Lenders who are struggling to meet the implementation deadline for a new Federal Housing Administration handbook have been granted a reprieve.
In November 2013, the Department of Housing and Urban Development unveiled plans to implement a new FHA Single Family Policy Handbook.
Five months later, HUD announced that it would begin accepting comments on the proposed handbook from FHA stakeholders.
The
handbook is intended to be a single, consolidated and authoritative source for FHA single-family housing policy.
Lenders
had until the middle of next month to implement the handbook.
But after receiving feedback about the deadline, HUD has decided to work with mortgagees and extend the implementation date until Sept. 15.
“It’s become clear over the last few months that some of our industry partners require additional time to prepare to implement the Handbook,” HUD Deputy Assistant Secretary for Single Family Housing Kathleen Zadareky said in a written statement. “We want to accommodate these requests as we believe everyone benefits from having the necessary time to thoughtfully integrate this new handbook into their business operations.”
