On March 23, 2017 the Federal Housing Administration (FHA) published Mortgagee Letter 2017-08, which announced the following information in relation to FHA’s implementation of its new Loan Review System (LRS):
- A May 15, 2017 implementation date for LRS and the associated changes to the Single Family Housing Policy Handbook 4000.1 (SF Handbook) published in Mortgagee Letter 2017-03; and
- A change in the effective date to May 15, 2017, for Direct Endorsement (DE) program timeframe changes published in Mortgagee Letter 2016-21.
There is additional information about LRS functions and features on the LRS Information Page on HUD.gov. Lenders that have not yet done so are encouraged to access the following recorded LRS webinars from the Single Family Housing Archived Webinars page:
- Webinar 1 – Loan Review System (LRS): Implementation and Process Changes. Recorded on January 26, 2017, this webinar provides an overview of KRS functionality and related process changes.
- Webinar 2 – Loan Review System (LRS): Functions and Uses. Recorded on March 15, 2017, this webinar expands upon the information in Webinar 1 and provides user-level detail on LRS functionality.