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FHA Readies New Delinquency Reporting Requirements.(Federal Housing Administration)
Las Vegas-The Federal Housing Administration is ready to unveil its new default reporting requirements.
Speaking at the Western States Loan Servicing Conference here, Leslie Bromer, servicing team leader at the Department of Housing and Urban Development, said that the new FHA default reporting requirements will take effect in November. She said the goal is to simplify the reporting process.
"We've come up with what we think is a pretty good plan," she said.
The details of the plan are described in HUD's mortgagee letter 2006-15. That letter was sent to approved FHA lenders in June.
HUD believes the changes being made to the FHA's Single Family Default Monitoring System will allow the agency to collect more data and better track the events that occur between the beginning of a default and the resolution of loans through reinstatement, claim, prepayment or loss mitigation. The FHA system covers new delinquencies, open delinquencies and loan resolutions. HUD is adding several new status codes to the electronic delinquency reporting system.
Delinquency reporting data will remain due on the fifth business day after the close of a month. The changes include new codes for state and reason of default. The new rules require lenders to report for 30-day and 60-day delinquencies. Previously, the FHA only required delinquency reporting on loans that ...
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Source: HighBeam Research, FHA Readies New Delinquency Reporting Requirements.(Federal Housing...