On April 30th, HUD announced that FHA is extending the effective date of the Single Family Housing Policy Handbook 4000.1 to September 14, 2015. According to HUD Deputy Assistant Secretary Kathleen Zadareky, the decision to extend the effective date was in response to concerns expressed by industry participants that they need more time to implement the Handbook. No doubt the August 1 TRID deadline is first and foremost on the minds of industry participants. While the new handbook will be a welcome resource, there are only so many changes that can be implemented in such a short period of time.
In her statement, Zadareky said that “it’s become clear over the last few months that some of our industry partners require additional time to prepare to implement the Handbook.” We are sure lenders welcome the announced delay.
Originally scheduled to be effective with case numbers issued on or after June 15, 2015, when implemented, the Single Family Housing Policy Handbook 4000.1 will replace in whole multiple handbooks including 4155.1, 4150.2 and 4150.1 and in part three handbooks including 4155.2. Additionally, the new handbook will supersede hundreds of Mortgagee Letters dating as far back as 1981.
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