The FHA's Mortgagee Letter 2024-24 introduces updated communication methods for mortgage lenders and borrowers, allowing remote discussions to address defaults, reflecting changes seen during the COVID-19 pandemic.
Effective immediately, lenders can now utilize electronic communications for discussing loss mitigation options with defaulted borrowers. This marks a significant shift towards modernized engagement practices.
The interim procedures, starting Jan. 1, 2025, permit mortgagees to maintain operations while transitioning to new requirements, highlighting the importance of flexibility in these communications.
FHA recognizes the need for policy updates to accommodate contemporary communication methods, redefining the traditional engagement where in-person meetings were previously emphasized but are no longer mandatory.
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