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As you know, FHA recently published a proposed rule in the Federal Register to modify how loan correspondents are approved and to increase the net worth requirement for approved mortgagees. The proposed rule is attached as well as an MBA summary.
There is only a 30 day public comment period and it will end on December 30th. If these changes are of interest to you, please compile your thoughts and issue your comments to http://www.regulations.gov/
You must reference FR 5356–P–01 and the title "Federal Housing Administration (FHA): Continuation of FHA Reform—Strengthening Risk Management Through Responsible FHA-Approved Lenders" when submitting your comments.
If you would like to be notified of other legislative efforts please join the Mortgage Action Alliance at http://mortgagebankers.org/Advocacy/MortgageActionAlliance/MAASignup.htm. You do not need to be a member of the Mortgage Bankers Association to join the Mortgage Action Alliance.
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