Special Attention Of: Transmittal: All FHA Approved .
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENTWASHINGTON, DC 20410-8000ASSISTANT SECRETARY FOR HOUSINGFEDERAL HOUSING COMMISSIONERSpecial Attention of:All FHA Approved Lenders and MortgageesAll Direct Endorsement UnderwritersAll FHA Roster AppraisersAll FHA Approved 203(k) ConsultantsAll HUD Approved Housing CounselorsTransmittal: Handbook 4000.1Issued: March 18, 2015Effective Date: June 15, 20151. This Transmits:Handbook 4000.1, FHA Single Family Housing Policy Handbook (Handbook 4000.1): Doing Business with FHA - Lenders and MortgageesDoing Business with FHA - Other Participants - AppraiserOrigination through Post-Closing/Endorsement for Title II Forward MortgagesOrigination through Post-Closing/Endorsement for Title II Forward Mortgages - 203(k)Rehabilitation Mortgage Insurance ProgramOrigination through Post-Closing/Endorsement for Title II Forward Mortgages - 203(k)Consultant RequirementsOrigination through Post-Closing/Endorsement - Appraiser and Property Requirementsfor Title II Forward and Reverse MortgagesQuality Control, Oversight and Compliance - Lenders and MortgageesQuality Control, Oversight and Compliance - Other Participants - Appraiser2. Explanation of materials transmitted:This FHA Single Family Policy Handbook (Handbook 4000.1) is being published to provideupdates to the content initially published September 30, 2014 and incorporate several additionalsections.Below is a list of those updates being made to the September 30, 2014 publication of Originationthrough Post-Closing/Endorsement for Title II Forward Mortgages section of Handbook 4000.1.Handbook ChangesUpdated Table of Contents to reflect the following changes:- Switched the titles for headings II and A- Moved 203(k) consultant requirements to heading 9 under AChanged ‘Interested Third Parties’ to ‘Interested Parties’ in ‘Handling of Documents’, to distinguishMortgagees from other Interested Third PartiesChanged ‘interviewer’ to ‘loan originator’ in Section ‘URLA and HUD/VA Addendum to the URLA’ to beconsistent with referenced formUpdated ‘Borrower Authorization for Verification Information’ to clarify the Mortgagee must obtain thenon-borrowing spouse’s consent to verify their SSN with the Social Security Administration and removerequirement for non-borrowing spouse to sign Part IV of form HUD-92900-APageNumber667273
PageNumberHandbook ChangesDeleted Section ‘Disclosure Regarding Interest Due Upon Prepayment’ because the post settlement interestrule eliminated this section of the Regulation for mortgages closed after January 21, 2015Updated ‘Lead-Based Paint’ with specific guidance from the HUD-EPA Lead Disclosure RuleClarified ‘Appraiser Independence’Reorganized Section ‘Borrower Minimum Decision Credit Score’ into more logical order and to address theresult of a single scoreClarified that in community property states, the Borrower’s spouse is not required to be a Borrower or aCosigner in Section ‘Borrower and Co-Borrower Ownership and Obligation Requirements’In ‘Military Personnel Eligibility’ added ‘if a Family Member will not occupy the subject Property as theirPrincipal Residence’ to requirement to document Borrower’s intent to occupy the subject Property upondischarge from military service, to be consistent with the StandardChanged ‘Loan Officer’ to ‘Loan Originator’ in ‘Other Parties to the Transaction’, to be consistent withterminology usageClarified language in ‘Investment Property’Edited ‘Restrictions on Property Flipping’ due to discontinuance of Property Flipping waiver, and reorganized section to be consistent with the regulationClarified Mixed Use of Property requires a minimum of 51 percent of the entire building square footage forresidential useReplaced ‘vacancy and maintenance factor used by the Jurisdictional HOC’ with ‘fair market rent’ in‘Calculation’ Section of ‘Self-Sufficiency Rental Income Eligibility, to be consistent with the calculation ofRental IncomeRemoved requirement