THURSDAY, DECEMBER 7, 2023
PROPERTY NEWS: FHA issues waiver to make government insured mortgages more accessible & Double Close web site BELOW
The Federal Housing Administration (FHA) has issued a waiver to a requirement that FHA-approved lenders flag rejected loans in the FHA Connection (FHAC) system, an effort the agency says will improve access to government-insured mortgage financing for qualified borrowers.
The resulting warning flag would become associated with both the individual borrower and their case number for six months, ultimately requiring a review from the regional Homeownership Center (HOC) when a borrower applies for a government-insured loan from another lender during that period.
By waiving this provision, FHA will no longer require lenders to enter rejection information in FHAC, streamlining the loan underwriting process and removing an unnecessary barrier for borrowers who wish to obtain FHA-insured financing.
The waiver is also a new permanent policy change. It will be incorporated into future versions of the Single Family Housing 4000.1 Handbook.
SOURCE: Chris Clow
FREE TIP, SERVICE OR PRODUCT: Double Close web site at https://www.biggerpockets.com/blog/2012-12-10-double-closing-part-1
Motivational Quote of the Month
If you want to achieve greatness stop asking for permission
Thank you for your time.
Mark Bordcosh
1281Solutions
http://1281homes.com/
http://1281solutions.com/
Toll Free Phone: 1-800-642-9949
Toll free Fax: 1-866-611-7634
E-mail: mark@1281solutions.com POSTED AT 8 AM UTC
The Federal Housing Administration (FHA) has issued a waiver to a requirement that FHA-approved lenders flag rejected loans in the FHA Connection (FHAC) system, an effort the agency says will improve access to government-insured mortgage financing for qualified borrowers.
The resulting warning flag would become associated with both the individual borrower and their case number for six months, ultimately requiring a review from the regional Homeownership Center (HOC) when a borrower applies for a government-insured loan from another lender during that period.
By waiving this provision, FHA will no longer require lenders to enter rejection information in FHAC, streamlining the loan underwriting process and removing an unnecessary barrier for borrowers who wish to obtain FHA-insured financing.
The waiver is also a new permanent policy change. It will be incorporated into future versions of the Single Family Housing 4000.1 Handbook.
SOURCE: Chris Clow
FREE TIP, SERVICE OR PRODUCT: Double Close web site at https://www.biggerpockets.com/blog/2012-12-10-double-closing-part-1
Motivational Quote of the Month
If you want to achieve greatness stop asking for permission
Thank you for your time.
Mark Bordcosh
1281Solutions
http://1281homes.com/
http://1281solutions.com/
Toll Free Phone: 1-800-642-9949
Toll free Fax: 1-866-611-7634
E-mail: mark@1281solutions.com POSTED AT 8 AM UTC
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