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FHA Issues 1st Chapter of Guidance for Lenders
Wednesday, October 8, 2014 6:30 AM

The Federal Housing Administration has released the first chapter of its "Single Family Handbook," which is designed to be a single, authoritative source of policy to lenders on the agency's underwriting requirements.

The 334-page first chapter of the handbook consists of guidance from origination of the loan through post-closing and endorsement. It will apply to loans starting June 15, 2015.

U.S. Housing and Urban Development Secretary Julian Castro, who took office in July, said the handbook is meant to be a definitive guide to doing business with the FHA. Three sections of the handbook were published for comment in late August, and this is the first finalized section.

According to FHA, the handbook uses clear, consistent, and more direct language to explain the regulations, making it easier for lenders to understand and implement policy changes.

When completed, the handbook will consolidate 900 mortgage letters and other policy guidance into a single document. Sections on servicing and appraisals will come later.