This Friday, join Ed Delgado, President and CEO of Five Star Global in a discussion with The Hon. Brian D. Montgomery, Commissioner of the Federal Housing Administration and Assistant Secretary of the Department of Housing and Urban Development.
Commissioner Montgomery and Delgado will discuss updates related to the COVID-19 National Emergency Standalone Partial Claim, default rates and support for borrowers, CWCOT updates, and HUD and FHA’s priorities in the short-and long-term as the mortgage industry recovers responds to the national health crisis.
Commissioner Montgomery will be discussing how the priorities at HUD and the FHA have shifted, and will also be giving updates on the importance of CWCOT, after HUD and the FHA submitted changes to the program earlier this year.
FHA’s CWCOT program pays insurance benefits to a mortgagee after the sale of a property to a third-party after the foreclosure of the FHA-insured mortgage or through a second-chance sale. There is no conveyance of the property to HUD with CWCOT in exchange for payment of mortgage-insurance benefits. The program also expedites the disposition of foreclosed properties and reduces the amount of time a property sits vacant.