In December, the Federal Housing Administration proposed a new rule which will affect the approval requirements of lenders that offer FHA mortgages to consumers. Under this rule, lenders will be required to have a net worth of $2.5 within the next three years in order to maintain their FHA approval status. "These changes are consistent with industry standards and will ensure that FHA lenders are sufficiently capitalized to meet potential needs, thereby permitting FHA to mitigate losses and decrease risks to its insurance fund," the statement said. At the same time, FHA is proposing that mortgage brokers will no longer be approved by FHA. It will be the lenders’ responsibility to approve loans originated by mortgage brokers. The comment period on these proposed rules are 30 days. Making sure that enough lenders and brokers have access to FHA is critical because of the popularity of this program with consumers. FHA is the nation’s number one program for the financing of first time homebuyers. Dave Hershman is the top author and a top speaker in the mortgage industry with seven books authored including two texts published by the Mortgage Bankers Association of America.