Many of the loans with lower credit scores and higher debt-to-income ratios that get flagged for manual underwriting under FHA’s revised Technology Open to Approved Lenders (TOTAL) Mortgage Scorecard likely will not get endorsed, analysts said. [Includes one data chart.]
In an effort to streamline its lending process, the FHA has scrapped the requirement of a 10-year protection plan for newly constructed single-family homes, according to guidelines released this week.