FHA announced yesterday in FHA INFO #15-32 that the effective date for the policies within its new Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) has been postponed to September 14, 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 guide.
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.
DocuTech will continue to work on implementing the changes necessary for the new effective date, including the new FHA Security Instruments.
May 1, 2015