FHA eases new rule on collections accounts

In March of 2012, there were reports of pending alterations to FHA rules on collections and judgment actions that could affect an FHA loan application. A borrower who had outstanding collection actions against them would be affected by the changes in FHA

The thing to remember here is that every lender has their own requirements when it comes to collections and FHA loans. They have to follow the FHA rule that any collection over $2,000 must be paid or have a payment arrangement, but they can also make their own rules.

The Federal Housing Administration (FHA) back stepped a bit on a rule announced earlier. FHA says it will give borrowers a chance to explain any disputed collection accounts in their history in order to qualify for an FHA-backed mortgage. A new FHA rule took effect April 1 and had some in the real estate community concerned that it would shut.

Collections – FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage. To mitigate this risk, FHA is requiring a capacity analysis of collection accounts with

New FHA rules in Regards to Collections & Disputed Accounts. Posted on October 4, 2013 by theloanman. Tweet. Handling of Collections & Disputed Accounts. In an effort to reduce risk in backing mortgage loans, HUD has once again revised its regulations, effective October 15.

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Home » FHA delays controversial collections rule for mortgage coverage eligibility.. FHA eases new rule on collections accounts. New FHA collections rule impacts homebuilders, not Ginnie Mae.

Mortgagee Letter 2013-25, Continued FHA TOTAL Mortgage scorecard user guide, Chapter 1, Liabilities Section VI is amended to include collection account payments and judgment payments, if applicable, as liabilities the lender is responsible for including in the A utomated Underwriting System for TOTAL’s risk evaluation.

 · On Friday, FHA issued two mortgagee letters spelling out its new approach to widespread credit issues affecting applicants for its low down payment loans. The guidance on collections and disputed accounts (ML 2013-24) replaces controversial rules the agency first issued in early 2012.

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