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Legislative Alert: FHA Clarifies Rules for Mortgage Lending Program, Requests Feedback

Posted By Administration, Friday, May 10, 2019
In an effort to provide clarity and streamline mortgage lending program requirements, FHA is seeking public feedback on proposed changes to its loan-level certifications, annual lender certifications, and the Defect Taxonomy. The proposed updates are posted on the Single Family Housing Drafting Table and are available for public comment for a 30-day period from May 9th – June 8th.
Loan-Level Certifications
FHA is proposing significant revisions to the Addendum to Uniform Residential Loan Application (Form 92900-A). These proposed changes to the loan-level certifications are intended to reorganize Form 92900-A (loan-level certification) in a logical, easy to read, and understandable format, and to eliminate duplicative information collected elsewhere.
Annual Lender Certifications
FHA is proposing changes to its annual lender certifications to better align them with National Housing Act standards while continuing to hold lenders accountable for compliance with HUD eligibility requirements. To help stakeholders understand the proposed revisions, FHA has posted a comparison document on the Drafting Table showing the current certification statements and proposed changes side-by-side.
Defect Taxonomy
FHA is posting a draft of the Defect Taxonomy Version 2 for stakeholder review and feedback. The Defect Taxonomy was created in 2015 and implemented through the Loan Review System in 2017. Version 2 will provide more clarity and transparency into FHA’s existing loan-level quality assurance processes.
Proposed changes include:
  • updated Severity Tier definitions;
  • potential Remedies that align each Severity Tier;
  • revised Sources and Causes in certain Defect Areas;
  • new Defect Areas for Servicing loan reviews; and
  • HUD policy references.

Please contact Katelynn Harris with any questions.

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