to obtain a completed form HUD-92561 from ‘Condominium Unit’, to be consistentwith the purpose of this formAdded guidance to ‘Legal Restrictions of Conveyance (Free Assumability)’, to address the impact of leasedequipmentIncorporated changes from Mortgagee Letter 14-25 to Section ‘Nationwide Mortgage Limits’Clarified guidance in Section ‘Loan-to-Value Limits’, to identify the credit score restriction to all programsClarified guidance in Section ‘Mortgage Insurance Premiums’In ‘Annual (or Periodic) Mortgage Insurance Premiums,’ clarified the amount of the annual MIP is based onthe LTV ratio, Base Loan Amount and the term of the MortgageAdded guidance to Section ‘ Minimum Property Requirements and Minimum Property Standards’ whichwas originally incorporated in the Appraiser draft guidanceInserted new Section ‘Leased Equipment’, to address guidance on property valuationInserted new Section ‘Conditional Commitment Direct Endorsement Statement of Appraised Value’Clarified data submitted to TOTAL Mortgage Scorecard through an approved AUS vendor in a data formatacceptable to the AUS Vendor in Section ‘Requirements for the Submission of Data through TOTALMortgage ScorecardRevised language in ‘New Versions of TOTAL Mortgage Scorecard’ for clarityRemoved ‘only the non-occupying co-Borrower has a credit score’ from ‘Accept Risk ClassificationsRequiring a Downgrade to Manual Underwriting (TOTAL)’ as TOTAL scorecard is programmed with thisrequirementAdded guidance to ‘General Credit Review Requirements (TOTAL)’ in conjunction with the guidance addedto address the Mortgagees responsibility to verify a non-borrowing spouse’s SSNChanged Section title and guidance from ‘Updated Credit Report (TOTAL)’ to ‘New Credit Report(TOTAL)’Added definition for Short SalesAdded guidance on payments for General Liabilities and DebtClarified guidance for Business Debt in Borrower’s NameChanged re-verification of employment requirement from within 10 days of Disbursement to within 10 daysof the date of the Note to provide greater flexibility in the closing process.Added IRS Form 4506-T, Request for Transcript of Tax Return to Past Employment Documentation,consistent with the use of this form.2Handbook 4000.1 TransmittalIssued: March 18, 2015Effective: June 15, 9127128129131132133134137, 210139, 211147, 216149, 222149, 222
Handbook ChangesClarified ‘Required Documentation’ for Disability BenefitsClarified ‘Required Documentation’ for Other Public AssistanceAdded the Standard for Expected income (TOTAL ) to match the requirement in Manual UnderwritingRemoved ‘gift funds’ from list of non-eligible reserves (TOTAL), to be consistent with TOTAL scorecard’shandling of gift fundsChanged heading from ‘Additional Reserves for Three- to Four-Unit Properties’ to ‘Required Reserves forThree- to Four-Unit Properties’Clarified guidance for Governmental Entities in ‘Source Requirements for the Borrower’s MinimumRequired Investment’ is when acting in their governmental capacity, to provide direction consistent withHUD’s interpretive ruleRemoved Section ‘Reserves’ from Gifts (Personal and Equity) (TOTAL)Added guidance to Section ‘Documenting the Transfer of Gifts’ to address donor’s ability to borrow the giftfunds from the Mortgagee or affiliateEdited Section ‘Interested Party Contributions (TOTAL) to read ‘Interested Parties may contribute up to 6percent of the sales price ’ to eliminate circular logic in the calculation of the Adjusted ValueClarified that Instrumentalities of Government do not have 501(c)(3) status for the purpose of secondaryfinancingExpanded definition of HUD-approved Nonprofit in ‘Secondary Financing Provided by HUD-ApprovedNonprofits (TOTAL) to address all roles of NonprofitsClarified that the underwriter’s approval date of the Property is indicated as Action Date of form HUD92800.5BAdded clarification to Section ‘Non-Traditional Mortgage Credit Report’ to identify insufficient trade linesto generate a credit scoreAdded “a documented 12-month history