The Department of Housing and Urban Development (HUD) has unveiled 14 policy changes to the Federal Housing Administration (FHA) Single Family mortgage insurance program that are designed to lower costs, reduce regulatory burdens, and improve affordability for homebuyers using FHA-insured mortgages.
The changes include an upgrade to the Appraisal Field Review Requirements that will reduce expensive quality control requirements; expanding flexibility under the Limited 203(k) Rehabilitation Mortgage Insurance Program to increase the number of contractor draw requests; updating FHA mortgagee approval and quality control to permanently exempt early payment defaults resulting from natural disasters from the required quality control review sample; and clarifying loss mitigation requirements governing trial payment plans.
“Every unnecessary regulation comes with a cost, and too often homebuyers pay the price,” said HUD Secretary Scott Turner. “If a policy does not protect taxpayers, improve affordability, or expand opportunity for Americans, we should rethink it. As we recognize National Homeownership Month, these FHA actions reflect that commitment by eliminating barriers to expand homeownership opportunities.”
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