FHA Delays Implementation of Collection Payoff Rule

FHA Delays Implementation of Collection Payoff Rule

Looks like public outcry has FHA rethinking their position.  NOTE IN BOLD-WORDING  REGUARDING SEEKING ADDITIONAL INPUT.

THIS WAS POSTED ON APRIL 6TH FOR AN FHA NOTICE:

In order to allow Mortgagees to additional time to adapt their procedures to implement portions of the new guidance found in Mortgagee Letter 2012-03, FHA is delaying the effective date of the following topics ML 2012-03:

  • Handling of Disputed Accounts, Public Records FHA Total User Guide Chapter 2, and
  • Handbook 4155.1 4.C.2.e, Paying off Collections and Judgments.

The new effective date of this section is delayed until July 1, 2012. Prior to the effective date, FHA intends to seek additional input on this section and work to clarify guidance, as appropriate.

 

The Mortgagee Letter and FHA Total Scorecard User Guide will be updated and posted to HUD’s website on Monday April 9, 2012. Please Note: With this extension, any case numbers assigned prior to July 1, 2012 are subject to the previous guidance in effect for the subject topics.


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Phone: 480-980-9025
Dated: April 9th 2012
Views: 2,467
About JP: JP Piccinini is CEO and Founder of JP and Associates REALTORS (JPAR), Founder and CEO ofOdasi Real E...

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