IGN: For all the faff you’ve done over the past few years, it seems FHA loans are going away.
With the Consumer Financial Protection Bureau (CFPB) announcement, lenders are finally going to have to ask their borrowers about the “FHA loan eligibility requirements” that will be enforced in order to receive a loan.
This means that lenders are going back to the drawing board to make sure they can’t make loans to people who were not eligible.
If they do, lenders will no longer be able to do business with them.
To make matters worse, lenders that are currently doing business with FHA borrowers will have to follow the same FHA loan application process.
The CFPB’s announcement came a day after President Trump announced that he would be appointing a special FHA administrator to the agency, meaning that there is now a new set of regulations on FHA and the federal government.
It’s not exactly a surprise that Trump would appoint a FHA “associate administrator” because it’s a way for the CFPBs to control the FHA’s loan business.
The CFPBS announcement has the added bonus of bringing to the fore a major issue for FHA-loan borrowers.
FHA is a loan that is a bit more complicated than it might seem, and there is a whole bunch of paperwork that must be completed to get a FHSA loan approved.
To get a loan approved, the borrower must first complete a FHEAP (FHA Loans Equal Payments and Assets) form, a lengthy document that can take years to complete.
In order to make a loan, the FHAA is required to submit the following documentation: the loan’s FHA title; a copy of the lender’s FHPA (Federal Housing Administration) loan documents; and a copy (PDF) of a form that is used by banks to file for FHAs mortgages.
If the lender is unable to do the required paperwork, the lender may be subject to additional penalties, including a $10,000 penalty.