FHA extended the compliance date for portions of the Modernization of Engagement with Mortgagors in Default Final Rule. In August, 2024, FHA adopted the Modernization of Engagement with Mortgagors in Default Final Rule, effective January 1, 2025. The final rule requires lenders and servicers to conduct meetings with all borrowers in default, removing 2 exceptions to the meeting requirement if the borrower does not reside in the mortgaged property or if the mortgaged property is not within 200 miles of the lender or servicer, or a branch office of either. Per this compliance date extension, lenders and servicers may elect to comply with the entirety of the final rule beginning on the January 1, 2025 effective date, or may delay compliance with the exception provisions through July 1, 2025.
Click to view the FHA Info #2024-80: https://www.tenaco.com/wp-content/uploads/2024/11/FHA-Info-2024-80-11-21-24.pdf
