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December 24, 2008  
Mortgagee Letter 2008-43
ATTENTION: Single Family Servicing Managers

SUBJECT: Pre-Foreclosure Sale (PFS) Program - Utilizing the PFS Loss
Mitigation Option to Assist Families Facing Foreclosure

High foreclosure rates continue to have devastating effects on families
and neighborhoods. The Federal Housing Administration (FHA) remains
committed to taking actions to help families avoid foreclosure.  Since
being introduced as a national program in 1994, the PFS Program has
helped thousands of mortgagors in default to avoid foreclosure and
transition to more affordable housing. The PFS Program can help many
families who today are facing foreclosure.  The PFS loss mitigation
option allows a mortgagor in default to sell his or her home and use the
sale proceeds in satisfaction of the mortgage debt when the proceeds are
less than the amount owed…


To read this mortgagee letter and any attachments in their entirety,
please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
view the 2008 letters and click on the letter of your choice. Mortgagee
Letters from previous years can be found on the same page.
December 19, 2008
MORTGAGEE LETTER 2008-41
TO:ALL APPROVED MORTGAGEES

SUBJECT: Termination of FHASecure

While FHA will retain its standard rate-and-term refinance program for
borrowers who are current on their existing mortgages, the FHASecure
program under which FHA was able to insure refinance transactions for
borrows delinquent on their mortgages, will terminate on December 31,
2008, as per FHA’s initial guidance.  Maintaining the program past the
original termination date would have a negative financial impact on the
MMI Fund that would have to be offset by either substantial across-the-
board single family program premium increases or the suspension of
FHA’s single family insurance programs altogether...


To read this mortgagee letter and any attachments in their entirety,
please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
view the 2008 letters and click on the letter of your choice. Mortgagee
Letters from previous years can be found on the same page.
December 15, 2008
MORTGAGEE LETTER 2008-40
TO:ALL APPROVED MORTGAGEES

SUBJECT: Refinance Transactions:  New Maximum Mortgage
Calculation

The discussion of refinance transactions and mortgage calculation
example shown in Mortgagee Letter 2008-23 are superseded by the
instructions in this Mortgagee Letter.  A matrix comparing rates and
terms, streamlined with and without appraisals, is provided in the
attachment to this Mortgagee Letter…

Regarding: Draft  203(k) and Streamlined (k) Maximum Mortgage
Worksheet form HUD-92700  

HUD has posted on its website a draft version of the revised form HUD-
29700 203(k) Maximum Mortgage Worksheet.  The revision indicates
changes to the purchase calculation LTV now 96.5%, as required by the
Housing and Economic Recovery Act of 2008 (HERA). The new LTV
requirement is effective as of January 1, 2008.

To read this mortgagee letter and any attachments in their entirety,
please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
view the 2008 letters and click on the letter of your choice. Mortgagee
Letters from previous years can be found on the same page.
NOTICE OF UPDATES TO THE 2009 FHA MORTGAGE LIMITS

and one non-metro county.  A listing of affected counties, with the final
and one non-metro county.  A listing of affected counties, with the final
median prices and FHA (forward, non-HECM) loan limits for 2009 is
posted on HUD’s Website at:
posted on HUD’s Website at:

http://www.hud.gov/offices/hsg/sfh/fha2009.pdf


FHA accepted appeals for those counties where it did not already have a
comprehensive listing of property sale transactions for the look-back
period (January – August 2008), and where the median price from the
transactions provided by the appellant was higher than the median price
used in the preliminary loan-limit calculations completed by FHA last
month. There were no changes to the 2009 HECM loan limits from these
appeals. The HECM loan limit is the national conforming loan limit of
$417,000 for all areas except for certain high-cost counties in the special
exception areas listed in the National Housing Act (Alaska, Guam,
Hawaii, Virgin Islands).


A complete schedule of FHA mortgage limits for all areas is available
through the internet at https://entp.hud.gov/idapp/html/hicostlook.cfm
December 17, 2008  
Mortgagee Letter 2008-39
ATTENTION: ALL APPROVED MORTGAGEES, ALL FHA
ROSTER APPRAISERS

SUBJECT:Revised Eligibility Requirements for FHA Roster Appraisers
 

Section 1404 of the Housing and Economic Recovery Act of 2008
(HERA) (Public Law 110-289, approved July 30, 2008) amended
Section 202  of the National Housing Act to revise qualification
standards for Federal Housing Administration (FHA) approved
appraisers.  This mortgagee letter sets forth the revised eligibility
requirements for appraisers to qualify for placement and retention on the
FHA Appraiser Roster and provides the timeline for implementation of
those requirements...


