SUBJECT: Implementation of Final Rule FR 5356-F-02, “Federal Housing Administration: Continuation of FHA Reform—Strengthening Risk Management through Responsible FHA-Approved Lenders”
This Mortgagee Letter provides an overview of key provisions of HUD’s recently issued final rule referenced above, and guidance to mortgagees on HUD’s implementation of this final rule. This rule increased the net worth requirements for FHA-approved mortgagees, eliminated FHA approval of loan correspondents, codified requirements of the Helping Families Save Their Homes Act of 2009 (Public Law 111-22), and made minor modifications to other aspects of FHA’s regulations governing lender activities. Changes to applicable HUD Handbooks are forthcoming…
To read this mortgagee letter and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm.....mortgagee/ view the 2010 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.
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