FHA rescinds $1,000 credit dispute rule

Mortgage and Lending with Atlantic Coast Mortgage, LLC NMLS ID # 643114 (www.nmlsconsumeraccess.org) NMLS ID # 139177

FHA rescinded on Friday after an initial implementation delay the rule making it difficult for anyone with credit disputes in excess of $1,000 to secure financing.  The rule has been completely revoked according to mortgagee letter 2012-10 dated June 15, 2012.  

You can access the mortgagee letter here and a Housing Wire article on the change here

Posted by

Neil Sweren, CRMP [NMLS 139177]
Certified Reverse Mortgage Professional
FHA HECM Reverse Purchase Expert
Southern Trust Mortgage, LLC a subsidiary of Middleburg Bank 
[NMLS 223810]

(443) 738-9121 Direct

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Comments (1)

Bill Fields
Bill Fields Learning Systems - Treasure Island, FL

Thanks Neil this is good to know.

Jun 18, 2012 02:06 AM