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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 62 June 2025 J O U R N A L • Require the USDA to speed up their loan approval process. • Improve IT so that the USDA can process loans more quickly and with less staff time wasted on paperwork or manual data entry. The Rural Housing Service Reform Act has been endorsed by the National Rural Housing Coalition, Local Initiatives Support Corporation, Housing Assistance Council, Enterprise Community Partners, Mortgage Bankers Association, Council of State Community Development Agencies, Habitat for Humanity International, National Housing Law Project, AARP, Council for Affordable and Rural Hous- ing, Bipartisan Policy Center Action, and the National Association of Counties. "The Rural Housing Service Reform Act is a testament to commonsense, bi- partisan collaboration in Congress," said David Lipsetz, President and CEO of the Housing Assistance Council. "This im- portant legislation would modernize US- DA's flagship single-family housing pro- grams, provide new tools to help preserve their critical stock of rural multifamily properties, ensure that USA single-family loans are reaching Indian Country, and allow for sorely needed technology and staffing modernization at USDA. We are so appreciative for the leadership of Sens. Smith and Rounds on these issues and we applaud the deep commitment that all of the bill's co-sponsors have shown to preserving and improving rural housing programs at USDA." HUD ASSISTS VIRGINIA RESIDENTS IMPACTED BY WINTER STORMS U .S. Department of Housing & Urban Development (HUD) Secretary Scott Turner has announced the availability of federal disaster assistance to the Commonwealth of Virginia to supplement recovery efforts in the areas impacted by severe winter storms and flooding from February 10-18, 2025. President Trump issued a Major Disaster Declaration on April 4, 2025, for the Commonwealth of Virginia. "HUD is here to support Virginians as they rebuild their homes, communi- ties, and businesses following the severe winter storms and flooding," HUD Sec- retary Turner said. "Disaster response is a foundational part of our mission-minded approach to serving American communi- ties as they work to rebuild." Effective immediately HUD is: • Providing financial flexibility: A 90-day moratorium is issued on foreclosures of mortgages insured by the Federal Housing Administra- tion (FHA). There is also a 90-day extension granted automatically for Home Equity Conversion Mortgages (HECMs). The moratorium and extension are effective as of the Pres- ident's disaster declaration date. • Making mortgage insurance avail- able: When homes are destroyed or damaged to an extent that required reconstruction or complete replace- ment, HUD's Section 203(h) program provides FHA insurance to disaster victims. Borrowers from participat- ing in FHA-approved lenders are eligible for 100% financing including closing costs. • Making financing available for both mortgage and home rehabilitation: HUD's Section 203(k) loan program enables individuals to finance the purchase or refinance of a house, along with its repair, through a sin- gle mortgage. Homeowners can also finance the rehabilitation of their existing homes if damaged. • Sharing information on housing providers and HUD programs: Information will be shared with FEMA and the State on housing pro- viders that may have available units in the impacted counties, including