RHS issued a waiver (under the Single Family Housing Guaranteed Loan Program) allowing lenders and servicers to offer a loan modification interest rate that exceeds the original guaranteed note rate. Previously, a modified interest rate could not exceed the interest rate set forth in the original loan note guarantee. Effective immediately, servicers may now offer a modified interest rate that does not exceed the Freddie Mac Weekly Primary Mortgage Market Survey rate for a 30 year fixed rate mortgage (rounded to the nearest .125% plus 50 basis points). The waiver is in effect until rescinded.
Rural Housing Service
RHS Updates Monthly Electronic Status Reporting Codes
RHS issued a SFH Guaranteed Servicing Notice (Notice) announcing updated Electronic Status Reporting codes for mortgage servicers. Per the Notice, Default Status Code 10 was
September 23, 2024
