On June 15, HUD issued Mortgagee Letter 2012-10, which immediately rescinds prior guidance regarding the handling of disputed accounts and collection accounts. Under the prior guidance, Mortgagee Letter 2012-3, which was issued on February 28, 2012 and was to become effective on July 1, 2012, potential homebuyers with disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000 would have been required to resolve those accounts prior to closing.