Possession is nine tenths of the law

Do all the changes HUD's made or is planning to make to FHA loan guarantee programs have your head spinning?

You've read about them in Inman News in recent weeks -- the one-year waiver of the 90-day waiting period for resales, the proposed ban on seller-funded down payment assistance, the introduction of risk-based premium pricing on July 14 (in conjunction with the expansion of the FHASecure initiative to allow refis of delinquent ARMs).

Now, K&L Gates attorneys Phillip Schulman and Krista Cooley have put together a detailed summary of those changes and others that are less significant but could also trip you up. HUD proposes to reinstate its previous standards for late case endorsement loans, for instance, requiring lenders to document a six-month consecutive payment history. Also covered in the K&L Gates client alert: replacement of the MCAW with a new form, and new guidance on using non-FHA approved brokers on home equity conversion mortgage (HECM) loans.

UPDATE: Shulman and Cooley will host a 1-hour Webinar at 2 p.m. EDT Tuesday July 1. If you're interested you gotta register by June 30.

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