HUD Secretary: FHA Improvements Forthcoming
Political Insider
In late October, NAA/NMHC held its third meeting this year with HUD’s Shaun Donovan to press for improvements in FHA’s loan processing procedure.
NAA/NMHC stressed the need for better communication and more transparency on the status of existing loan applications, many on which have been languishing in field offices for over 12 months. In response, Secretary Donovan has agreed to implement an application tracking system by the end of the year.
NAA/NMHC also pressed for greater delegation to field offices and asked that the threshold for requiring headquarters approval be limited to loans that are $35 million or greater. The Secretary agreed and said the Agency will work on delegating more loans to its field offices.
HUD currently is rolling out enhanced application processing procedures, based on consultant recommendations, to all of its field offices after a nine-month pilot program in Fort Worth, Texas, and Baltimore, Md. Denver, Seattle and Chicago will be the first cities to be trained in it over the next three months.
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