Per conversations with members of Dole's staff - understand the following is accurate.

H.R. 1852 cleared House of Representatives mid-September.  This legislation, loosely referred to as FHA Reform, is included in Dodd's Bill S.2338.  Now that both the House and the Senate have FHA legislation, senior members of both the House and the Senate are able to take their respective versions into conference committee to work out the differences between the bills.  Members in both the House and the Senate will want to keep certain provisions from H.R. 1852 in the final bill they will send to the President.   It is important to remember that the language in H.R. 1852 that allows brokers to post a surety bond in lieu of audited financials has not been met with opposition in either chamber and was in fact passed by both the full House of Representatives (348-72) and the Senate Banking Committee (20-1).

We've been told that the surety bond provision is not a point of contention between the House and the Senate and that it should be included in the final bill that becomes law.

WIIFM?  (or why do I care??)  Because every subprime mortgage broker who has NO FHA experience will now be able to close FHA loans by the end of March!!!  The newer, softer, FHA could be a huge pie in the face for anyone who sends those deals to a lender who thinks you can close an FHA loan just like any other deal!!!