FHA issued a mortgagee letter regarding automatic extensions to HUD’s initiation of foreclosure timeline. This mortgagee letter provides updated guidance relating to HUD’s regulatory requirement for mortgagees to utilize a loss mitigation option or initiate foreclosure within 6 months of the date of default. Specifically, this mortgagee letter: reiterates the existing 8 automatic extensions available to mortgagees when they are unable to initiate foreclosure within the allotted timeframe; and introduces 2 new automatic extensions to align with the CFPB’s Regulation X.
State Compliance Summary
Tennessee Increases Permissible Interest Rate for Closed-end Loans under Industrial Loan and Thrift Companies Act
Tennessee passed a bill increasing the permissible interest rate for closed-end loans under the Industrial Loan and Thrift Companies Act (ILTCA). Under the bill, the
April 1, 2025