of payment by the Borrower on an account for which the Borroweris an authorized user” as an acceptable credit referenceAdded clarification to Disputed Derogatory Credit Accounts (Manual)Removed Section ‘Calculation’ from Revolving Charge Accounts (Manual) as the calculation is included inthe standardInserted clarification to required pay stubs in ‘Traditional Current Employment Documentation’ forconsistency with Alternative Current Employment DocumentationDeleted ‘The mortgagee must verify and document all assets submitted to the AUS.’ from Section ‘Reserves(Manual)’ as this requirement is inconsistent with the Manual underwriting section.Added new Section ‘Reserves for One- to Two-Unit Properties’ as this requirement was inadvertentlyomitted from the previous publicationAdded new Section ‘Per Diem Interest and Interest Credits’ to provide additional guidanceReorganized Section ‘Mortgage and Note’Clarified guidance in ‘Procedures for Endorsement’Removed Maximum Mortgage Worksheet (HUD-92700) from ‘Uniform Case Binder Stacking Order’consistent with the updated Section 203(k) guidance which has removed this form requirementAdded Refinance Authorization Screen Printout to ‘Uniform Case Binder Stacking Order’Clarified Application Deadline for ‘Disasters and 203(h) Mortgage Insurance for Disaster Victims’Clarified the maximum Loan-to-Value ratio limit is 100 percent of the Adjusted Value for ‘Disasters and203(h) Mortgage Insurance for Disaster Victims’ to be consistent with the use of this termAdded ‘General Mortgage Eligibility’ to Refinances to incorporate restrictions contained in the FY 2015Appropriations ActAdded ‘LTV Limitations Base on Borrower’s Credit Score’ to Non-Credit Qualifying and Credit QualifyingStreamline Refinance Exemptions to address this exemptionClarified which Non-Credit Qualifying Exemptions refer to the Manual SectionClarified ‘Reduction in Term’ in Section ‘Net Tangible Benefit of Streamline Refinances’ to clearly identifythe payment calculation applicable to the increase in paymentAdded guidance to Section ‘Appraisal and Inspection Requirements on Streamline Refinances’ to clearlyidentify the receipt of an appraisal does not disqualify the use of a streamline refinance3Handbook 4000.1 TransmittalIssued: March 18, 2015Effective: June 15, 2015PageNumber157, 230161, 234169175175176, 249180181, 255182, 255185, 259187, 260199, 6366369372
PageNumberHandbook ChangesIncorporated changes from Mortgagee Letter 14-23 to Section ‘Refinance of Borrowers in Negative EquityPositions Program (Short Refi)’Updated ‘Lease and Mortgage’ in Section 248 Mortgages on Indian LandDeleted Residential Lease from Section 248 Mortgages on Indian Land and moved the form to FHA’s ModelDocuments pageDeleted Rider for Section 248 Mortgage from Section 248 Mortgages on Indian Land and moved the form toFHA’s Model Documents pageClarified Wood Infestation Report for ‘Required Documentation for Maximum Financing’ in NewConstruction to provide a clear list of areas where termite treatment is not requiredAdded ‘Environmental’ to ‘Site Considerations’ in New Construction to address guidance originallyincluded in the Appraiser draft sectionChanged heading from ‘Individual Well’ to ‘Individual Water Supply Systems (Wells)’ in New ConstructionUpdated guidance in ‘Individual Water Supply Systems (Wells)’ in New Construction to provide guidanceoriginally included in the Appraiser draft sectionAdded guidance to ‘Calculating Maximum Mortgage Amount’ in Construction to Permanent to address theBuilder’s Price to build for Manufactured HousingAdded guidance to ‘Maximum Mortgage Amount’ in Building on Own Land to address the Builder’s Priceto build for Manufactured HousingClarified ‘Maximum Mortgage Amount Calculation’ in WeatherizationCorrected references to ‘solar or wind energy systems’ to ‘weatherization improvements’ to updateterminology usageClarified installation of solar and wind energy systems must be completed within 120 Days of the MortgageDisbursementAdded