The Federal Housing Administration, on the heels of publishing its online single-family handbook for lenders, has published a preview of Frequently Asked Questions relating to the handbook scheduled to take effect on September 14 of this year.
The FAQs are not policy, the administration reminds lenders, and are for informational purposes, but should aid in industry preparation around new rules contained in the handbook.
“These FAQs are not FHA policy, and should only be used as a guide for reviewing the policy contained in the SF Handbook,” the administration stated in correspondence with lenders. Further, FHA said, mortgagees should not apply policies in the single family handbook until the September 14 effective implementation date.
A new keyword search feature, while not fully automated, should help lenders search for desired information contained in the FAQ document, FHA points out.
Written by Elizabeth Ecker