Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, March 16, 2016

FHA Issues New Lender Certifications

The FHA issued new certifications that lenders writing FHA-insured loans will have to make. As urged by ABA in comments last fall, the FHA edged back from proposed language that could have limited the ability of lenders to participate in the program.

FHA head, Ed Golding said:
In this final loan-level certification, FHA is clearly identifying [that] lenders will be held accountable for only those mistakes that would have altered the decision to approve the loan. This important move makes it very clear that minor mistakes that do not affect the decision to approve a loan are not the focus of our compliance efforts.

The revised certifications also clarify that lenders are certifying only to the best of their knowledge and do not hold lenders responsible for third-party errors they would have no reason to be aware of. As ABA also urged, the FHA removed references to its pre-endorsement review requirement.

View the certifications.
Read ABA’s comment letter.

No comments:

Post a Comment

Please read our comment policy before making a comment.