General World News

MBA, NMSA suggest fixes to FHA’s proposed loss mitigation option

The Mortgage Bankers Association (MBA) and the National Mortgage Servicing Association (NMSA) are expressing their views on a recently revised Federal Housing Administration (FHA) loss mitigation proposal, stating that it needs additional adjustments to effectively address the challenges it is designed to tackle.

The proposed policy

FHA in May submitted — and in November, updated — a draft Mortgagee Letter (ML) to the Single Family Drafting Table, an online portal for stakeholders to review proposed policies. The proposed ML would establish a new loss mitigation option for details ⇒

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