Bulletin 2024-064 HUD 184 Fiscal Year 2024 Year End Closure
Newrez LLC "Newrez" Approved Correspondent Clients; please note that effective September 22, 2024, HUD has suspended the Section 184 product until the opening of the fiscal year 2025.
On September 22, 2024, the Department of Housing and Urban Development (HUD) will begin its financial closeout for the fiscal year 2024. As HUD's financial systems transition to the fiscal year 2025, the Section 184 loan guarantee program will suspend requests to issue cohort numbers received after 11:59 p.m. ET on September 22, 2024.
Newrez will purchase HUD 184 loans when the Section 184 Loan Guarantee Reservation of Funds Form is in the loan file and must contain the following information:
- Firm Commitment Date
- HUD Commitment Date
- Section 184 Case Number
- Cohort Number
- Expiration Date that cannot exceed the Disbursement Date of the loan
The program will continue to issue Case Numbers and Loan Guarantee Certificates during the suspension period.
You can find details in LL 2024-08 by HUD.