USDA has made huge updates to their property and appraisal requirements. They are now allowing repair escrows as long as the home is habitable.
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Rule Synopsis: USDA Rural Development recently published revisions to portions of Handbook HB-1-3555 via Procedure Notices 498 (published 5/17/2017). While portions of Chapter 17 “Loan Servicing” and Chapter 18 Attachment A “Loss Mitigation Guide” were revised the most significant changes that impact loan originators are updates to Chapter 12 “Property and Appraisal Requirements”. We cannot […]