Modernization of Engagement With Mortgagors in Default: Partial Extension of Compliance Date

Document 2024-27077 is a Final Rule published by the Department of Housing and Urban Development in the Federal Register on November 21, 2024. This document extends the compliance date for certain provisions of HUD's final rule entitled "Modernization of Engagement with Mortgagors in Default" that require mortgagees to conduct meetings with all mortgagors in default. This requirement includes borrowers who do not reside in the mortgaged property and with mortgagees where the relevant property is not within 200 miles of the mortgagee, its servicer, or a branch office, which were excepted under HUD's existing regulation for conducting meetings with mortgagors in default. The compliance date for these provisions is extended until July 1, 2025. HUD is taking this action to permit mortgagees sufficient time to update their mortgage servicing processes and procedures to comply with the policy that will be established in a forthcoming mortgagee letter entitled "Modernization of Engagement with Borrowers in Default." View the original at https://www.federalregister.gov/documents/2024/11/21/2024-27077/modernization-of-engagement-with-mortgagors-in-default-partial-extension-of-compliance-date.

No. Document 2024-27077 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.