Not Even HUD was Ready for Their Own Changes
Posted on | January 21, 2010 | No Comments
Since the first of the year there has been a scramble to make sure the new regulations and paperwork is rolled out and accurate at every mortgage company and bank. The fines that will be in place and enforced are stiff so these companies are doing everything they can to make sure they comply with the new rules. However, what no one anticipated was the glitches and hiccups from HUD itself.
Though it is true that you cannot anticipate errors and issues in new software, you would think that someone would have thought about a backup plan to issue case numbers and make sure that approved properties were honored until the kinks in the system were worked out. Unfortunately, that didn’t happen and many loans are stalled waiting on HUD to get their act together. They are telling everyone it has been worked out but many are still waiting…
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