The Federal Housing Administration (FHA) submitted for public comment on Wednesday its proposal to create a new partial claim option, a result of its acknowledgment that its current loss mitigation toolkit isn’t enough to support struggling borrowers as rates surge. 

The Payment Supplement Partial Claim will allow servicers to use the FHA partial claim to bring a borrower’s home loan current and temporarily reduce their monthly payments for a period of three to five years. Trade groups, servicers and industry experts support the initiative. 

HousingWire reported in February that details ⇒

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