In an official notice to all FHA-Approved Mortgagees, FHA announced on April 30, 2015 that it has extended the effective date for the policies contained within its new Single Family Policy 4000.1 Handbook from June 15, 2015 until September 14, 2015.
These new underwriting, appraisal and Quality Control policies have been the focus of several of my previous Blogs and LendingLogics Newsletters.
In its statement, HUD indicated that they are aware of a number of competing initiatives occurring simultaneously in the mortgage industry that may be challenging mortgage and other industry partner resources. The TRID initiative certainly comes to mind when discussing other important industry changes being implemented at this time.
More importantly, this 90-day extension will allow HUD staff to have more time to reconsider many of these new proposed changes based on feedback received from industry groups.