FHA Publishes Final Rule Modernizing Engagement with Mortgagors in Default 

FHA recently published its final rule that aims to modernize the requirements for mortgagees to meet with borrowers who are in default on their mortgage payments.  Under the final rule, mortgagees are permitted to meet with borrowers using remote communication methods.  The final rule also expands the meeting requirement to all mortgagors in default, including mortgagors who do not reside in the mortgaged property and those with a mortgaged property not within 200 miles of the mortgagee, its servicer, or a branch of either.

The final rule becomes effective on January 1, 2025.