The Federal Housing Administration (FHA) is continuing to make strides toward developing a comprehensive forward mortgage policy handbook as the agency recently completed the first section of the handbook and launched a corresponding web page.
FHA’s “Single Family Housing Policy Handbook,” which the agency began developing last year, is an effort to consolidate all FHA Single Family policies and requirements into one authoritative source.
The agency posted two draft sections “Doing Business with FHA – FHA Lenders and Mortgagees” and “Quality Control, Oversight and Compliance” in July. Stakeholders were able to submit feedback through July 29.
In competing the first section of the handbook the FHA published its origination through post-closing and endorsement polices — the first policies incorporated into the new handbook and published in their completed, final form.
“This milestone is one part of FHA’s effort to develop a comprehensive, single source for FHA Single Family Housing policy,” FHA says in a written statement, adding that the publication supports FHA’s broader goals of expanding access to mortgage credit and making it easier for stakeholders to do business with FHA.
The origination through post-closing/endorsement section of the handbook is effective for all case numbers assigned on or after June 15, 2015; however, the FHA will be publish a Federal Register notice soliciting comment relating to “Streamline Refinances.” Following consideration of comments received in response to the notice, FHA will announce any changes to those provisions.
The new web page features the handbook’s current versions and revisions, additional handbook information and will eventually link to a web page that will contain all versions of the handbook going forward.
Visit the handbook’s web page here.
Written by Cassandra Dowell