HUD
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FHA Announces Plans for Quality Control Changes in 2017
HUD’s December 2016 Issue No. 14 of Lender Insights announced plans to make changes to its technology and quality control process. The enhancements follow through on FHA’s announcement in 2015 concerning the implementation of the Quality Control Defect Taxonomy.
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FHA Publishes Lender Insight, Highlights Quality Control Findings
Since its launch Lender Insight has featured quarterly loan level findings data by presenting the initial ratings of all loans along with the updated ratings as of six months from the end of the review period. Additionally, for the past year, each of the top 50 by volume lenders has received an individualized loan review findings report depicting a quarter-by-quarter snapshot of the results of FHA’s post-endorsement technical review of the company’s loan production.
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FHA Publishes Update to Handbook 4000.1
June 30, 2016, HUD issued a Transmittal Memorandum to the following entities: All FHA Approved Mortgagees All Direct Endorsement Underwriters All FHA Roster Appraisers All FHA Roster Inspectors All FHA Approved 203(k) Consultants All HUD Approved Housing Counselors All HUD Approved Nonprofit Organizations All Governmental Entity Participants All Real Estate Brokers All Closing Agents The […]
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FHA Adds Temporary Approval Provisions for FHA Condominiums
By Anna DeSimone November 13, 2015 HUD issued ML 2015-27: Additional Temporary Approval Provisions for Federal Housing Administration (FHA) Condominium Project Approval. This Mortgagee Letter: provides notice of revised calculation of FHA required owner-occupancy percentage; provides expansion of eligible condominium project insurance coverage; and provides revised requirements for obtaining condominium project recertification. It is anticipated […]
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HUD Sets New Standards for Energy Efficient Homes Stretch Ratio Policy
By Anna DeSimoneSeptember 30, 2015, HUD issued Mortgagee Letter 2015-22, New Standards for Energy Efficient Homes (EEH) “Stretch Ratio” Policy: Incorporating the Department of Energy’s (DOE) Home Energy Score.PurposeThis Mortgagee Letter updates the Federal Housing Administration’s (FHA) EEH program, minimum energy efficiency standard, to the most recent International Energy Conservation Code (IECC) adopted by HUD […]
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FHA Updates Servicing Handbook
By Anna DeSimoneJuly 7, 2015 HUD published FHA Info #15-54, News and Updates. The update referenced the June 24th announcement (FHA Info #15-50) which announced the publication of the Servicing and Loss Mitigation (Servicing) for Title II Forward Mortgages and the Servicer Tier Ranking System II (TRS II) sections of HUD’s Single Family Housing Policy Handbook […]
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Agencies Issue Final Flood Insurance Rule
By Anna DeSimoneJune 22, 2015, five federal regulatory agencies announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas. Announcement NR-2015-89 was issued by Board of Governors of the Federal Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation, National Credit […]
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FHA Announces New Quality Assurance Methodology
By Anna DeSimone June 18, 2015, the Federal Housing Administration released its Single-Family Loan Quality Assessment Methodology. Referred to as “Defect Taxonomy,” the system outlines a detailed process for quality assurance of Single-Family FHA endorsed loans. Please click on the link below to review the 28-page document in its entirety: http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_LQA_Methodology.pdf The framework centers on […]
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Mortgage Servicing and Regulatory Compliance
by Margaret Wright, J.D.Mortgage servicing is becoming solidified as an area of major regulatory importance. The Consumer Financial Protection Bureau’s more recent entry into the mortgage servicing rulemaking arena has resulted in updated and new servicing regulatory requirements. Additionally, the current servicing market has shown that although delinquencies are down overall, servicing income and employment […]
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HUD Issues Trial Payment Plan as Loss Mitigation Option
March 18, 2015 the Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2015-07, Trial Payment Plans Associated with HUD’s Loss Mitigation Loan Modification Options for Forward Mortgages. The purpose of the Mortgagee Letter is to communicate: • Requirements for plan duration, required signatures, and reporting for Trial Payment Plan (TPP) Agreements; and • […]