July 30, 2021

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FHA Confirms Expiration of Temporary Guidance for Re-Verification of Employment and Appraisal Scope of Work Option Updates | Weiner Brodsky Kider PC

FHA recently issued an issued memory That the preliminary guidance affecting changes to the requirements for re-examining employment and assessment protocols for FHA single-family programs due to the COVID-19 pandemic expires on June 30, 2021, as expected. These guidelines were originally announced on March 27, 2020, in Mortgage letter 2020-5 as later updated by Mortgage letter 2020-37, and should expire on May 17, 2020. Mortgage letter 2020-14 Extension of the guidelines to cases by June 30, 2020. The FHA does not expect the expiration of the guidelines to have a material impact on the industry based on current data suggesting that they have been minimally implemented.

WBK has already dealt with this topic Here, Here, Here, and Here.