November 6, 2009
MORTGAGEE LETTER 2009-46 A
TO: ALL APPROVED MORTGAGEES
SUBJECT: Temporary Guidance for Condominium Policy
In Mortgagee Letter 2009-46 B, the Federal Housing Administration (FHA) announced the permanent baseline guidance for condominium project eligibility. This Mortgagee Letter (ML) waives five provisions of that guidance and serves as a temporary directive to address current housing market conditions. This temporary guidance is effective for all FHA case numbers assigned on or after December 7, 2009 through December 31, 2010, except as noted for the “Spot Loan” Approval Process…
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U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000
ASSISTANT SECRETARY FOR HOUSING FEDERAL HOUSING COMMISSIONER
November 6, 2009 MORTGAGEE LETTER 2009-46 B
TO: ALL APPROVED MORTGAGEES
ALL FHA ROSTER APPRAISERS
SUBJECT: Condominium Approval Process for Single Family Housing
In accordance with the passage of the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Administration (FHA) is implementing a new approval process for condominium projects and insurance requirements for mortgages on individual units, as authorized under Section 203(b) of the National Housing Act. The requirements of this Mortgagee Letter are effective for all case numbers assigned on or after December 7, 2009, except as noted. This Mortgagee Letter revises and consolidates existing guidance, and therefore replaces Mortgagee Letter 2009-19…
To read these mortgagee letters and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.
If you have questions about either of these new FHA Mortgagee Letters please email: info@fhaoutreach.com or visit: http://www.fhaoutreach.gov/FHAFAQ
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New FHA Appraisal Webinar:
November 18, 2009 - Webinar: The FHA Appraisal Process, Existing Policy & Recent Updates. FHA staff will present information on the FHA appraisal process, appraising in a declining market, flipping rules, & recent changes to the condominium approval process. This webinar will take place at 2:00PM to 4:00PM Eastern time. Registration required, no fee. We recommend that participants use the system check function on the registration/launch page to confirm they have the necessary software installed to view the webinar. Do not delay, RSVP today, this webinar will fill up fast. More info at: http://www.visualwebcaster.com/FHA/63816/reg.html
This webinar is for lenders & business partners that do business with the FHA Philadelphia Homeownership Center jurisdiction in the states of Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia.
Other FHA Webinars:
November 20, 2009 – FHA HECM Webinar. This FREE Webinar training will provide an overview of the HECM process. Covered topic will include: HECM purchase transactions, refinances, and updates to the HECM process. Registrants will receive an email confirmation prior to the Webinar with a link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=299&update=N
November 30, 2009 – FHA Lender Insurance Webinar. This FREE Webinar training will provide an overview of insuring procedures for lenders who want to become an LI Lender and a refresher for current LI Lenders. The topics will include; common NORs, rejects, case warnings, and TOTAL Scorecard data. Registrants will receive an email confirmation prior to the Webinar with a link, a toll-free dial-in number, and instructions for participating in the training. Registrants must have internet access. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=301&update=N
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New FHA training and events around the nation:
November 12, 2009 - Atlanta, GA. RESPA Seminar. HUD is hosting a 2 hour seminar on the new RESPA Rule. Guest Presenter is Ivy Jackson, Director, HUD Office of RESPA & ILS. Registration required, no fee. More info at: http://www.hud.gov/apps/calendar/event.cfm?state=ga&record=10008&scheduleID=9769&calendarID=14
November 12-13, 2009 - Denver, CO. Section 8 Homeownership Training. Visit the FHA Single Family exhibit table at the HUD and Office of Public Housing's Section 8/Housing Choice Voucher Program training event. This free two-day workshop is open to Public Housing Agencies and their Home Choice Voucher partners as well as to lenders, counseling agencies, non-profit organizations, realtors and other Industry partners. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventid=278&update=N
November 13-16, 2009 San Diego, CA. National Association of Realtors Conference & Expo. FHA Commissioner David H. Stevens will address current issues including loan limits, condo rules, appraisals, and the solvency of the FHA insurance fund. Registration required, fee. More info at: http://www.realtor.org/Convention.nsf/
November 18-20, 2009 - San Diego, CA. National Reverse Mortgage Lenders Association Annual Meeting & Expo. Lenders, brokers & housing counselors welcome. Registration required, fee. More info at: http://www.nrmlaonline.org/
November 21, 2009 - Grand Junction, Colorado. Western Colorado Foreclosure Prevention Fair. FHA staff, housing counselors, community resource agencies and mortgage servicers will be available to assist the public. Saturday 10 am - 2 pm at Canyon View Vineyards Church, 736 24 1/2 Road, Grand Junction, CO. Free.
December 4, 2009 - Denver, Colorado. FHA Single Family Updates and Affordable Housing Programs Class. Real estate licensing or membership in the Denver Board of Realtors not required to attend this class. Friday from 9 am to 1pm at the Denver Board of Realtors office, 4300 E. Warren Avenue, Denver, CO 80222. $10 for Denver Board members, $20 for non-members. Call recording at 303-303-8500 to register or email Susan.R.Lyons@hud.gov for more information.
February 23-24, 2010 - Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm
May 18-19, 2010 - Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm
August 24-25, 2010 - Oklahoma City, OK. Early Delinquency Servicing & Loss Mitigation Program Training for HUD-Approved mortgagees, HUD-approved Housing Counselors & Nonprofit Housing Counselors. Registration required, no fee. More info at: http://www.hud.gov/offices/hsg/sfh/nsc/training.cfm
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