DCUC, ACU Join National Coalition In Joint Trade Letter On FHA Property Standard Reform
By CU Today Staff —
WASHINGTON--This week, the Defense Credit Union Council joined a coalition of trade groups, including America's Credit Unions, in a joint letter to Joseph M. Gormley, Assistant Secretary for Housing–Federal Housing Commissioner at the U.S. Department of Housing and Urban Development.
The coalition's overarching request, DCUC said, is that Federal Housing Administration adopt the GSE property condition rating system, along with the GSE minimum property requirements, in place of the current "subject to repair" MPR standards, that apply regardless of the overall condition or habitability of the property.
“A single, sensible property standard benefits everyone in the housing finance ecosystem, whether lenders, appraisers, and most importantly, borrowers," said Jason Stverak, DCUC chief advocacy officer. "We’re urging FHA to modernize its approach and align with the GSE framework that's already working well across the industry."
Also signing the letter: The American Bankers Association, Broker Action Coalition, Collateral Risk Network, Community Home Lenders of America, Housing Policy Council, Independent Community Bankers of America, Mortgage Bankers Association, National Association of Mortgage Brokers, and National Association of Realtors.
Originally reported by CU Today.