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HUD/OH | RIN: 2502-AJ08 | Publication ID: Spring 2015 |
Title: Federal Housing Administration Risk Management Initiatives: Third Party Contributions (Seller Concessions) (FR-5572) | |
Abstract: On July 15, 2010, HUD issued a proposal seeking comment on three regulatory initiatives that HUD proposed would contribute to the restoration of the Mutual Mortgage Insurance Fund (MMIF) capital reserve account. On September 3, 2010, HUD implemented the proposal to introduce a minimum credit score and reduce the maximum loan-to-value ratio for FHA single family mortgage insurance. This final action addresses the third proposal, namely, the proposal to reduce the amount of closing costs a seller may pay on behalf of a homebuyer purchasing a home with financing insured by the Federal Housing Administration (FHA). On February 23, 2012, HUD issued a notice seeking additional comment on an acceptable amount of seller concessions. The February 2012 notice took into consideration the public comments received on the July 15, 2010 notice regarding the proposed cap on "seller concessions" and revised the proposed cap in response to comment. This final action would take into consideration public comment on the February 23, 2012, notice. | |
Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 11 | |
Legal Authority: 12 U.S.C. 1709(b) 42 U.S.C. 3535(d) |
Legal Deadline:
None |
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Timetable:
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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: Elissa Saunders Director, Office of Single Family Program Development Department of Housing and Urban Development Office of Housing 451 7th Street SW, Washington, DC 20410 Phone:202 708-1672 |