FHA online class today from October Research group

[Cynthia]

Today there was an online FHA conference call featuring Pete Gillispie from FHA and Tom Munizzo from IRR Residential. Most of what they covered has already been released in mortgagee letters.

New information included:

In the next week or so there will be a new FQA to clarify mortgagee letter 09-29 regarding readdressing appraisals to "a new lender". They received notice that this would not be USPAP compliant and it must be treated as a new assignment, so they are going to clarify with a new letter.

Speaking of letters and updates, the question was asked "we are still working from a manual from 2006 with a little 1999 thrown in plus numerous letters which "adjust" it here and there, will there be a new manual anytime soon that will incorporate all the guidelines?" The answer was they are working on it now and hope to have it completed in the first half of next year, "however it is pretty complicated". Whew! I think we all know it's pretty complicated and clear as mud at times.

Good info included: HUD Fax line 202-401-0416 best number to send your updated license or upgraded license to update your status with FHA

FHA frequently asked questions can be found at http://www.fhaoutreach.gov/FHAFAQ/

To get help you can email [e-mail] or call 1-800-225-5342

That boils down 70 minutes of conference call.

Happy Hunting!

[Matthew Sulamo]

yeah i can appreciate the standard bureaucratic answer; "we're working on it", along with the "it's pretty complicated". I think they keep flash cards of those phrases and practice saying it to be able to say, "I have no idea, and i should" without actually using those words. mmmm