IN THE NEWS

Upcoming HUD Single Family Housing Policy Handbook 4000.1 Effective Dates

06/17/16

As a reminder, the following previously announced Single Family Housing Policy Handbook 4000.1 (SF Handbook) policies become effective for case numbers assigned on or after June 30, 2016: Revised guidance for mortgagees when calculating student loan obligations for use in a borrower’s debt-to-income ratio calculation, as published in Mortgagee Letter 2016-08 on April 13; and Changes to policies for other deferred obligations and installment loans as a result of the separation of student loan policies from these subsections, as published in ...More

ICAP's Bill (HB3333) Passed The Illinois House of Representatives

06/07/16

On May 31, 2016 a bill that makes it possible for appraisers to collect payment from Appraisal Management Companies (AMC) that declare bankruptcy passed Illinois House of Representatives.  The bill will be sent to the Governor within 30 days. The Governor then has 60 calendar days to sign it, or to return it with his veto. Drafted by ICAP and sponsored by Representative Robert Rita of Illinois 28th District, the Bill amends Illinois Appraisal Management Company Registration Act to create an Appraisal Management Company Recovery Fund.   The Appraisal Management Company Recovery Fund will be used to provide r...More

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