Helping Lenders Comply With New FHA Guidelines

LoanLogics, a recognized technology leader in loan quality management and performance analytics, has created a free interactive, online mortgage industry resource for lenders that have to comply with dozens of updated Federal Housing Administration lending guidelines. “Take the Mystery Out of the Requirements Being Superseded by the FHA Handbook 4000.1. The Decoder Is No Longer Secret,” offers FHA-approved mortgagees an easy-to-use, quick-reference tool that identifies the major substantive changes that took effect September 14, 2015.

This online tool helps lenders understand the major changes being implemented with the new FHA Handbook so they can incorporate them into their processes, policies and procedures. These changes were outlined in the Housing and Urban Development’s “4000.1: FHA Single Family Housing Policy Handbook: Doing Business with FHA, Origination through Post-Closing/Endorsement, Servicing and Loss Mitigation, and Quality Control, Oversight and Compliance.”

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“Over the past several months, I’ve worked with several lenders and participated in numerous FHA webinars and conference calls to identify the main requirements being superseded by the FHA Handbook 4000.1,” said Gerry Glavey, SVP and Chief Credit Officer at LoanLogics and author of the guide. “I recognized that it would be helpful for lenders to have a quick reference, interactive tool they could consult to answer a question, verify an important detail, or ensure they have not missed some of the more significant changes within the handbook.”

The purpose of the LoanLogics FHA Handbook 4000.1 online tool was to ensure that lenders had somewhere to go to answer their questions in a straightforward manner and have the information they need to understand how to comply with the new requirements. Also, it’s a resource that they can continue to reference now that the changes are in effect. Feedback from Lenders has been very positive as they have begun to share the online tool with staff as a “go-to” reference tool.

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“Without question, lenders face an uphill battle getting their staff trained on the new handbook as well as understanding the new procedures, but this reference tool will shorten the learning curve and improve their ability to achieve compliance,” said Glavey, who worked for HUD/FHA for more than 30 years. Most recently, he served as the Director of the Processing and Underwriting Division in the Philadelphia HOC from 2000 to 2011.

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