This week, on Wednesday, November 18, representatives from the Federal Housing Administration (FHA) via a complimentary webinar will offer guidance on the Claims Without Conveyance of Title (CWCOT) program "in which the mortgagee attempts to secure a third-party purchaser for the mortgaged property so that conveyance to HUD is not required in exchange for mortgage insurance benefits," according to an FHA notice regarding the virtual event.
A similar webinar was offered earlier this month. It is offered on two separate dates to maximize attendance, according to the FHA.
As the FHA explained in a July statement [1], the most recent CWCOT enhancements take into consideration public feedback received earlier this year when a first draft was posted on the Single-Family Housing Drafting Table.
FHA’s CWCOT program and recent adjustments were designed to make the program “more viable for foreclosure sales associated with defaulted FHA-insured mortgages,” the FHA added in the same statement. Industry experts discussed HUD's recent updates to the CWCOT program to help improve efficiencies and minimize losses, during a complimentary DS News webinar that can be revisited here. [2]
Topics will include:
- Enhancements to the program announced in Mortgagee Letter 2020-21 [3], servicer participation and eligibility
- How foreclosing on FHA properties may differ from previous guidelines
- Requirements for appraisals, bidding instructions, and claim requirements
This week's webinar, which takes place from 1-2:30 p.m. (CST), is complimentary when you register here [4].
Here is what else is happening in the week ahead:
- Construction Spending Report, U.S. Census (Monday)
- House Financial Services Committee Hearing, “Insuring against a Pandemic: Challenges and Solutions for Policyholders and Insurers [5]” (Thursday)
- RCLCO, "2020, The Year of the Suburb?" [6] (Thursday)