Aparently HUD has heard the ludicracy of $100 draw inspection fees. I just drove 2 hours each way to provide a draw inspection... $100 for 5 hours of work. Whoever was responsible thank you. What took you so long?
FHA INFO #16-53
August 10, 2016
TO: All FHA-Approved 203(k) Consultants; All FHA-Approved Mortgagees
Revisions to 203(k) Consultant Draw Inspection Fee Limit
Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2016-12, 203(k) Rehabilitation Mortgage Insurance Program: 203(k) Consultant Draw Inspection Fee. This Mortgagee Letter revises FHA’s 203(k) Consultant Draw Inspection Fee by amending the limit on the dollar amount that 203(k) Consultants can charge for each draw inspection.
Effective today, August 10, 2016, Mortgagee Letter 2016-12 permits 203(k) Consultants to charge a Draw Inspection Fee that is reasonable and customary for work performed in the area where the property is located, provided the fee does not exceed a maximum of $350. The previous fee limit was $100.
Incorporation into the Single Family Housing Policy Handbook 4000.1 (SF Handbook)
Mortgagee Letter 2016-12 includes changes to the SF Handbook Section II.A.9.c.iii, Draw Inspection Fee. FHA will incorporate this change into the SF Handbook’s online format and portable document format (PDF) as part of a future update.
Other 203(k) Consultant Fee Schedule Amounts
FHA recognizes the need to review the other consultant fees related to a 203(k) transaction and intends to solicit public comments on proposed changes to the entire 203(k) Consultant Fee Schedule in the near future.
· Review Mortgagee Letter 2016-12 and all other Mortgagee Letters at:http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee
· Contact the FHA Resource Center:
— Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at:www.hud.gov/answers.
— E-mail the FHA Resource Center at email@example.com. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Mondaythrough Friday on all non-Federal holidays.
— Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.
We hope that you will want to continue receiving information from HUD. We safeguard our lists and do not rent, sell, or permit the use of our lists by others, at any time, for any reason.
Connect with HUD on Social Media and follow Secretary Castro on Twitter and Facebook.
Confidentiality Statement: This email may contain attorney-client privileged or confidential information. It is for the sole use of the intended recipient(s). If you have received this transmission in error, immediately notify us by telephone at 818-981-0606 and return the original message to us at Prospect Mortgage, 15301 Ventura Blvd.,Suite D300,Sherman Oaks, CA 91403 via the United States Postal Service.
Leave a Comment: