A new handbook being developed for the lending process on single-family loans insured by the Federal Housing Administration promises to make it easier for mortgagees to do business with the agency.
The Department of Housing and Urban Development is seeking approval form the Office of Management and Budget for a new FHA single-family policy handbook.
HUD says the new handbook will be a single, consolidated and authoritative source for FHA single-family housing policy.
According to a public filing Friday, the handbook will make it easier to do business with FHA by consolidating policy in to one handbook.
Simple, more directive language will also improve mortgagees’ ability to do business.
In addition, business will be easier because the flow of the handbook will be aligned with the lender-mortgage process.
Public comments about the new handbook are being accepted by HUD for 60 days by phone at 202.402.3400, by e-mail at [email protected] or by postal mail at Colette Pollard, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 7th Street SW., Room 4176, Washington, D.C., 20410-5000.
“Without feedback, FHA’s final Handbook would lack critical revisions or changes that would improve its usefulness,” HUD said. “In particular, obtaining feedback permits FHA to have a handbook that helps lenders and appraisers quickly find needed information and reduces the need for them to obtain clarification and direction on existing and changing policy.”
