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USDA/RHS RIN: 0575-AC83 Publication ID: Spring 2011 
Title: Maximum Interest Rate Cap Guidance and Documentation Requirements for the Single Family Housing Guaranteed Loan Program 
Abstract: The Rural Housing Service plans to publish a proposed rule to modify 7 CFR part 1980, subpart D, sections 1980.308, 1980.320 and 1980.353(c)(4). Section 1980.308 would be modified to include lender indemnification requirements for originating lenders. Specifically, when the Rural Housing Service pays a claim under the guarantee for a loan that was not originated in accordance with program requirements, the Rural Housing Service may seek indemnification from the originating lender for the Agency's loss. This change will allow the government to recoup the funds it pays out in the event of a claim under the guarantee when the original lender did not comply with program requirements. Section 1980.320 and 1980.353 (c) (4) would be amended to eliminate the lenders published VA rate for first mortgage loans with no discount points as an interest rate option for the Single Family Housing Guaranteed Loan Program. The purpose of this change is to create a uniform maximum interest rate requirement, whereby lenders would always use the current Fannie Mae rate as defined in section 1980.302. The current Fannie Mae rate will become the sole interest rate option utilized by lenders when locking the interest rates for Guaranteed Loans. The Fannie Mae rate is the most widely utilized interest rate by approved lenders, and is also the most accessible to lenders and the Rural Housing Service when documenting loan files to ensure affordable interest rates are extended to Guaranteed Loan Program borrowers. 
Agency: Department of Agriculture(USDA)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 7 CFR 1980, subpart D (To search for a specific CFR, visit the Code of Federal Regulations.
Legal Authority: 7 USC 1989 
Legal Deadline:  None
Timetable:
Action Date FR Cite
Final Action  06/00/2011   
Final Action Effective  07/00/2011   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Joaquin Tremols
Acting Director, Single-Family Housing Guaranteed Loan Division
Department of Agriculture
Rural Housing Service
1400 Independence Avenue SW, STOP 0784,
Washington, DC 20250
Phone:202 720-1465
Fax:202 205-2476
Email: joaquin.tremols@wdc.usda.gov

 
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