On June 28, in conjunction with the Housing Policy Council, Mortgage Bankers Association, and American Bankers Association, BPI responded to HUD’s request for comment on its proposed changes to the lender certification requirements for FHA-insured mortgages and the FHA’s Defect Taxonomy, used to identify defects in the underwriting and servicing of those loans. The letter encourages the replacement of the current certification requirements with a lender acknowledgement based on loan eligibility and a reliance on the existing oversight and enforcement regime. In an earlier response to HUD’s proposal, submitted June 7, the trades separately proposed recommendations for the FHA’s annual certification process and statements.
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