FHA Single Family Housing Policy Handbook 4000.1, Part III

hud-4000-1-iii-3-programs-and-products-mortgagee-optional-election-assignment

HUD effective date: 04/29/2024 · section III.B.3 · Handbook 4000.1

FHA Single Family Housing Policy Handbook 4000.1, Part III — 3. Programs and Products - Mortgagee Optional Election Assignment (04/29/2024).

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Verbatim regulatory text (1)

Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, Part III — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

FHA Single Family Housing Policy Handbook 4000.1, Part III — 3. Programs and Products - Mortgagee Optional Election Assignment (04/29/2024)

Effective 2024-04-29 · publisher's stamp for this provision

(B) Required Documentation The Mortgagee must retain in its Claim File any approved extensions from HUD related to a foreclosure moratorium. Where foreclosure was initiated prior to the effective date of the moratorium, the Mortgagee must retain in its Claim File documentation of any delay to the Reasonable Diligence Time Frame related to a foreclosure moratorium. (C) Hazard or Flood Insurance Settlement The Mortgagee must take no action to initiate or complete foreclosure proceedings after expiration of a disaster-related foreclosure moratorium, if such action will jeopardize the full recovery of a hazard or flood insurance settlement. iii. Monitoring of Repairs to Substantially Damaged Homes (A) Definition A building is considered to be “Substantially Damaged,” as defined in the National Flood Insurance Program (NFIP) regulations, when “damage of any origin is sustained by a structure whereby the cost of restoring the structure to its before damaged condition would equal or exceed 50 percent of the market value of the structure before the damage occurred.” (B) Standard The Mortgagee must take appropriate actions to ensure that repairs to Substantially Damaged Properties comply with the federal building elevation standards, including those established by FEMA. The Mortgagee must ensure compliance with any higher applicable building elevation standard adopted by the state or local government.

Source: FHA Single Family Housing Policy Handbook 4000.1 (issued 2025-11-26) · source URL · snapshot 8c03836f77f317e1

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Source of record: https://claudeforcompliance.com/regs/hud-4000-1-iii-3-programs-and-products-mortgagee-optional-election-assignment/ · register hud-4000-1-iii-3-programs-and-products-mortgagee-optional-election-assignment · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.