COVID-19 moratoriums
HUD has announced extensions of the Federal Housing Administration’s (FHA) foreclosure and eviction moratoriums, as well as an extension of the initial start date of a COVID-19 Forbearance. Forbearance is an option mortgage servicers use to provide homeowners with a pause to their monthly payments for a limited period of time during a COVID-19 induced hardship. In addition, the Office of Public and Indian Housing is planning to announce similar relief for Native American and Native Hawaiian homeowners assisted under the Section 184 Indian Home Loan Guarantee Program and the Section 184A Native Hawaiian Housing Loan Guarantee Program.
To address the ongoing need to expand mortgage payment assistance solutions for homeowners, for all FHA-insured forward mortgages, HUD:
- Extended the timeframe for homeowners to request the start of a COVID-19 Forbearance from their mortgage servicer through June 30, 2021. This extension provides homeowners with additional time to request a forbearance from their mortgage servicer.
- Expanded the COVID-19 Forbearance to allow up to two forbearance extensions of up to three months each for homeowners who requested a COVID-19 Forbearance on or before June 30, 2020. These additional forbearance extensions will provide relief to homeowners in this situation who will be nearing the end of their maximum 12-month forbearance period and have not yet stabilized their financial situation.
- Expanded the use of FHA’s streamlined COVID-19 loss mitigation home retention and home disposition options to all homeowners who are behind on their mortgage payments by at least 90 days. This expansion will require mortgage servicers to assess more homeowners for a streamlined waterfall of loss mitigation home retention options, starting with FHA’s COVID-19 Standalone Partial Claim.
To assist seniors with HECMs (home equity conversion mortgages, a/k/a "reverse mortgages"), FHA has extended the timeframe for the start of an initial COVID-19 HECM extension through June 30, 2021. For HECMs that entered an initial extension period on or before June 30, 2020, up to two additional three-month extension periods are available.