Transcription of Date: June 17, 2021 To
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Date: June 17, 2021 To
Date: June 17, 2021. Mortgagee Letter 2021-13. To: All FHA-Approved Mortgagees All Direct Endorsement Underwriters All Eligible Submission Sources for Condominium Project Approvals All FHA Roster Appraisers All FHA-Approved 203(k) Consultants All HUD-Approved Housing Counselors All HUD-Approved Nonprofit Organizations All Governmental Entity Participants All Real Estate Brokers All Closing Agents Subject Student loan Payment Calculation of Monthly Obligation Purpose This Mortgagee Letter (ML) informs Mortgagees of new student loan calculation requirements of the monthly payment obligation, to align better with the current industry standards. Effective Date This guidance is effective for all case numbers assigned on or after August 16, 2021. However, Mortgagees may begin using the policies announced in this ML immediately. All policy updates will be incorporated into a forthcoming update of HUD. Handbook , FHA Single Family Housing Policy Handbook (Handbook ) and amend the HECM Financial Assessment and Property Charge Guide.
3.83 Student Loans Student loan refers to liabilities incurred for educational purposes. The mortgagee must include all student loans in the expense analysis, regardless of the payment type or status of payments. If the payment used for the monthly obligation is less than the monthly
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