The Trump administration's FHA announced the rescission of 12 policies, aiming to reduce regulatory burdens in loan origination processes. Scott Turner from HUD described the changes as overdue, promoting alignment with industry standards by eliminating excessive appraisal protocols and allowing part-time staff for underwriting roles. Notably, HUD also rescinded the requirement for the Supplemental Consumer Information Form and rolled back a policy that limited land development in flood-prone areas, which could have worsened housing shortages. This move is seen as a part of ongoing efforts to enhance efficiency in the FHA's operations.
The rescissions aim to align the FHA's processes with industry standards by eliminating outdated appraisal protocols and allowing the use of part-time staff for underwriting.
According to HUD, the rescinded requirements were identified as unnecessary barriers that hindered the efficiency of the FHA lending process and contributed to the housing supply crisis.
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