FHA Upda FHA Update te Audio is only available by conference call Please call (800) 260-0718 Participant Access Code: 429367 to join the conference call portion of the webinar 9/25/2017 1 OFFICE OF HOUSING COUNSELING
Webinar Logistics • Audio is being recorded. The playback number along with the PowerPoint and a transcript will be available on the HUD Exchange at www.hudexchange.info/programs/housing-counseling/webinars/ • An OHC LISTSERV will be sent out when the Archives are posted. Posting will usually be within 7-10 days. • Attendee lines will muted during presentation. • Handouts were sent out prior to webinar. They are also available in the Control Panel. Just click on document name to download. 2 OFFICE OF HOUSING COUNSELING
Questions & Comments • There may be Polling Questions. Please respond to them. • There may be Q&A periods, as well as discussions opportunities. • If so, The operator will give you instructions on how to ask questions or make your comments. • If unmuted during Q&A, please do not use a speaker phone 3 OFFICE OF HOUSING COUNSELING
Other Ways to Ask Questions • Please submit your text questions and comments using the Questions Panel. We will answer some of them during the webinar. • You can also send questions and comments to housing.counseling@hud.gov with the webinar topic in the subject line. 4 OFFICE OF HOUSING COUNSELING
Please Mute Your Phones During Discussions • During the discussions, all the phones may be unmuted by the operator. • It is critical that you mute your phone during these discussions. • Most phones have a mute function. • *6 Will also mute and unmute your phone. 5 OFFICE OF HOUSING COUNSELING
Brief Survey • Please complete the brief survey at the end of this session. • Your responses will help OHC better plan and present our webinars. 6 OFFICE OF HOUSING COUNSELING
Certificate of Training • If you logged into the webinar, you will receive a “thank you for attending” email from GoToWebinar within 48 hours. • The email will say “ This is your CERTIFICATE OF TRAINING ”. There is no attachment. • Print out and save that email for your records. Thank you for attending our XX hour Webinar on XX. We hope you enjoyed our event. This is your CERTIFCATE OF TRAINING. Please print out and save this email for your records. Please send your questions, comments and feedback to: housing.counseling @hud.gov. 7 OFFICE OF HOUSING COUNSELING
Lorraine Griscavage-Frisbee Deputy Director Office of Capacity Building Outreach 8 OFFICE OF HOUSING COUNSELING
Polling Question Please indicate which housing counseling services you directly provide. Select all that apply. a) Pre-purchase and homebuyer education b) Post-purchase non-default c) Loss Mitigation/Mortgage default d) HECM e) Do not provide direct housing counseling 9 OFFICE OF HOUSING COUNSELING
ousing Counseling Understanding FHA Why it is important for housing counselors - provide clients with accurate information - understand loan options and benefits for the client - Handbook requirement – when you discuss mortgage programs must include FHA 10 OFFICE OF HOUSING COUNSELING
Nancy West Housing Program Officer Department of Housing and Urban Development/FHA 11 OFFICE OF HOUSING COUNSELING
FHA’s Office of Single Family Housing The Santa Ana Homeownership Center Presents Key Messages on FHA Updates April 2017 Last Updated: April 6, 2017 Presented by: Nancy West, Housing Program Officer Santa Ana Homeownership Center 12 OFFICE OF HOUSING COUNSELING
2017 Loan Limits • FHA has raised its “floor” and “ceiling” loan limits to $275,665 and $636,150, respectively • Mortgagee Letters 2016-19 and 2016-20 • Home Equity Conversion (HECM) loan limits increased for 2017 as well to $636,150 • There were no jurisdictions with decreased loan limits for 2017 13 OFFICE OF HOUSING COUNSELING
203(k) Consultant Draw Inspection Fee • FHA 203(k) Consultants, like other mortgage industry professionals, need to be adequately compensated for their work through the fees that they charge for their services • FHA amended and raised the $100 limit to a $350 limit on the 203(k) Draw Inspection Fee that can be charged • Change to the Draw Inspection Fee is incorporated into the Single Family Housing Policy Handbook 4000.1 (SF Handbook) • Section II.A.9.c.iii, Draw Inspection Fee. 14 OFFICE OF HOUSING COUNSELING