To read this mortgagee letter in its entirety, please visit:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the
2008 letters and click on the letter of your choice. Mortgagee Letters
from previous years can be found on the same page.
December 05, 2008  
Mortgagee Letter 2008-38
ATTENTION: ALL APPROVED MORTGAGEES - SINGLE
FAMILY SERVICING MANAGERS

SUBJECT: Home Equity Conversion Mortgages (HECMs) –
Clarification regarding borrower’s recourse for repayment of HECM
loan debt and termination of a HECM mortgage  

The purpose of this Mortgagee Letter is to provide a policy clarification
regarding the requirements for repayment of Home Equity Conversion
Mortgages (HECMs) and for termination of a HECM mortgage…

To read this mortgagee letter in its entirety, please visit:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the
2008 letters and click on the letter of your choice. Mortgagee Letters
from previous years can be found on the same page.
January 6, 2009
MORTGAGEE LETTER 2009-03
ATTENTION: ALL APPROVED MORTGAGEES

SUBJECT: HOPE for Homeowners Origination and Servicing Guidance
Supplement

On behalf of the Board of Directors (Board) for the HOPE for
Homeowners Program, HUD published on October 1, 2008 Mortgagee
Letter 2008-29, HOPE for Homeowners Origination Guidance,
describing procedures for originating a new FHA-insured mortgage
authorized under the Housing and Economic Recovery Act of 2008
called the HOPE for Homeowners Program (H4H Program).  That same
day, HUD also published on behalf of the Board Mortgagee Letter
2008-30, HOPE for Homeowners Servicing Guidance, which provided
HUD-approved servicing mortgagees with servicing and loss mitigation
guidance on the Program.  Under the H4H Program, certain borrowers
facing difficulty in paying their mortgages may be eligible to refinance
into affordable FHA-insured mortgages.  The H4H Program became
effective on October 1, 2008, and may continue to insure new mortgages
through September 30, 2011...



To read this mortgagee letter and any attachments in their entirety,
please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
view the 2008 letters and click on the letter of your choice. Mortgagee
Letters from previous years can be found on the same page.
January 16, 2009
MORTGAGEE LETTER 2009-05
TO: ALL APPROVED MORTGAGEES
ATTENTION: SINGLE FAMILY SERVICING MANAGERS

SUBJECT: Project Lifeline Initiative’s Impact on FHA’s Foreclosure
Time Frames

Throughout the industry, mortgagees are participating in various
Throughout the industry, mortgagees are participating in various
initiatives to assist defaulting mortgagors avoid foreclosure and save their
initiatives to assist defaulting mortgagors avoid foreclosure and save their
homes…
homes…




To read this mortgagee letter and any attachments in their entirety,
please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
view the 2008 letters and click on the letter of your choice. Mortgagee
Letters from previous years can be found on the same page.
January 6, 2009
MORTGAGEE LETTER 2009-01
ATTENTION: ALL APPROVED MORTGAGEES

SUBJECT: ANNUAL RENEWAL OF FHA APPROVAL

The purpose of this Mortgagee Letter is to reflect revised HUD policy
regarding Departmental action in cases where mortgagees or lenders fail
to meet annual renewal of FHA approval requirements and to update the
relevant Handbook provisions.  In order to maintain its status as an
FHA-approved mortgagee, a mortgagee is required, among other things,
to timely file annual audited financial statements that meet the
requirements of the Secretary, sign and submit a yearly verification
report and pay an annual fee for its main and registered branch offices...




To read this mortgagee letter and any attachments in their entirety,
please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
view the 2008 letters and click on the letter of your choice. Mortgagee
Letters from previous years can be found on the same page.
January 7, 2009
Mortgagee Letter 2009-02
TO: ALL APPROVED MORTGAGEES

SUBJECT: Co-branded Outreach Materials

With increased interest in the Federal Housing Administration, the FHA
has developed a series of education and outreach flyers for lenders, real
estate professionals, mortgage brokers, and housing counselors to
distribute to prospective FHA borrowers.  The flyers contain the FHA
and fair housing logos and are designed to permit your company to insert
an official logo as well.  This material, developed by FHA, is available to
you free of charge and may be used in your marketing campaigns to
reach out to prospective borrowers…




To read this mortgagee letter and any attachments in their entirety,
please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
view the 2008 letters and click on the letter of your choice. Mortgagee
Letters from previous years can be found on the same page.