Washington D. C. - November 30, 2009 - Federal Register - FHA Announces Proposed Rule - The FHA has announced a proposed rule with a 30 day comment window (comments due by 12/30/09). The rule implements portions of the Helping Families Save Their Homes Act of 2009 and codifies portions of FHA's September 18, 2009 Mortgagee Letter 09-31.

Click here for the full text of the eleven page proposed rule and click here to access Mortgagee Letter 09-31.

The rule has several important changes:

>       Limits lender approval to mortgagees while no longer approving loan correspondents
>       Increases net worth requirements in phases from $1 million to $2.5 million over 3 years.
>       Opens access to mortgage brokers
>       Disallows originators from being compensated by both the mortgagor and mortgagee (IMMAAG awaiting  further interpretation of what payments may be allowed)

IMMAAG Registered users received an alert containing a summary of the proposed rule. If you would like to access the same summary, click here to register (Registration is FREE), then when you are returned to the home page, click here to access the summary.