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

Posted by DallasLoanGuy , 09 April 2012 · 640 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.


Tom Burris
NMLS# 335055
Dallas, TX

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The ORIGINAL ‘Loan Guy’ from Texas…. Often imitated, never duplicated!!!
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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.

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