HUD has released Federal Register Directive Number HUD-2004-0022, explaining a proposed rule to revise certain regulations with respect to mortgages in default.  HUD's summary of the rule appears below.

SUMMARY: This proposed rule would revise the regulations under the single family mortgage insurance program that require mortgagees to report the status of all single-family mortgages insured by HUD that are in default after 60 days or that are 90 or more days delinquent, as applicable. The rule would require mortgagees to report to HUD mortgages that are 30 or more days delinquent on the last day of the month. The Department believes that the rule would, among other things, provide HUD with more recent delinquency information. The receipt of more up-to-date information will enable HUD to better monitor its loss mitigation program and strengthen the soundness of the Federal Housing Administration (FHA) Mortgage Insurance Funds.

HUD has invited comments from interested persons to the amendatory language in the proposed rule.  Comments must be submitted by February 22, 2005.

To review the entire document, please click on Change in Default Reporting Period: Proposed Rule.

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