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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.FHA Delays Implementation of HVCC Standards
I just received an update from the FHA that I believe will spread some holiday cheer.
Mr. Jerrold H. Mayer announces re: Delayed Implementation Date for New Requirements in ML 2009-28
If that Mortgagee Letter doesn't ring a bell...it's the one that put FHA loans under HVCC watch. Notice anything else?
IT'S BEING DELAYED!
From the FHA:
Enactment of ML 2009-28, Appraiser Independence, will be delayed until February 15, 2010. ML09-28 (originally planned for a January 1, 2010 implementation) has two parts: a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process, and b) appraiser selection in FHA Connection. The effective date for both sections of this guidance will now take effect for all case numbers assigned on or after February 15, 2010. This extension will provide FHA and lenders additional time to adjust systems to accommodate the changes.
Detailed instructions on changes to FHA Connection will be issued in a new mortgagee letter. However, lenders should be aware that the requirement for inputting the appraiser ID and the appraisal assignment date in the FHA Connection case number assignment screen will be removed. Instead, lenders will be required to enter all appraisal data, including the appraiser ID, in the Appraisal Update Screen once the completed appraisal is received by the lender and prior to closing the loan.
HERE is the original story on ML 2009-38.
The FHA also delayed the implementation date for ML 2009-51
ML 2009-51, Adoption of the Appraisal Update and/or Completion Report, states an effective date of January 1, 2010. The effective date is being extended and will now apply to all case numbers assigned on or after February 15, 2010. This extension will provide additional time needed by FHA and lenders to adjust their systems to accommodate use of the form.
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This email was sent to you by:
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Mortgage News Daily
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 |
Anonymous Anonymous |
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Message:
YOUR MESSAGE HERE
FHA Delays Implementation of HVCC Standards
I just received an update from the FHA that I believe will spread some holiday cheer.
Mr. Jerrold H. Mayer announces re: Delayed Implementation Date for New Requirements in ML 2009-28
If that Mortgagee Letter doesn't ring a bell...it's the one that put FHA loans under HVCC watch. Notice anything else?
IT'S BEING DELAYED!
From the FHA:
Enactment of ML 2009-28, Appraiser Independence, will be delayed until February 15, 2010. ML09-28 (originally planned for a January 1, 2010 implementation) has two parts: a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process, and b) appraiser selection in FHA Connection. The effective date for both sections of this guidance will now take effect for all case numbers assigned on or after February 15, 2010. This extension will provide FHA and lenders additional time to adjust systems to accommodate the changes.
Detailed instructions on changes to FHA Connection will be issued in a new mortgagee letter. However, lenders should be aware that the requirement for inputting the appraiser ID and the appraisal assignment date in the FHA Connection case number assignment screen will be removed. Instead, lenders will be required to enter all appraisal data, including the appraiser ID, in the Appraisal Update Screen once the completed appraisal is received by the lender and prior to closing the loan.
HERE is the original story on ML 2009-38.
The FHA also delayed the implementation date for ML 2009-51
ML 2009-51, Adoption of the Appraisal Update and/or Completion Report, states an effective date of January 1, 2010. The effective date is being extended and will now apply to all case numbers assigned on or after February 15, 2010. This extension will provide additional time needed by FHA and lenders to adjust their systems to accommodate use of the form.
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