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Posted February 22nd, 2017

Preparing for the Loan Review System: More Resources and Information Now Available

On January 11, 2017, the Federal Housing Administration (FHA) announced its intention to implement the new Loan Review System (LRS), which will provide an electronic platform for FHA’s Title II Single Family quality control functions. FHA is in the final stages of technology development, and will announce the implementation date soon.

Preparing for the Transition

FHA’s new LRS Information Page on has additional information about LRS functions and features. In addition, mortgagees that have not yet done so should thoroughly review the following:

  • FHA’s January 11th Mortgagee Letter 2017-03, which provides details on the process and policy changes that will be effective when LRS is implemented; and
  • The June 18, 2015, Defect Taxonomy Overview that explains in detail how FHA will categorize and communicate loan-level quality control findings in LRS.

LRS Information Webinars for Mortgagees

  • NEW! Live Webinar 2 – Loan Review System (LRS): Functions and Uses, March 15, 2017,2:00 PM – 3:30 PM (Eastern). This second briefing in a series of planned webinars will provide user-level detail on LRS functionality. You must register to attend this free, online webinar. Attendees will receive the link to access the webinar and other details with their registration confirmation.
  • Webinar 1Loan Review System (LRS): Implementation and Process Changes. Mortgagees that were unable to attend the first LRS live webinar on January 26thare encouraged to view the recording accessible from the Single Family Housing Archived Webinars page. This recorded webinar provides an overview of LRS functionality and related process changes.

Dates and times for additional LRS webinars will be announced in the future, and will build upon the information provided in the first two webinars.