Tag Archives: FHA delays controversial collections rule for mortgage coverage eligibility

The Federal Housing Administration rescinded and will delay a rule that as of April 1 prohibited borrowers with more than $1,000 in disputed collections accounts from getting a federally backed mortgage, according to a notice sent late Friday. FHA postponed the rule until July, and will take public comment from lenders, builders and others in the industry until then to clarify guidance. “There is clearly a bigger ripple effect here than the Department of Housing and Urban Development might have anticipated going into this revision,” said Lisa Jackson, senior vice […]