HUD Offers Training For New FHA Rules.
HUD’s recent release of the new FHA Single Family Housing Policy Handbook 4000.1 created quite a commotion in the mortgage industry. While the goal of the new handbook was to simplify the process by placing all requirements for the appraiser and mortgagee in one document and eliminating ambiguities, the seemingly new requirements and to whom the burden of compliance fell left many scratching their heads. The most notable change was the replacement of the word “should” with the word “must.” Instead of requirements that “should” be met, now they “must” be met. Rules that were previously up for interpretation are now hard and fast. Given the new stringent requirements, it is important for appraisers and all mortgage industry professionals to understand the policy handbook and what new responsibilities fall to them. Fortunately, HUD offers many events and trainings geared at helping mortgage professionals understand these new requirements so they can stay compliant. For more information regarding HUD’s events and trainings, click here.