HUD adopts final rule on FHA-lender net worth by ProQuest

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The FHA announced the adoption of new regulations significantly raising the net-worth requirements for FHA-approved lenders and making lenders liable for the oversight of mortgage brokers. The new regulations were first proposed as a set of credit policy changes back on Sep 18, 2009. FHA considered comments it received on the proposed rules, which it said are reflected in the final rule. Three years after enactment of the new rule, a higher set of requirements will take effect. In a press release announcing the new rule, FHA commissioner David Stevens is quoted, saying, these changes support quality mortgage lenders while excluding organizations that are ill-equipped to handle the risk associated with market variations.

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