The Federal Housing Administration is delaying its effective date for its new Single Family Housing Policy Handbook until September 14, 2015, giving lenders an additional 90 days to adhere to its updates and policies.
The original effective date was June 15, 2015.
The extension will work to accommodate various changes going on in the mortgage market, the administration said in a memo to its single-family partners.
“FHA recognizes that there currently are a number of competing initiatives occurring simultaneously in the mortgage industry that may be challenging mortgagee and other industry partner resources,” FHA writes. “For this reason, FHA is extending the SF Handbook effective date by 90 days with the expectation that this additional time will enable mortgagees and others to be fully compliant with the new effective date.”
Written by Elizabeth Ecker