Annual Mortgage Insurance Premiums • Mortgagee Letter 2017-01, reducing Mortgage Insurance Premiums for loans with Closing/Disbursement date on or after January 27, 2017, has been suspended indefinitely • FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers • Analysis and research are deemed necessary to assess future adjustments to the annual Mortgage Insurance Premium rates • FHA will issue a subsequent Mortgagee Letter at a later date should this policy change 15 OFFICE OF HOUSING COUNSELING
Assumption Fees • On December 7, 2016, FHA provided guidance on the maximum fee mortgagees may charge to process an assumption request and raised the maximum allowable from $500 to no more than $900 • FHA believes this new maximum allowable fee amount will provide adequate compensation to mortgagees, thus potentially expanding the use of assumptions to facilitate homeownership opportunities • Assumption fees may be charged by the lender for services that must be performed to process and close the loan 16 OFFICE OF HOUSING COUNSELING
Condominium Project Approval Owner Occupancy Requirements – Forward Mortgage Only • Mortgagee Letter 2016- 15 implements FHA’s condominium project approval owner occupancy percentage requirements, as required in the Housing Opportunity Through Modernization Act (HOTMA) • The Mortgagee Letter provides specific conditions where Existing Projects can be approved when owner occupancy is as low as 35 percent, rather than the generally applicable 50 percent owner occupancy requirement • It also retains a minimum owner occupancy requirement of 30 percent of the declared units in Proposed and Under Construction projects 17 OFFICE OF HOUSING COUNSELING
Condominium Project Approval Proposed Rule Federal Register Notice (Docket No. FR-5715- P-01) • Publication of FHA’s condominium project approval proposed rule reinforces FHA’s long -standing support of condominiums with FHA-insured mortgages as a critical source of affordable housing for first-time, low- and moderate-income, and underserved individuals and families • FHA’s ultimate goal is to make it easier for FHA mortgagees to originate condominium unit mortgages, while maintaining the necessary safeguards and monitoring that protect borrowers and FHA’s Mutual Mortgage Insurance Fund • Publishing the condominium project proposed rule is a necessary step in achieving this goal 18 OFFICE OF HOUSING COUNSELING
Department of Justice Actions • The Department of Justice actions over the past two years sent a strong signal on many fronts to the lending industry • These actions were taken based on a pattern of significant underwriting flaws and non-compliance with program requirements • We have a statutory obligation to enforce the program’s requirements • We use common sense when deciding to take action against lenders for mistakes that do not affect the insurability of the mortgage 19 OFFICE OF HOUSING COUNSELING
Home Equity Conversion Mortgage Final Rule • By publishing its’ Home Equity Conversion Mortgage (HECM) final rule in the Federal Register on January 19, 2017, FHA has completed a major milestone to codify HECM requirements implemented under statutory authority • 24 CFR Part 206, the HECM regulations, had not been updated in its entirety since the HECM program transitioned from a demonstration program to an approved program in 1989 • The final rule updates regulations with provisions that carry forward FHA’s ongoing work to ensure its HECM program is safe and viable for seniors, usable by mortgagees, and protects the FHA’s Mutual Mortgage Insurance (MMI) Fund • All HECM-related regulatory requirements will be consolidated into one public document, eliminating numerous “regulatory Mortgagee Letters” 20 OFFICE OF HOUSING COUNSELING
HECM Final Rule – Continued • The HECM Final Rule contains both new policies and revisions to existing policies • Actions will occur up to eight months after the Final Rule published and will provide the time necessary for mortgagees and the industry to understand the changes, and plan for any necessary process, operational, or systems changes • FHA will issue implementation guidance for mortgagees via its multiple policy and communications methods, including Mortgagee Letters, updates to existing guides and Handbooks, and others • FHA is currently finalizing its implementation approach, and will be communicating more specifics about operational and systems changes in the coming months 21 OFFICE OF HOUSING COUNSELING
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