FHA Delays Handbook Implementation Date
FHA Extends the Single Family Housing Policy Handbook Implementation Effective Date
June 15, 2015 Handbook Implementation Date Extended 90-days to Give Lenders More Time to Operationalize
On April 30, 2015, the Federal Housing Administration (FHA) announced that it has extended the effective date for the policies contained within its new Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) from June 15, 2015 to September14, 2015.
FHA recognizes that there currently are a number of competing initiatives occurring simultaneously in the mortgage industry that may be challenging mortgagee and other industry partner resources. For this reason, FHA is extending the SF Handbook effective date by 90 days with the expectation that this additional time will enable mortgagees and others to be fully compliant with the new effective date.
This 90-day extension is effective for all SF Handbook published sections. This includes:
- Updates to the Origination through Post-Closing/Endorsement for Title II Forward Mortgages section;
- Doing Business with FHA—Lenders and Mortgagees section;
- Quality Control, Oversight, and Compliance section;
- 203(k) Rehabilitation Mortgage Insurance Program policies subsection;
- 203(k) Consultant requirements subsection;
- Appraiser and Property Requirements for Title II Forward and Reverse Mortgages subsection; and,
- Appraisal Report and Data Delivery Requirements
FHA wishes to acknowledge and thank the many mortgagees and other industry partners that have already readied their systems and processes for the original June 15, 2015 implementation date. FHA stands ready to provide any support needed to enable them to continue doing business with the Agency using current policies and processes.
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June 15, 2015 Handbook Implementation Date Extended 90-days to Give Lenders More Time to Operationalize. Well, duh…gee thanks FHA! We would not want to inconvenience any lenders! I realize that it would be incredible if anyone anywhere gave a thought as to how all of these “APPRAISER MUST” rules are going to be received by those preforming FHA appraisals!
I remember reading about a guy named Pharaoh. You can read about him too. See Exodus 5:7 “You are no longer to supply the people with straw for making bricks; let them go and gather their own straw.” Those were his words passed down to the slaves by their overseers.
Many appraisers are growing tired of being treated as though we were a part of some type of slave group. All of these new rules and BS “MUST” directives without even asking for comments from the appraisal community have worn out their welcome! Lets see if the lenders are inconvenienced by having to do these FHA appraisals themselves!