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Compliance Question of the Week:
FHA — 203(k) Consultants

Q: Did FHA recently revise the 203(k) Consultant Draw Inspection Fee limit?

A: Yes, on August 10, 2016, FHA announced that it amended the Consultant Draw Inspection Fee to permit a Consultant to charge a fee that is reasonable and customary for work performed in the area where the property is located, provided the fee does not exceed a maximum of $350. The previous fee limit was $100.

Please see Mortgagee Letter 2016–12 (http://portal.hud.gov/hudportal/documents/huddoc?id=16-12ml.pdf) and HUD Handbook 4000.1, section II.A.9.c.iii.

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