HUD
-
HUD/FHA Resources for Oklahoma Counties Impacted by Severe Storms and Tornadoes
by: Michelle PetersDue to the severe storms and tornadoes that occurred on May 20, 2013, Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties in Oklahoma were identified as Presidentially Declared Major Disaster Areas. The Federal Housing Administration has issued reminders mortgagees in order to provide assistance to borrowers with FHA-Insured single family mortgages. Mortgagees should refer to […]
-
HUD Issues Rules for Borrower Minimum Investment Funded by Government Entity
by: Michelle Peters On May 10, 2013, HUD issued FHA Single Family Mortgagee Letter ML 2013-14: Mortgagee Letter Minimum Cash Investment and Secondary Financing Requirements – Acceptable Documentation for Funds Provided by Federal, State, or Governments, their Agencies or Instrumentalities (Government Entity). The letter provides standards of required documentation that mortgagees must provide in order […]
-
HUD Launches Self-Endorsed FHA Lender Insurance Program for High-Performing Lenders
by: Anna DeSimone April 9, 2013, HUD issued Mortgagee Letter 2013-10 along with a Revised Lender Insurance Guide. The Mortgagee Letter explains enhancements to the Lender Insurance program based on a Final Rule published in the Federal Register on January 25, 2012. FHA’s Lender Insurance Program (LI) enables high-performing lenders to insure FHA forward […]
-
HUD Issues Standard for Disparate Impact Liability
by: Margaret Wright, Esq.Implementation of the Fair Housing Act’s Discriminatory Effects Standard The Department of Housing and Urban Development (HUD) has issued the Final Rule amending the Fair Housing Act to establish the method to be used when establishing liability under the discriminatory effects standard. The amendment formalizes the “burden-shifting test” of discriminatory effect and also […]
-
HUD Proposes Amendments to Fair Housing Act’s Discrimination Standards
by Margaret Wright, Esq.Assistant VP & Senior Counsel The Department of Housing and Urban Development (HUD) has issued a proposed rule amending the Fair Housing Act in order to “establish uniform standards for determining when a housing practice with a discriminatory effect violates” the Act. The proposed amendments arise from the need for uniformity of […]
-
HUD Issues Revisions to Mortgagee Approval Process
by Anna DeSimonePresident & Founder September 23, 2011 HUD issued Mortgagee Letter 2011-34 to announce changes to the requirements for FHA lender approval and operations. These changes are effective immediately and supersede specific sections of HUD Handbooks 4060.1 REV-2 and 4155.2. The Letter applies to all FHA approved lenders and Applicants for lender approval. Modified […]
-
HUD Clarifies and Updates Refinance Guidelines
by Aisling Brady, Executive Vice Presidentabrady@bankersadvisory.com Recently, HUD has issued Mortgagee Letters 2011-11 regarding refinance transactions. The purpose of the Mortgagee Letters was to clarify and update guidance to mortgagees regarding FHA refinances. The following rules apply to FHA Case Numbers assigned on and after April 18th, 2011:All Refinances If a borrower has re-occupied their […]
-
LO Comp Rules Now in Effect – Fed and HUD Provide Clarification
by Marissa Aquila BlundellSenior Counsel & Vice President The Federal Reserve Board’s new rules governing originator compensation are now in effect. After a five day court-imposed administrative delay, the United States Court of Appeals denied a request to further delay implementation of the rule. In March, the industry received additional guidance related to the new […]
-
HUD Clarifies Quality Control Requirements for Directed Endorsement Lenders
Key Points to HUD’s Quality Control Requirements by Aisling Brady, Executive Vice President On January 5, 2011, HUD issued Mortgage Letter 2011-02 “Quality Control Requirements for Direct Endorsed Lenders.” This Mortgagee Letter clarifies FHA’s Quality Control requirements in light of recent changes to the lender eligibility criteria for participation in FHA programs and […]
-
HUD Clarifies Mortgagee Eligibility Requirements & Annual Certification
by Anna DeSimone HUD issued Mortgagee Letter ML 2010-38 on November 17, 2010. This Mortgagee Letter provides additional information about FHA’s implementation of these requirements and provides clarification regarding FHA’s electronic annual certification requirements and procedures. The requirements of ML 2010-38 are effective immediately and provided guidance and clarification on several topics including: definitions, notifications, […]