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CUNA seeks comment on FHA loan insurance changes
WASHINGTON (7/26/10)--The Credit Union National Association (CUNA) has asked credit unions to comment on new credit score requirements imposed by the Department of Housing and Urban Development’s (HUD) proposed changes to Federal Housing Administration (FHA) loan insurance standards. The HUD proposal would alter the FHA’s credit score requirements, the level of seller concessions; and the standards for loans that are underwritten manually. HUD in a release said that these changes are aimed at preserving “both the historical role of the FHA in providing a home financing vehicle during periods of economic volatility and HUD’s social mission of helping underserved borrowers.” The proposal is also meant to strengthen the reserves of the fund that covers FHA losses, CUNA added. CUNA has specifically asked for credit unions for their comments on the proposed decrease in the maximum permitted seller concessions or the underwriting standards for manually underwritten loans. Comments are due to CUNA by Aug. 9. Comments to HUD should be submitted by Aug. 16. For the comment call, use the resource link.


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