Six FHA Provisions of Summer Federal Housing Legislation Start Tomorrow.

Interesting chart from Mortgage Bankers Association of America HERE provides a timeline for implementation of FHA related provisions of H.R. 3221, the federal housing legislation enacted into law on July 31st, 2008.

MBAA summary lists 5 actions for tommorrow:

1. Start of new FHA HOPE for Homeowners program (implementation).
   
2. Start of 1 year moratorium of FHA risk based premiums (implementation).
   
3. Plan and report improvements in loss mitigation (report on plan).
4. New pilot program to establish an automated process for using alternative credit rating information for borrowers with limited credit histories.(commence).
5. New study evaluating consumer protections and underwriting standards regarding cross-selling insurance, annuity and other related products.(commence).

I think they missed a sixth (and important action), the start of ban on non profit funded gift programs for FHA loans; that ban also starts tomorrow.

Somewhat surprisingly, I do NOT see any HUD Federal Register publications today or tomorrow related to the new FHA HOPE for Homeowners program. It may be that HUD is either late with guidance, or that it will use a FHA Mortgagee Letter or some other kind of vehicle to communicate implementation of that program.