HUD Seeks to Retire Obsolete Loan-Limit Setting Process
September 23, 2011
The Department of Housing and Urban Development is seeking public comment on a plan to eliminate an outdated appeals process, which HUD used to collect data to set FHA mortgage loan limits. Since the early 1980s, HUD has allowed interested parties to submit appeals for a higher FHA loan limit in any area of the country at any time in lieu of the limits set by the department for FHA loans. The process, however, is no longer in use a victim of advances in data-collection technology. Previous guidance issued by HUD outlined the appeal process and later added requirements for data used in non-disclosure states as well as...