Initial up-front MIP increase will be raised by .50 to 2.25% will be released in a Mortgagee Letter tomorrow Jan 21 and will go into effect in the spring
Borrower will be required to have a min credit score of 580 to qualify for 3.5% down, if score less than 580 must have 10% down this will go into effect in early summer
Seller concessions will be reduced from 6% to 3%, will be posted in February will go into effect in the early summer
Lender performances, Neighborhood watch will be available on HUD website on February 1
Enhanced monitoring of lender performance, implement credit watch termination through lender underwriting ID in addition to origination ID will be released in Mortgagee Letter tomorrow Jan 21 and is effective immediately
Pursuing authority to increase enforcement on lenders to assume liability for all the loans they originate and underwrite
Legislative authority permitting HUD flexibility to establish areas of review and termination to withdraw originating and underwriting approval for lender nationwide on the basis of the performance of its regional branches