guidance to ‘Exception to Minimum Required Investment’ in Assumptions to address the LTVrestrictions by occupancyUpdated MIP column under ‘Mortgage Term of More Than 15 Years’ in Appendix 1.0 to incorporatechanges made by ML 15-01Added row in Base Loan Amount Greater than 625,000 in ‘Mortgage Term of Less than or Equal to 15Years’ in Appendix 1.0 to incorporate ML 15-01 guidanceUpdated various hyperlinks that were broken or incorrect and inserted various internal hyperlinksIndicated all glossary terms by capitalizing first letter of each wordAdjusted heading levels to maintain consistent formattingChanged ‘case assignment’ to ‘case number assignment’ throughoutUpdated ‘Case Cancellation Request Form’ to ‘Case Cancellation Request Template’ throughoutDifferentiated between Third Party Originator (TPO) and Sponsored TPO throughoutCorrected various grammatical, punctuation and word errors and 535The following new sections are being added to Handbook 4000.1: Doing Business with FHA - Lenders and MortgageesDoing Business with FHA - Other Participants - AppraiserOrigination through Post-Closing/Endorsement for Title II Forward Mortgages - 203(k)Rehabilitation Mortgage Insurance ProgramOrigination through Post-Closing/Endorsement for Title II Forward Mortgages - 203(k)Consultant RequirementsOrigination through Post-Closing/Endorsement - Appraiser and Property Requirementsfor Title II Forward and Reverse MortgagesQuality Control, Oversight and Compliance - Lenders and MortgageesQuality Control, Oversight and Compliance - Other Participants - Appraiser4Handbook 4000.1 TransmittalIssued: March 18, 2015Effective: June 15, 2015
3. Implementation:The following sections are effective on June 15, 2015, except as otherwise noted below: Doing Business with FHA - Lenders and MortgageesDoing Business with FHA - Other Participants - AppraiserQuality Control, Oversight and Compliance - Lenders and Mortgagees (Except forSection V.A.3.c.i – Origination and Underwriting Loan File Compliance Review –Minimum Requirements which is effective for case numbers assigned on or after June 15,2015)All other sections referenced in section one (1) of this Transmittal are effective for case numbersassigned on or after June 15, 2015.4. Superseded PolicyThis Handbook 4000.1, along with the applicable statutes and regulations, contain all FHArequirements pertaining to Doing Business with FHA for Lenders, Mortgagees and Appraisers;Origination through Post-Closing/Endorsement for Title II Insured Housing Programs ForwardMortgages, 203(k) Consultant Requirements, Appraiser and Property Requirements for Title IIForward and Reverse Mortgages; and Quality Control, Oversight and Compliance for Lenders,Mortgagees and Appraisers. Below is a list of Handbooks, Mortgagee Letters and HousingNotices containing content related to these sections of Handbook 4000.1 that are herebysuperseded in their entirety and are cancelled. Also, below is a list of Handbooks, MortgageeLetters and Housing Notices containing content related to these sections of Handbook 4000.1that are hereby superseded in part; the partially superseded Handbooks, Housing Notices andMortgagee Letters remain in effect to the extent not hereby superseded. All previouslysuperseded or cancelled Handbooks, Mortgagee Letters or Housing Notices remain cancelled orsuperseded, but will continue to remain available for informational purposes only on HUD’swebsite along with the items listed below.Handbooks Superseded in WholeNumberRequirements for Existing Housing One to Four Family Units4905.1Miscellaneous Type Home Mortgage Insurance, Sec. 223(a), (e), and (d)4260.1203K, Rehabilitation Home Mortgage Insurance4240.4Application Through Insurance (Single Family) Section 203(n)4240.3The Graduated Payment Mortgage Program4240.2Mortgage Credit Analysis for Mortgage Insurance on One to Four Unit Mortgage Loans4155.1Valuation Analysis for Single Family One to Four Unit Dwellings4150.2Valuation Analysis for Home Mortgage Insurance4150.1Mortgagee Review Board4060.2FHA Title II Mortgagee Approval Handbook4060.15Handbook 4000.1 TransmittalIssued: March 18, 2015Effective: June 15, 2015
