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U.S. DEPARTMENT OF HOUSING AND URBAN …

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. WASHINGTON, DC 20410-8000. ASSISTANT SECRETARY FOR HOUSING - FEDERAL HOUSING COMMISSIONER. Special Attention of: Transmittal: handbook All FHA Approved Mortgagees Issued: December 30, 2016. All Direct Endorsement Underwriters Effective Date: Multiple; See Below All FHA Roster Appraisers All FHA Roster Inspectors 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 1. This Transmits: The incorporation of previously published updates to handbook , FHA single family HOUSING policy handbook . 2. Explanation of Materials Transmitted: This revision to the FHA single family HOUSING policy handbook , or handbook ( handbook ), is being published to update existing sections. Below is a list of content updates being made to the handbook : handbook Section handbook Changes Page Number Section I Doing Business with FHA.

FHA Single Family Housing Policy Handbook Table of Contents Handbook 4000.1 i Effective Date: 09/14/2015 | Last Revised: 12/30/2016 *Refer to the online version of SF Handbook 4000.1 for specific sections’ effective dates

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Transcription of U.S. DEPARTMENT OF HOUSING AND URBAN …

1 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. WASHINGTON, DC 20410-8000. ASSISTANT SECRETARY FOR HOUSING - FEDERAL HOUSING COMMISSIONER. Special Attention of: Transmittal: handbook All FHA Approved Mortgagees Issued: December 30, 2016. All Direct Endorsement Underwriters Effective Date: Multiple; See Below All FHA Roster Appraisers All FHA Roster Inspectors 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 1. This Transmits: The incorporation of previously published updates to handbook , FHA single family HOUSING policy handbook . 2. Explanation of Materials Transmitted: This revision to the FHA single family HOUSING policy handbook , or handbook ( handbook ), is being published to update existing sections. Below is a list of content updates being made to the handbook : handbook Section handbook Changes Page Number Section I Doing Business with FHA.

2 (B)(3)(b)(ii) Employees Added guidance for mortgagee use of 16, 40, 41. Standard Compensation; Professional Employer Organizations Use of Contractors (PEO) as announced in ML 2016-18. Permissible Use; published on November 28, 2016. Use of Contractors . Standard;. Use of Contractors . Required Documentation Section II Origination Through Post-Closing/Endorsement (B) Low Cost Area; Added guidance for forward 156, 157. (C) High Cost Area; mortgage limits as announced in ML. (D) Special Exceptions for 2016-20 published on December 1, Alaska, Hawaii, Guam, and the Virgin 2016 and ML 2016-25 published on Islands December 22, 2016. Back to Work Added bracketed text to clarify policy 331. Extenuating Circumstances expired for case numbers assigned on or after October 1, 2016. (B) Eligible Supplemental Removed effective date language for 363, 453. Programs and Products endorsements for Solar and Wind (B) Eligible Programs and Technologies. Transaction Types (B) Escrow Closeout Removed bracketed text.

3 452, 456. Certification;. (C) Escrow Closeout Certification (A) Processing Fee and Added guidance for a processing fee 459, 726. Other Costs; for assumptions as announced in (A) Allowable Charges ML 2016-24 published on December Separate from Assumption Processing 7, 2016. Fees 2. handbook Section handbook Changes Page Number Section III Servicing and Loss Mitigation (A) Borrower's Financial Revised bracketed text to reflect new 599, 602, 609, Information; effective date for affected sections as 615, 618, 623, Notice to Borrower after announced in ML 2016-22 published 624, 629, 631, Loss Mitigation Review; on December 1, 2016. 672, 677, 679. HUD's Loss Mitigation Option Priority Waterfall;. (D)(2) Special Forbearance Unemployment Agreement . Standard;. Loan Modification;. (G) FHA-HAMP Loan Modification Provisions;. (H) FHA Mortgage Insurance Coverage and MIP;. (D)(2) FHA-HAMP. Standalone Partial Claim;. (F) FHA-HAMP Trial Payment Plans;. Independent Third-Party Providers.

