This week, the Federal Housing Administration updated its Single Family Housing Policy Handbook 4000.1 with new policy guidance, clarifications, corrections and changes to SF Handbook Section I (Doing Business with FHA), Section II (Origination through Post-Closing/Endorsement), and Section V (Quality Control, Oversight and Compliance).
All stakeholders in FHA transactions should review and become familiar with the changes outlined in the SF Handbook Transmittal — available on HUD’s Client Information Policy Systems’ (HUDCLIPS) Housing Handbooks web page. While the PDF version of the SF Handbook is available now, the online version will be updated in the coming days. For reference, a version of the SF Handbook with text changes noted is also available and can be accessed from the SF Handbook Information Page.
- Changes identified in the Transmittal that are incorporating previously published Mortgagee Letters are effective as previously announced in the corresponding Mortgagee Letter.
- Changes identified in Section II.A. Title II Insured Housing Programs Forward Mortgage may be implemented immediately, but must be implemented for mortgages with case numbers assigned on or after September 9, 2019.
- All other changes reflected in the Transmittal may be implemented immediately, but must be implemented no later than September 9, 2019.
Concurrent with the release of the updated SF Handbook 4000.1, an updated Appraisal Report and Data Delivery Guide, and updated Single Family Default Monitoring System codes were also released. Both documents are available on the SF Handbook Supplemental Documents web page and are effective September 9, 2019.