HUD/FHA Originally the HUD ROV guidance could be implemented immediately and had to be implemented for FHA case numbers assigned on or after September 2, 2024. In Mortgage Letter 2024-16, HUD provides that the guidance still may be implemented immediately but must be implemented for FHA case numbers assigned on or after October 31, 2024. HUD advises that: "FHA has carefully considered industry feedback received since [Mortgagee Letter] publication and recognizes the challenges for Mortgagees to operationalize this important policy update properly and effectively within the original 120-Day time frame. Therefore, FHA is providing additional time beyond the previously announced effective date to ensure Mortgagees have sufficient time for implementation." Fannie Mae/Freddie Mac Originally, the Fannie Mae and Freddie Mac guidance could be implemented immediately and had to be implemented for loans with applications dated on or after August 29, 2024.