4 (D)(1)(c) Prohibition of Foreclosure due to Federal Law or Regulations;. (G) Manufactured HOUSING Review 3. Implementation: For handbook updates incorporating policies with future effective dates, the handbook updates are effective as of those previously announced future effective dates. All other changes to the handbook are effective immediately. For changes announced in Mortgagee Letter 2016-14, as amended by Mortgagee Letter 2016-22, Mortgagees may continue to use the guidance in the June 30, 2016 version of the handbook until the extended implementation date of Mortgagee Letter 2016-14. 3. 4. Superseded policy : Previous versions of handbook are amended as described in this Transmittal. Below is a list of Mortgagee Letters, HOUSING Notices, and/or Handbooks containing content related to these sections of handbook that are hereby superseded in their entirety and are canceled on December 30, 2016. All previously superseded or canceled Mortgagee Letters, HOUSING Notices, and/or Handbooks remain canceled or superseded, but will continue to be available for informational purposes only on HUD's website along with the items listed below.

5 policy documents that have been superseded in full by the handbook can always be found on HUD's Client Information policy Systems (HUDC lips) web pages, accessible from the single family HOUSING Superseded policy Documents page at Mortgagee Letter(s) Superseded in Whole ML Number 2017 Nationwide Forward Mortgage Limits - Correction for Special 2016-25. Exception Areas ((Alaska, Hawaii, Guam, and the Virgin Islands) (to be superseded on January 1, 2017)). Processing Fee for Assumptions 2016-24. Extension of Implementation Date of Selected Sections of handbook 2016-22. - ((effective March 1, 2017) - Mortgagees may continue to use the guidance in the June 30, 2016 version of the handbook until the extended implementation date of Mortgagee Letter 2016-14)). 2017 Nationwide Forward Mortgage Limits (to be superseded on January 2016-20. 1, 2017). Mortgagee Use of Professional Employer Organizations 2016-18. 5. Paperwork Reduction Act The information collection requirements contained in this document have been approved by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (44 3501-3520) and assigned OMB control numbers 2502-0005; 2502-0018; 2502-0059; 2502-0117.

6 2502-0189; 2502-0302; 2502-0306; 2502-0322; 2502-0358; 2502-0369; 2502-0404; 2502-0414;. 2502-0429; 2502-0468; 2502-0477; 2502-0494; 2502-0496; 2502-0525; 2502-0527; 2502-0538;. 2502-0556; 2502-0561; 2502-0584; 2502-0595 and 2502-0600. In accordance with the Paperwork Reduction Act, HUD may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection displays a currently valid OMB control number. _____. Edward L. Golding Principal Deputy Assistant Secretary for HOUSING 4. 5. FHA single family HOUSING policy handbook Table of Contents FHA single family HOUSING policy handbook TABLE OF CONTENTS. I. DOING BUSINESS WITH FHA ..1. A. FHA LENDERS AND MORTGAGEES .. 1. Types of Program Approvals .. 2. a. Title 2. b. Title II .. 2. Types of Approved 2. a. Supervised Mortgagee .. 3. b. Nonsupervised Mortgagee .. 3. c. Government Mortgagee .. 4. d. Investing Mortgagee .. 4. Application and Eligibility Requirements for Approval.

7 5. a. Title I and Title II Program Applications .. 5. b. Online Application .. 5. c. Eligibility Requirements .. 9. d. Processing of Applications .. 25. e. Application 25. f. Application Denial .. 26. Branch Offices .. 26. a. Registration .. 26. b. single family Lending Area .. 26. c. Managers .. 27. d. Net Branching Prohibition .. 27. Supplemental Mortgagee Authorities .. 28. a. Title II Direct Endorsement 28. b. Title II single family Lender Insurance Authority .. 35. c. Title I Manufactured HOUSING Loan Direct Endorsement Authority .. 37. d. Title II Multifamily Accelerated Processing Authority .. 37. Post-Approval Operations .. 38. a. Operating Requirements and Restrictions .. 38. b. Providing Information to 38. c. Compliance with Law .. 39. d. Servicing of FHA-Insured Mortgages .. 39. e. Employee Compensation .. 40. f. Conflicts of 40. g. Payment of Operating Expenses .. 40. h. Prohibited Payments .. 40. i. Staffing .. 41. j. Use of Contractors .. 41. k. Affiliates.

