The FHA 203(b) Loan Program - STM Partners
The FHA 203(b) Loan Program - STM Partners
The FHA 203(b) Loan Program - STM Partners
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Overview, Continued<br />
<strong>The</strong> SunTrust<br />
Government<br />
Sponsorship<br />
<strong>Program</strong><br />
HUD<br />
Handbooks &<br />
Mortgagee<br />
Information<br />
• Mortgagee Letter 2009-28, dated September 18, 2009, announced HUD’s new<br />
Appraiser Independence guidelines and dictates that sponsored Correspondent<br />
clients will not be able to order appraisals on case numbers assigned on or after<br />
January 1, 2010.<br />
• Due to SunTrust’s interpretation of HUD’s new guidelines relating to ordering<br />
appraisals, effective for <strong>FHA</strong> case numbers assigned on or after January 1,<br />
2010, SunTrust will not purchase <strong>FHA</strong> loans from <strong>FHA</strong> Government Sponsored<br />
clients.<br />
• It is the Correspondent lender’s responsibility to review the MIC for accuracy<br />
before submitting the loan to SunTrust for purchase.<br />
• All <strong>FHA</strong> loans MUST be insured within 60 days of loan closing.<br />
Note: See Determining UFMIP in the topic Mortgage Insurance for specific<br />
information on remittance of Up-Front MIP (UFMIP).<br />
This product description contains only a portion of HUD’s various lending Handbooks<br />
and Mortgagee Letters. It is the responsibility of the originating office to ensure that<br />
mortgages processed for <strong>203</strong>(b) and 234 loans meet HUD’s guidelines.<br />
Reference: See the following HUD Handbooks for further clarification or for complete<br />
guidelines:<br />
• 4000.2 REV-3 Mortgagees’ Handbook Application through Insurance (Single<br />
Family)<br />
• 4000.4 REV-1 Singly Family Direct Endorsement <strong>Program</strong><br />
• 4060.1 Rev 2 <strong>FHA</strong> Title II Mortgage Approval Handbook<br />
• 4135.1 REV-2 Procedures for Approval of Single Family Proposed Construction<br />
Applications in New Subdivisions<br />
• 4145.1 REV-2 Architectural Processing and Inspections for Home Mortgage<br />
Insurance<br />
• 4150.1 REV-1 and REV 2 Valuation Analysis for Home Mortgage Insurance for<br />
Single Family One-to-Four Unit Dwelling<br />
• 4155.1 REV-5 Mortgage Credit Analysis for Mortgage Insurance on One-to-Four-<br />
Family Properties<br />
• 4165.1 REV-1 Endorsement for Insurance for Home Mortgage <strong>Program</strong>s (Single<br />
Family)<br />
• Handbooks and Mortgagee Letters can also be obtained from HUD’s general web<br />
site, http://www.hud.gov/index.html.<br />
Continued on next page<br />
Section 2.22 July 27, 2012<br />
<strong>FHA</strong> <strong>203</strong>(b) <strong>Loan</strong> <strong>Program</strong> Page 6 of 217<br />
Correspondent Seller Guide