FHA Issues FAQs to address Covid-19; Extends annual recertification deadline

Federal Issues FHA Lending Covid-19

On March 18, the FHA issued a new set of Covid-19 FAQs. Importantly, FHA extended the due date for annual recertification to April 30, 2020 for lenders with a December fiscal year end. The new FAQs also provide that lenders will not be penalized for overdue binder requests caused by temporary office closures or staff reductions (although lenders are encouraged to make every effort to submit case binders as quickly as possible), and clarify questions regarding foreclosure moratoriums.