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FHA INFO #16-25: FHA Connection System Updates Include New 203(k) Calculator and More

Investor Update
April 19, 2016

On April 18, 2016, the Federal Housing Administration (FHA) implemented a series of updates to its FHA Connection (FHAC) system, including the launch of its new 203(k) Calculator that automates Maximum Mortgage Amount calculations required for both the Standard and Limited 203(k) programs, as well as additional FHAC screen enhancements. These changes correspond with Single Family Housing Policy Handbook 4000.1 (SF Handbook) updates published on March 14, 2016.

Two Ways to Access the 203(k) Calculator
The new 203(k) Calculator is accessible in both a public version on HUD.gov and a secure version within the FHAC system:

  • Public version: this web-based version allows all interested parties to work with the calculator when developing scenarios for 203(k) mortgages before an FHA case number is obtained. Results can be viewed and printed, but they cannot be downloaded or saved.
  • FHAC version: accessible from FHAC’s Case Processing page only after signing on to the system using a valid FHAC identification number and password, this version also requires that the mortgagee has a valid FHA case number, and:
    — Based on information entered into the calculator, will pre-populate certain fields in the calculator from the Case Number Assignment, Appraisal Logging, and/or FHA TOTAL Mortgage Scorecard screens in FHAC.
    — Upon successful processing of the 203(k) Calculator page, the calculator saves the results and uses data from the calculator to pre-populate certain fields in the FHAC Insurance Application Screen.


Using the 203(k) Calculator
As announced with FHA’s March 14, 2016, SF Handbook update, mortgagees may begin using the 203(k) Calculator as of today, but must use the calculator version within FHAC prior to endorsement for all 203(k) transactions with case numbers assigned on and after October 31, 2016. Mortgagees should thoroughly review the April 18, 2016, FHA Connection Release Notes for detailed information about using the calculator.

Mortgagees are also encouraged to attend the FHA Connection 203(k) Calculator and Other System Enhancements webinar for a more in-depth discussion covering the functionality of the 203(k) Calculator. Information about accessing this live webinar on April 28, 2016, is included at the end of this article.

At this time, FHA’s 203(k) Maximum Mortgage Calculation sample resource documents remain available on the 203(k) Sample Documents web page; however, FHA intends to remove these documents in the future.

Other FHAC System Updates Implemented on April 18, 2016
In addition to the 203(k) Calculator, FHA implemented other changes to the following FHAC screens:

  • Appraisal Logging: includes changes to coincide with the implementation of the 203(k) Calculator; addition of a new Appraisal Type field; and, changes to certain other drop-down menus to include appraisal type.
  • Insurance Application: includes changes to error messages, certain drop-down menus, and data fields to coincide with the implementation of the 203(k) Calculator; other changes to accommodate recent FHA policy updates, including Building on Own Land, and Energy Efficient Homes.
  • Escrow Closeout: includes addition of new fields; modification of existing fields; and, additions and revisions to drop-down menus to accommodate escrow closeout policies announced with FHA’s March 14, 2016, SF Handbook update. Mortgagees may begin using the Escrow Closeout functionality in FHAC as of April 18, 2016, but must use this functionality FHAC for all case numbers assigned on and after October 31, 2016.

Mortgagees and others should review the April 18, 2016 FHA Connection Release Notes for more information on these and other FHAC changes.

FHA Connection Systems Enhancements Webinar
Mortgagees and other stakeholders in FHA transactions are invited to participate in a live webinar training session on the April 28, 2016, FHAC system updates. This webinar will provide a detailed overview for FHAC users on the new functionality, screen changes, and other FHAC system updates, including how these changes relate to FHA policy.


Quick Links


Resources
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 answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through 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.

Source: FHA (FHA INFO #16-25 full version)

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Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

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Linda Erkkila

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Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties