FHA Confirms Expiration of Momentary Steerage for Re-Verification of Employment and Appraisal Scope of Work Possibility Updates | Weiner Brodsky Kider PC
The FHA recently recalled that the preliminary guidance affecting changes to the requirements for re-examination of employment and assessment protocols for FHA single-family programs due to the COVID-19 pandemic expires on June 30, 2021 originally expired on June 27, 2021 Announced March 2020 in Mortgage Letter 2020-5, later updated by Mortgage Letter 2020-37, and should expire on May 17, 2020. However, Mortgage Letter 2020-14 expanded the guidelines to include cases through June 30, 2020. The FHA does not expect a material impact on the industry based on recent data suggesting that the guidelines have been minimally implemented.
WBK has covered this topic before here, here, here and here.