FHA recently published Mortgagee Letter 2021-12 (ML 2021-12), which clarifies the eligibility requirements for Deferred Action for Childhood Arrivals (DACA) recipients and amends the.
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On January 19, 2021, in a move that will significantly impact the eligibility of DACA recipients for FHA insurance, HUD Deputy Secretary Brian Montgomery authorized the removal of a provision of the FHA Single Family Housing Handbook 4000.1 which states that non-U.S. citizens without lawful residency in the U.S. are not eligible for FHA-insured mortgage loans.
Mr. Montgomery stated that the inclusion of the “lawful residency” requirement in FHA guidelines predated President Obama’s 2012 DACA Executive Order, and did not anticipate a scenario where an applicant might not have entered the U.S. legally, but could still be considered lawfully present in the U.S. (for example, a DACA recipient).
Retail, Correspondent Jobs; Performance, Non-QM, Sales Tools; STRATMOR Strategy Paper; DACA and FHA Jan 21 2021, 8:19AM
“Do y’all remember, before the internet, that people thought the cause of stupidity was the lack of access to information? Yeah, it wasn’t that.” The internet has brought a lot of change to the world, and to our industry. But we don’t need the internet to drive changes, and potential changes, in our biz. HUD has declared that it will once again back DACA mortgages. Huntington’s Rob B. asks, “Is a CRA Mandate coming for independent mortgage banks (IMBs)?” (Prompting his question is the perception that President Biden will look for opportunities to boost homebuyers and builders. Of course, if there is little inventory, or land to build on, or people to build them…) CFPB Director Kathy Kraninger, who s term would not have ended until 2023, resigned, indirectly furthering the Biden Administration’s pick of replacement Ro