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.
You Might Also Be Interested In...
Consumer Affairs CFPB Ignores Competition, Administrative Law Principles and Misconstrues Credit Card Markets in Late-Fee Review
Consumer Affairs BPI Supports Innovation, Competition and Protection of Consumer Data in Section 1033 Rulemaking
Resolution & Recovery Planning The Role of Credit Card Late Fees in Encouraging Timely Repayment Is Essential to Efficient Functioning of the Market
More Posts by This Author
AML, Bank Secrecy Act and Sanctions BPI’s Heather Hogsett Testifies Before House Subcommittee on Cybersecurity, CISA’s Contributions
AML, Bank Secrecy Act and Sanctions FinCEN Must Preserve Beneficial Ownership Data Usefulness, Discourage Inappropriate Reporting Omissions
Bank Activities and Structure Silicon Valley Bank Would Have Passed The Liquidity Coverage Ratio Requirement