09-46a: Temporary Guidance for Condominium Policy. Temporary guidance for condominium project eligibility, for case numbers assigned on or after December 7, 2009 through December 31, 2010. Waives five provisions of ML 09-46b.
09-42: Sub-Servicing of FHA-insured Mortgages. To meet the increased need for loss mitigation, the Department has no objection to mortgagees entering into subservicing agreements with other FHA-approved servicers to perform loss mitigation functions.
09-41: Appraisal performance standards and sanctions. Reminds mortgagees and appraisers of FHA appraisal performance standards and enforcement standards and sanctions that can be imposed by the Department upon appraisers who do not comply.
09-36: Revised Eligibility. Reminds appraisers and lenders that as of October 1, 2009, appraisers listed on FHA’s Appraisal Roster who are not state certified will be removed from the roster.
09-35: Loan Modification. Mandates that the interest rate on loan modifications be reduced to not more than 50 basis points above the FHA and FHLMC current weekly primary rounded to the nearest .125%, as of date of modification.
09-32: Revised Streamline Refinance Transactions. Announces revised procedures and re-affirms existing procedures regarding Streamline Refinance transactions, to be effective in 60 days or November 18, 2009.
09-31: Strengthening Counterparty Risk Management. Provides notice of several FHA program changes as a result of the enactment of the “Helping Families Save Their Homes Act of 2009” (the HFSH Act). This includes the requirement for lenders to submit an annual audited financial statement within 90 days of fiscal year end (effective January 1, 2010).
09-30: Appraisal Validity Periods. Announces change to the validity period for appraisals–reduced from 12 months for proposed construction and 6 months for existing construction to 4 months (120 days) for all appraisals. Effective for all case numbers assigned on or after January 1, 2010.
09-29: Appraisal Portability. Addresses portability of appraisals for when a borrower switches from one FHA lender to another, and an appraisal was already completed by the first lender. Effective for all case numbers assigned on or after January 1, 2010.
09-28: Appraiser Independence. Discusses new requirements and reiterates importance of appraiser independence. Effective for all case numbers assigned on or after January 1, 2010.
09-19: Condominium Approval Process – Single Family Housing. FHA will now allow lenders to determine project eligibility, review project documentation, and certify to compliance of Section 203(b) of the NHA and 24 CFR 203 of HUD’s regulations…effective for all case numbers assigned on or after October 1, 2009.
09-17: Accuracy of Lender Data for FHA-approved Mortgagees. Eliminates paper version of yearly FHA renewal, replacing it with automated Annual Certification process completed in FHA Connection. Lenders must also confirm or update their information in the FHA Connection.
09-08: Limits on Cash-Out Refinances. Effective for case number assignments on or after April 1, 2009, the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85 percent of the appraiser’s estimate of value.