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HUD/FHA recently announced that they will be conducting an all-day, instructor-led training seminar for lenders with the primary focus on the Single Family Housing Policy Handbook (4000.1) and recent updates.
This is an ideal time for Direct Endorsement underwriters, loan processors and loan originators to obtain training on the 4000.1 Handbook as there still remains some confusion over the revised policies that were implemented upon issuance of this Handbook.
This is an example of some of the topics that may be discussed:
- What actions should a DE underwriter take when an appraiser reports problems with the operation of and appliance or a sump pump?
- What is considered to be a “reasonable” cost to hook up to public utilities when they are available?
- Is there any leeway given to the 100-mile threshold for a borrower to obtain another FHA loan?
- When a property has legal, non-conforming zoning – what documentation will be acceptable to satisfy the “rebuild letter” requirement?
It should also be noted that FHA has already changed their policy on the calculation of deferred student loan debts in a Borrower’s housing expense ratio since the 4000.1 Handbook became effective. I would expect that HUD staff will cover this important change in great detail at this seminar.
Loading ...Registration for this training opportunity is required. Details are as follows:
Date/Time: Wednesday, June 15, 2016 (from 8am until 5pm – Pacific Time)
Location: George W. Bush Federal Building, 34 Civic Center Plaza, Santa Ana, CA
If you are interested in attending this training session, click on this link to register. Please note that there are limited seats available. If you are successful in registering, you will need to bring a valid, government-issued Photo ID and registration confirmation with you since this event is being held in a Federal Building.
I would highly recommend that at least one DE underwriter from your firm attend this training session, if possible. If this event becomes full and closed for Registration, I would then recommend that you contact the webmanager at webmanager@hud.gov or by phone at (714) 796-1200 so that HUD staff can obtain feedback on the amount of demand for such training in the hope that future sessions will be conducted. It is a great opportunity to get your questions answered and to meet key HUD staff that are responsible for reviewing your loan files.
