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FHA Delinquency Reporting Changes

Mortgagee letter requires 30-day data

June 9, 2006

By MortgageDaily.com staff

FHA servicers will be required to change the way they report delinquency.

Mortgagees will be required to report all Federal Housing Administration-insured loans that are 30 days delinquent as of the last day of the month, according to Mortgagee Letter 2006-15 issued Thursday by the Department of Housing and Urban Development.

Only mortgages that were 90 days delinquent were previously required to be reported, the letter said.

The agency hopes the change will help it better mitigate losses earlier in the default process.

The revised reporting requirement becomes effective with data from the October 2006 reporting cycle due on November 7 -- the fifth business day of the following month, HUD said

"Under the revised reporting requirements, mortgagees shall report delinquent accounts when one full installment is due and unpaid (30 days delinquent), and will continue reporting the loan's status until there is a resolution to the delinquency," the letter read. "Any loan that remains unpaid on the last day of the month is considered to be 30 days (or one month) delinquent and must be reported to HUD."

HUD said three classes of loans must be reported monthly: newly-delinquent mortgages, open delinquencies and resolved delinquencies.

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