The COVID Project
The record
- Jurisdiction
- United States (FHA-insured single-family mortgages)
- Level
- Federal
- Authority
- 12 U.S.C. §§ 1709, 1715b, 1715u
- Issued
- 2021-07-23 July 23, 2021
- Effective
- 2021-07-23 (servicers to implement within 90 days) (read as 2021-07-23)
- End
- superseded by later loss-mitigation letters (2022-2023) (read as 2021-09-30)
- In force
- July 23, 2021 to Sept. 30, 2021
- Quarters
- 2021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- FHA mortgagees and servicers
- Functions reached
- SV mandatory loss-mitigation review before foreclosure (Q3 2021)
- Collection
- Federal commerce, travel, workplace and finance layer FED-B
Operative words
[HUD establishes the COVID-19 Recovery Loss Mitigation Options (COVID-19 Advance Loan Modification, COVID-19 Recovery Standalone Partial Claim, COVID-19 Recovery Modification) for borrowers exiting COVID-19 forbearance, and requires servicers to review borrowers for them before any foreclosure referral.] This does not impact previously announced effective dates for the COVID-19 [Forbearance]... [with waiver of late charges, fees and] penalties, if any, accumulated prior to March 1, 2020.
Enforcement
Notes
With the CFPB rule of Aug. 31, 2021 (Ex. FED-344), the federal servicing regime that governed FHA servicers for the rest of 2021 Q3 after the foreclosure moratorium ended July 31.
Retrieval noteOperative provisions summarized in brackets from the letter.