Jump to content


Read These Items!

  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.





Photo

FHA Rule on Collections Accounts Delayed. New Date July 1, 2012

Posted by DallasLoanGuy , 09 April 2012 · 641 views

FHA Rule on Collections Accounts Delayed. New Date July 1, 2012



For those aware, HUD has changed some underwriting guidelines and now will require collections that total $1,000 or more to be PAID before closing.

There have been 2 comments by HUD since the release of Mortgagee Letter 2012-3 that outlined these changes.



1. First, FHA offered guidance on collections that resulted by circumstances beyond the borrower's control. Ex. Death of spouse, hurt on the job, ect.

2. HUD has delayed the original roll out date for these changes to July 1, 2012



I also understand that HUD will be taking public comments on the issue.

The FHA Collections rule spurred on in increase in applications recently. Not many more can get in before the roll out date.

http://dallasloanguy...te-july-1-2012/



Tom Burris
DallasLoanGuy.com
NMLS# 335055
Dallas, TX

214-763-4629 cell/text/nights/weekends

http://www.dallasloanguy.com/
The ORIGINAL ‘Loan Guy’ from Texas…. Often imitated, never duplicated!!!
>Search Dallas area MLS for FREE. No registration => http://www.ntreisinn...R_login?0501134

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Your Texas FHA Expert and Dallas Mortgage Expert.




April 2014

S M T W T F S
  12345
6789101112
13141516171819
20212223 24 2526
27282930   

Recent Comments

© Copyright 2003 - 2013 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.