Handbooks Superseded in PartMinimum Property Standards for Housing, 1994 EditionTitle I Lender Approval HandbookLender’s Guide to the Single Family Mortgage InsuranceProcessPortion SupersededAppendix KSuperseded in entirety with the exceptionof:Chapter 1 Paragraphs 1-2, 1-5, 1-7, 1-8, 1-9Chapter 2 Paragraphs 2-20 and 2-22Chapter 4 Paragraphs 4-3 and 4-6Chapter 5 Paragraph 5-5Appendix 2Appendix 3Superseded in entirety with the exceptionof:Chapter 10 and Chapter 11Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) ratesand Temporary Case Cancellation AuthorityFHA Maximum Loan Limits Effective for Case Numbers Assigned on or after 1/1/15 - 12/31/15FHA Refinance of Borrowers in Negative Equity Positions: Program ExtensionAnnual Recertification and Post-Approval UpdatesGuidance on Nonprofits Assisting Government Entities in Providing Secondary Financing inConjunction with FHA-Insured MortgagesElectronic SignaturesRevised Manual Underwriting RequirementsExtension of Annual Recertification Filing Deadline for Title I and Title II Lenders and Mortgageeswith a December 31, 2013 Fiscal Year EndLender Self-Reporting RequirementsFHA Consolidation of Title I and Title II Lender Identification NumbersApplication of Unused Borrower Funds from an Escrow Account on an Existing Mortgage in FHAInsured Refinance TransactionsBack to Work - Extenuating CircumstancesCollections and Disputed Accounts -- TOTAL Mortgage Scorecard User GuideHandling of Collections and Disputed AccountsSubordination of Partial Claim Liens Associated with Federal Housing Administration (FHA)Streamlined RefinancesMinimum Cash Investment and Secondary Financing Requirements -- Acceptable Documentation forFunds Provided by Federal, State, or Local Governments, their Agencies or InstrumentalitiesLender Insurance ProgramManual Underwriting for Loans with Decision Credit Score Below 620 and Total Fixed Payments toEffective Income Ratio Exceeding 43.00%Revision of Federal Housing Administration (FHA) policies concerning cancellation of the annualMortgage Insurance Premium (MIP) and increase to the annual MIPInterim Reporting Requirements for Small Supervised Lenders and MortgageesRestatement and Update of Flood Zone Requirements for Federal Housing Administration (FHA) InsuredMortgagesRevised Recertification Fee Calculation for FHA-Approved Branch OfficesDocumentation Requirements for Income from the Social Security Administration (SSA)Miscellaneous Underwriting Issues- Rescission of Disputed Accounts and Collection AccountsGuidance (Mortgagee Letter 2012-3)6Issued: March 18, 20154700.24155.2MLNumberMortgagee Letters Superseded in WholeHandbook 4000.1 TransmittalNumber4910.1Effective: June 15, 82012-272012-152012-10
MLNumber2012-05Mortgagee Letters Superseded in WholeFHA Refinance of Borrowers in Negative Equity Positions: Program EnhancementsSingle Family Mortgage Insurance: Annual and Up-Front Mortgage Insurance Premium -- ChangesMiscellaneous Underwriting IssuesClosing a Loan in the Name of an FHA-Approved Mortgagee Acting as a Sponsored Third-PartyOriginator (TPO)Revised Lender Approval RequirementsThe Uniform Appraisal Dataset (UAD) and Appraisal Reporting FormsAlternative Reporting Requirements for Small Supervised Lenders and Clarification of Requirementsfor Supervised Lenders in Parent-Subsidiary RelationshipsElimination of FHA's origination fee cap for the 203(k) Rehabilitation Mortgage Insurance ProgramUse of HUD/FHA Logo, Name and Acronym in AdvertisingFHA Refinance Transaction
Clarified guidance in ‘Procedures for Endorsement’ 301 Removed Maximum Mortgage Worksheet (HUD-92700) from ‘Uniform Case Binder Stacking Order’ consistent with the updated Section 203(k) guidance which has removed this form requirement 302 Added Refinance Authorization Screen Printout to
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