Housing Loan Made Easy
The Federal Housing Administration (FHA) has published two new handbooks aimed at making it easier with for FHA lenders to comply with Single-Family requirements and encourage lending to creditworthy borrowers across the credit spectrum.
The FHA said the release of the two new handbook sections on The Drafting Table for feedback is part of FHA’s “Blueprint for Access.” The move is also part of a broader effort to develop a handbook which will be a single, authoritative source of policy for FHA-approved lenders.
FHA Commissioner Carol Galante said, “FHA is committed to developing a handbook that incorporates policy that currently exists in several handbooks, rules, mortgagee letters, notices and other policy sources into a single source of policy for FHA lenders. Our intention is to make it easier to do business with us, reduce compliance costs and ultimately increase access to credit. We look forward to receiving feedback from our partners so we can continue improving the way we work together.”
The two sections include:
Doing Business with FHA - FHA Lenders and Mortgagees– This section outlines the requirements associated with FHA mortgagee approval, including eligibility requirements, application processes, operating requirements, post-approval changes, the recertification process, and processes for applying for supplemental mortgagee authorities.
Quality Control, Oversight and Compliance– This section outlines the ongoing lender and mortgagee responsibility to perform institution and loan-level quality control. Additionally, this section details the repercussions for failing to act in accordance with FHA requirements, including explanations of possible administrative actions and sanctions. It is intended that this clear guidance will assist lenders to better meet FHA standards and reduce compliance costs in the process.
The release of the new handbook is seen as a boon for the real estate industry in the U.S. as it will allow the processing of housing loans faster and more convenient for American applicants. The expected increase in the number of housing loan application and approval is good news for real estate agents and brokers.
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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.