8 42. l. Branch Office 42. m. Fair HOUSING Notice .. 42. n. Advertising .. 43. handbook i Effective Date: 09/14/2015 | Last Revised: 12/30/2016. *Refer to the online version of SF handbook for specific sections' effective dates FHA single family HOUSING policy handbook Table of Contents Post-Approval Changes .. 45. a. Requirements for All Post-Approval Changes .. 45. b. Information Updates .. 46. c. Change in Corporate Officer .. 46. d. Change in Partnership or Principal Owners .. 46. e. Doing Business As Names .. 46. f. Relocation to a Different State .. 47. g. Liquid Assets or Net Worth 47. h. Operating Loss .. 47. i. Fidelity Bond .. 47. j. Errors and Omissions Insurance .. 48. k. Principal Activity Change of Nonsupervised Mortgagee .. 48. l. Servicing for Investing Mortgagees .. 48. m. Fiscal Year End Date .. 48. n. Supervision Change .. 48. o. Business 49. p. Bankruptcy .. 49. q. Lending License(s).. 50. r. Mergers, Acquisitions, and Reorganizations .. 50. s. Conservatorship, Receivership, or Transfer of Control.

9 56. t. Cease Operations .. 56. u. Unresolved Findings or Sanctions .. 56. Annual Recertification .. 57. a. General Requirements .. 57. b. Online Certification .. 58. c. Annual Recertification Fee .. 59. d. Financial Data Submission .. 59. e. Rejection of a Mortgagee's Recertification Package .. 60. f. Recertification Extension Requests .. 60. g. Failure to Recertify .. 60. Voluntary Withdrawal of FHA Mortgagee Approval .. 60. a. Standard .. 61. b. Required Documentation .. 61. c. Reapplication .. 61. B. OTHER PARTICIPANTS .. 61. Appraisers .. 61. a. FHA Appraiser Roster .. 61. b. Application and Approval 62. c. 63. d. Post-Approval Requirements .. 63. 203(k) Consultants .. 66. a. 203(k) Consultant Roster .. 66. b. Application and Approval 66. Direct Endorsement Underwriters .. 69. a. Program Overview .. 69. b. DE Underwriter Eligibility .. 70. handbook ii Effective Date: 09/14/2015 | Last Revised: 12/30/2016. *Refer to the online version of SF handbook for specific sections' effective dates FHA single family HOUSING policy handbook Table of Contents c.

10 Mortgagee's Approval Process .. 71. d. Post-Approval Requirements .. 71. Nonprofits and Governmental Entities .. 71. a. Program Overview .. 71. b. Application and Approval 74. c. Post-Approval Requirements .. 96. Real Estate Brokers .. 102. a. Definition .. 102. b. Requirements .. 103. c. Application and Registration Process .. 103. d. Annual Recertification .. 103. Closing Agents .. 104. a. Requirements .. 104. b. Application and Approval 104. Additional Other Participants .. 105. II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT ..106. A. TITLE II INSURED HOUSING PROGRAMS FORWARD MORTGAGES .. 106. Origination/Processing .. 107. a. Applications and Disclosures .. 107. b. General Mortgage Insurance 130. Allowable Mortgage 155. a. Maximum Mortgage Amounts .. 155. b. Loan-to-Value 158. c. Required Investment .. 161. d. Maximum Mortgage Term .. 161. e. Mortgage Insurance Premiums .. 161. Underwriting the Property .. 163. a. Property Acceptability Criteria .. 163. b. Required Documentation for Underwriting the Property.


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