Miami Home Loan staff was forwarded part of the email our operations department received from HUD concerning the collection and dispute policies. They have delayed the implementation of this until July 1, 2012!!! This is fantastic news. You are to revert to the old policies for any current loans (see Miami Home Loan HUD February Updates, posted, on 03-12-12). So, let’s get those Miami Home Loans in process and working today.
The good news for everyone regarding this delay is that the Underwriter still has discretion to determine what can be done with any collection accounts appearing on a buyers’ credit report. This gives a borrow time to either get these collections resolved, or, get them out of the collection and dispute catagories of the report.
Contact me for more details. Let’s get that Miami Home Loan working for you, your borrowers, and sellers today.